Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Oil India (8.10% up)

Oil India Ltd listed on the bourses with a bang on Wednesday and gained 8.10% to Rs1,135 at close against an issue price of Rs1,050. The company raised almost Rs2,800 crore through the initial public offer and already has cash of Rs6,600 crore on it books.

ITI (10.04% up)

Shares of ITI Ltd surged 10.04% on agency reports which quote ITI saying that the government has written off Rs2,820 crore of debt. The firm had given indications of the the government’s intentions in their previous interaction. It also recently won a coveted $2b equipment contract from BSNL.

Shree Ashtavinayak (8.31% up)

Shares of Shree Ashtavinayak Cine Vision Ltd were up 8.31% to close at Rs73.65 on Wednesday after its board approved the raising of $150 million through Global depository receipts, American depositary receipts, foreign currency convertible bonds and qualified institutional placement.

Wockhardt (6.60% up)

Wockhardt Ltd hit a six-month high and gained 6.60% after it got US Food and Drug Administration nod for prostate drug Tamsulosin , which had a sales of $1.2b in 2007. Patent on this product expires on 27 April 2010 and Wockhardt will be launching its version after that.

Swaraj Engines (6.27% up)

Swaraj Engines Ltd gained 6.27% after the company neither confirmed nor denied reports of M&M buying a further stake in the firm in their interaction with CNBC-TV18. M&M already has 33% stake and there was talk of it further buying 18% from Kirloskar Oil Engines.

Dr Reddy’s (0.53% up)

Shares of Dr Reddy’s Laboratories Ltd rose 0.53%, missing out on the rally, as the company voluntarily recalled four products from the US markets due to oversized capsules. The drug recall was conducted with the US Food and Drug Administration’s knowledge.

IFGL (10.16% up)

IFGL Refractories Ltd gained 10.16% as Ashish Chugh, invesment analyst, recommended the stock on CNBC-TV18. In first quarter, the company achieved profit after tax of about Rs7 crore, which is higher than the full year profit for last year, hence it appears the worst may be over.

Brigade, Omaxe (up)

Mid-cap real estate stocks such as Brigade, and Omaxe gained as sentiment appears to be improving with more realty players filing for IPOs. Sources told CNBC-TV18 that Oberoi is set to file DRHP while DB Realty has already filed and Oberoi Construction may raise 1,500 crore.