BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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JSL (9.29% up)
Shares of JSL Ltd were up 9.29% after the management told CNBC-TV18 that the corporate debt restructuring (CDR) scheme may be finalized by October end and have sought 100 basis points reduction in the interest rates in CDR. The firm’s net debt stands at Rs6,000 crore.
Koutons (12.44% up)
Shares of Koutons Retail India Ltd were up 12.44% ahead of a likely qualified institutional placement (QIP). The company indicated during mid-September that it is looking to raise Rs100 crore via QIP. QIP money to be raised will be used for expansion plans over two years.
Bharti Airtel (8.11% down)
Shares of Bharti Airtel Ltd were down 8.11% after Kotak and CLSA downgraded the stock. Kotak also cut target price to Rs400 (Rs425 earlier). CLSA downgraded the stock as without MTN, the market will focus more on Bharti’s growth challenges in the domestic market.
Arvind (3.46% up)
Shares of Arvind Ltd were up 3.46% on news that the company is consolidating its verticals such as garments and real estate. The company plans 10% expansion in its denim fabric manufacturing capacity by next year and government clearances for its real estate projects in next four months.
Grasim Industries (7.12% down)
Shares of Grasim Industries Ltd were down 7.12% on worries that the company might get a holding company discount if all cement assets are transferred to UltraTech Cement. Citi maintained sell rating on both Grasim Industries and UltraTech Cement Ltd.
Videocon (14% up)
Shares of Videocon Industries Ltd were up 1.43% after signing a non-binding letter of intent with Elcoteq. Elcoteq has granted the authority to negotiate and finalize a potential definitive transaction agreement. Reports suggest Videocon is taking a controlling stake in Elcoteq for $73 million.
Jet Airways (12.29% up)
Shares of Jet Airways (India) Ltd were up 12.29% after Bank of America-Merrill Lynch upgraded its rating to buy from neutral with a price objective of Rs504. It believes Jet will return to business profitability next year, following an increase in traffic and stability in yields.
Meghmani (7.47% up)
Shares of Meghmani Organics Ltd were up 7.47% on reports that the company plans to set up a project in Dahej to support new product launch where the first phase is likely to commence by December. The company expects to achieve top line of Rs130 crore by fiscal year 2011.
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