Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Orchid Chemicals (25.56% up)

Orchid Chemicals and Pharmaceuticals Ltd surged 25.56% on news of getting approvals from the US Food and Drug Administration for its abbreviated new drug applications for Piperacillin and Tazobactam for injection. The firm also gets 180 days generic drug exclusivity and revenues of $50-100 million.

TVS Motor (9.82% up)

Shares of TVS Motor Co. Ltd gained 9.82% on Wednesday after the Supreme Court allowed sale of its Flame motorcycle. Bajaj Auto had taken TVS to court alleging that south India-based auto maker infringed its patent for twin spark plug engine technology.

Lanco (7.21% up)

Lanco Infratech Ltd gained 7.21% on reports that there has been steady progress in implementation of the 366MW expansion project at Kondapalli and commercial sale was expected during the quarter. The firm’s shares closed at Rs457.10, each, on the National Stock Exchange on Wednesday.

Elder Pharma (2.07% down)

The Elder Pharmaceuticals Ltd stock plunged 2.07% on Wednesday after the Serious Fraud Investigation Office (SFIO) probe came to an end with no effective conclusion. The company had been pulled up by SFIO for alleged accounting irregularities.

LIC Housing (11.70% up)

The LIC Housing Finance Ltd stock ended up 11.70% on Wednesday after the company raised Rs660 crore through qualified institutional placement (QIP) at Rs660 per share. The QIP received tremendous response with QIP book subscribed over five times.

Shree Renuka (5.99% up)

The Shree Renuka Sugars Ltd stock surged 5.99% to close at 03.50 on the National Stock Exchange ahead of sugar levy case hearing on Thursday. Also, reports suggest that power tariffs have been revised from .4 to 3.82 which will benefit firms having cogeneration facility.

Tube Investments (7.11% up)

Shares of Tube Investments of India Ltd ended up 7.11% on the National Stock Exchange on Wednesday after Toyota bought 1.5% through block deal at an average price of Rs70 per share. The firm told CNBC-TV18 that bicycle business is growing 10% over last year.

Hotel Leela (9.15% up)

The Hotel Leela Venture Ltd stock surged 9.15% on reports that the ministry had permitted the hotel industry to go in for external commercial borrowings up to $100 million during the current fiscal year. The company’s shares closed at Rs38.75 each on Wednesday.