Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Shree Cements (7.36% up)

Shares of Shree Cements Ltd were up 7.36% on Friday on speculation of a stake sale by the promoters. However, the company told CNBC-TV18 that it has no plans to sell stake for the next one-two years and the rumours were completely baseless.

Mercator Lines (4.6% up)

Shares of Mercator Lines Ltd were up 4.6%. The company has said it was looking to raise upto $40 million. It expects offshore revenues to be 15% of operating revenues by year-end from 9% as of now. It is currently earning $92,700 per day by leasing out one oil rig.

Andhra Cements (11.41% up)

Shares of Andhra Cements Ltd were up 11.41% on the Bombay Stock Exchange along with the entire cement sector. The management told CNBC-TV18 that it sees demand growth picking up. It also said the cement industry could see consolidation in the medium to long-term.

Axis Bank (0.90% up)

Shares of Axis Bank Ltd were up 0.90% after the bank raised $720 million through a qualified institutional placement of shares and a global depositary receipt issue. This fund-raising was at Rs906.7 per share, a 0.5% discount to the stock’s close on Thursday, and resulted in a 11% equity dilution.

Bharat Forge (10.74% up)

Shares of Bharat Forge were up 10.74% on reports that the company was going in for an acquisition. The firm’s extraordinary general meeting on 1 October will discuss fund-raising of up to $150 million. The company denied news of any acquisition, but said its non-auto business is doing well.

Ackruti City (0.20% down)

Shares of Ackruti City Ltd were down 0.20% on the National Stock Exchange on Friday. The firm has raised Rs300 crore through a qualified institutional placement (QIP) of shares. The company will use the proceeds to fund ongoing projects and to repay debts worth Rs100 crore.

Bata (3.42% up)

Shares of Bata were up 3.42% on the National Stock Exchange on Friday on reports that the company is looking to divest its stake in the Batanagar township valued at more than Rs1,000 crore. However, the company said it was not aware of any such development.

Raymond (10.02% up)

Shares of Raymond Ltd were up 10.02% on the National Stock Exchange after the firm made an announcement that it plans to enter the real estate business. It is looking to develop a 15 -20 acre plot of excess land adjacent to its manufacturing facility in Thane, Maharashtra.