Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

WWIL (20% up)

Shares of Wire and Wireless (India) Ltd (WWIL) were up 20% after the Telecom Regulatory Authority of India announced guidelines for the implementation of HITS (headend in the sky) for broadcasting signals to the local cable operator. WWIL is the only provider for headend in the sky.

Suzlon Energy (2.5% up)

Shares of Suzlon Energy Ltd were up 2.5% after the MSCI index’s semi-annual review changes were announced. Suzlon and Housing Development and Infrastructure Ltd were added while Glenmark Pharma and Power Grid were removed. With these changes, MSCI India’s market cap increases from $227 billion to $229 billion.

Golden Tobacco (5% up)

Shares of Golden Tobacco Ltd were up 5% after Pramod Jain, Pranidhi Holdings and JP Financial Services made a voluntary open offer to acquire 4.4 million (25% equity) shares at a price of Rs101 per share in the company. The promoter holding-promoted by Sanjay Dalmia stands at 27.2%.

Praj Industries (4.9% up)

Shares of Praj Industries Ltd were up 4.9% after the Centre reiterated that it would be mandatory for oil marketing companies to sell petrol blended with 5% ethanol. The implementation of the policy had been delayed as oil prices had come down. Now with oil prices moving up, the focus has shifted back to blending again.

Shree Precoated (4.7% up)

Shares of Shree Precoated Steels Ltd were up 4.7% after Essar Steel completed a deal to acquire steel assets of the firm for Rs1,094 crore. The deal also includes taking over the liability/working capital loan/term loans. The sale includes the entire undertaking except certain current assets. Analysts suggest that after the deal, the firm will get around Rs100 crore.