Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

NTPC (1.87% up)

Shares of NTPC Ltd were up 1.87% after the company’s follow-on public offer opened on Wednesday. People familiar with the development told CNBC-TV18 that the qualified institutional buyer (QIB) book was fully subscribed within three hours of the market opening.

SAIL (4.80% up)

The Steel Authority of India Ltd (SAIL) stock rose 4.80% after CNBC-TV18 reported that the company has hiked prices of flat steel products by Rs500 per tonne. The firm’s follow-on public offer is to come up for cabinet approval in the next 10 days, people close to the matter said.

JSW Steel (8.35% up)

Shares of JSW Steel Ltd surged 8.35% after January crude steel production gained 66% at 533,000 tonnes (year-on-year). Also, steel stocks gained on the back of comments made by steel minister Virbhadra Singh that steel imports are not a concern as of now and price hike by steel firms not a concern as of now.

PTC India (2.64% up)

Shares of PTC India Ltd, the leading provider of power trading solutions in India, were up 2.64% after a company official said that the firm plans to float PTC Financial’s initial public offer in FY11. Also, the company is looking to acquire a coal mine in Indonesia.

Sterlite Industries (6.30% up)

Shares of Sterlite Industries (India) Ltd , the nation’s biggest copper producer, rose 6.30% after after the recommendation for the stock was raised to buy from neutral by UBS AG. The price target for Sterlite was raised to Rs1,000 a share by UBS analyst Sunita Sachdev.

Infinite Computer (16.24% up)

Shares of Infinite Computer Solutions surged 16.24% on the first day of its listing. The stock listed at Rs170 per share, touched a high of Rs204.95 on the National Stock Exchange, up 24.2% over its issue price of Rs165 per share. The firm said that the proceeds will be used for both organic and inorganic growth.

Glenmark (3.90% up)

Shares of Glenmark Pharmaceuticals Ltd rose 3.90% on Wednesday after Citi upgraded the company’s stock. The price target of Glenmark was revised to Rs300 per share (from Rs275) on the back of sustainability of positive trends in the core businesses

BGR Energy (5.79% up)

Shares of BGR Energy Systems Ltd rose 5.79% after Anand Rathi recommended a buy rating with target price of Rs612 per share. Anand Rathi says the firm is moving up the value chain through technical collaboration agreements to manufacture coal-fired and co-generative boilers.