Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

SBI (5.57% up)

The State Bank of India, or SBI, stock gained 5.57% on speculation that the Reserve Bank of India may give some banks more time to meet the 70% provision coverage ratio requirement, which they are scheduled to achieve by September.

Shriram EPC (1.14% up)

Shares of Shriram EPC gained 1.14% after the management told CNBC-TV18 that the company holds a 36% stake in Orient Green Power, for which they have filed a draft prospectus for public listing. The firm intends to raise Rs900 crore for Orient Green Power through a public issue.

RIL (2% up)

Shares of Reliance Industries Ltd, or RIL, gained 2% ahead of its results. The market expects RIL to report a net profit of Rs5,400-5,500 crore and gross refining margins around $9 (around Rs400) per barrel. Macquarie believes that strong margins are likely to buoy the firm’s short-term earnings.

EIH (3.86% up)

Shares of EIH were up 3.86% after the hospitality company’s Mumbai hotel, The Oberoi, reopened for guests, nearly seventeen months after the 2008 Mumbai terror attacks devastated the property and forced it to shut.

Zensar Tech (6.79% down)

Zensar Technologies declined 6.79% after it announced that its March quarter revenue was down to Rs232.65 crore from Rs239.71 crore in the previous quarter. Profit fell to Rs27.42 crore from Rs32.5 crore in the previous quarter. The firm said that the economic environment continues to be volatile.

Sterlite Tech (8.74% up)

Shares of Sterlite Technologies gained 8.74% after its March quarter profit after tax came at Rs72.2 crore, against Rs43.8 crore a year ago. Its revenue grew to Rs662 crore from Rs577 crore in the year-ago period. The firm’s 2009-10 net profit jumped 173% to Rs246 crore from Rs90 crore a year ago.

JBF Industries (11.74% up)

JBF Industries gained 11.74% after Prime Securities set a target price of Rs262 for the stock. Prime Securities says the recent commissioning of the first phase of its specialty yarn capacity and the scheduled commissioning of the second phase in the September quarter is expected to improve margins.