Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

RIL (3.4% up)

Shares of Reliance Industries Ltd (RIL) were up 3.4% on reports that the company is looking to acquire assets owned by US petrochemicals firm LyondellBasell Industries, which is under Chapter 11 protection. CNBC-TV18 broke this story on 18 September.

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Kingfisher Airlines (5.5% up)

Shares of Kingfisher Airlines Ltd were up 5.5% on news that the board has approved $100 million each for global depositary receipts and rights issues. Vijay Mallya, the owner of the airline, told CNBC-TV18 that he hopes more foreign direct investment is allowed in the aviation sector.

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Arvind (5% up)

Shares of Arvind Ltd rose 5% after CMD Sanjay Lalbhai told CNBC-TV18 the firm saw 25% growth in denim in the second quarter. Ebitda (earnings before interest, taxes, depreciation and amortization) margins were up from 12% to 14%. It hopes to maintain margins at current levels.

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SBI (5.1% up)

Shares of State Bank of India (SBI) were up 5.1% after analysts said they believed that margins will improve as deposit rate reductions continue. SBI has further reduced its deposit rates by 25-50 basis points. Kotak Institution retained its “buy" on the scrip with a price target at Rs2,400.

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Mahindra Satyam (10.4% up)

Shares of Mahindra Satyam end up 10.4% after a CNBC-TV18 exclusive says that Mahindra Satyam BPO (business process outsourcing) records profit in the second quarter. The BPO saw quarter-on-quarter growth of 8% in revenue and added two new clients in the same period.

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Maytas Infra (10% up)

Shares of Maytas Infra Ltd were up 10% after the firm told CNBC-TV18 it has been given the Pune-Sholapur road widening project on a competitive bidding basis. Work is set to begin from 10 January.

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