Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

GAIL (India) (5.22% up)

Shares of GAIL (India) Ltd rose 5.22% after the Petroleum and Natural Gas Regulatory Board proposed that GAIL be allowed to increase charges by 88% for the use of new pipelines. The board also proposed cutting tariffs for GAIL’s existing network by 11%.

TCS (2.76% down)

Shares of Tata Consultancy Services Ltd (TCS) declined 2.76%. On Monday, the company said fourth quarter profit rose 50% to Rs2,001 crore. Revenue rose 7.9% to Rs7,738 crore led by growth areas such as banking and financial services, retail and life sciences.

Kirloskar Brothers (29.5% up)

Shares of Kirloskar Brothers Ltd (KBL) surged 29.48%. The firm had demerged its investment business to Kirloskar Brothers Investments. For every 20 shares held in KBL, investors will be allotted 15 new equity shares in the firm and one share of Kirloskar Brother Investments.

Ferro Alloys Corp. (5% up)

The Ferro Alloys Corp. (Facor) stock rose 5% on media reports that ArcelorMittal is eyeing a stake in the firm. The promoters of Facor plan to diversify into the power business and want to divest a part of their stake to raise funds. Facor needs Rs2,500 crore to set up a 500MW power plant.

Sesa Goa (0.69% down)

The Sesa Goa stock fell 0.69% after the firm posted a fourth quarter net profit of Rs1,211 crore (up 121% year-on-year and 47% quarter-on-quarter), beating market expectations. The company said there was a decline in other expenses and a forex gain of Rs55 crore.