Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Glenmark (14.6% Down)

Shares of Glenmark Pharmaceuticals Ltd fell 14.64% on the National Stock Exchange on Wednesday after the firm’s US-based out-licensing partner Forest Laboratories said the company’s lead respiratory disease molecule oglemilast had failed in the second phase of clinical trials.

Firstsource (4.2% Down)

Shares of Firstsource Solutions Ltd fell 4.2% on the National Stock Exchange on Wednesday after the company clarified that it has no immediate plans for a US listing. The stock gained 10% on Tuesday on reports that the company is planning to list on the US bourses.

Brigade Enterprises (5.2% Up)

Shares of Brigade Enterprises Ltd rose 5.2% after investment advisor S.P. Tulsian told CNBC-TV18 that the firm’s scrip may touch Rs175 in the next 10-12 months. The real estate firm, with a market cap close to Rs1,200 crore, has 35 million sq. ft of saleable area, and so this is a good pick, he said.

IVRCL Infra (6.4% Up)

Shares of IVRCL Infrastructures and Projects Ltd ended at Rs325, up 6.4%, on the National Stock Exchange on Wednesday on reports that the Hyderabad-based company emerged as the lowest bidder for the Sion-Panvel road project in Maharashtra. The project is worth Rs1,500-2,000 crore.

Nalco (2.6% Up)

Shares of National Aluminium Co. Ltd rose 2.6% on the National Stock Exchange after the firm told CNBC-TV18 that it expected aluminium prices to remain in the range of $1,900-2,000 per tonne. The government has no plans to sell stake in Nalco, mines Minister B.K. Handique said on Wednesday.

Tata Comm (0.8% Up)

Shares of Tata Communications Ltd, which is engaged in the business of communications services, gained 0.8% to close at Rs483.95 on the National Stock Exchange. Investors are awaiting the telecom commission’s meeting on 26 August to discuss the proposed demerger of the firm’s 773 acre land bank.

Megasoft (20% Up)

The Megasoft Ltd stock jumped 20% to close at Rs31.50 after its board approved the sale of its BlueAlly division to Trianz Inc. at $13-15 million. The Chennai-based company said it is shifting focus to telecom products, where the receivables could be in the range of $13-15 million.

Panacea Biotech (5% Down)

Panacea Biotech fell 5% after securing a three-year contract worth $222 million from Unicef to supply its EasyFive vaccine. The drug was introduced in India by Panacea Biotec in January 2005. The firm received the pre-qualification for EasyFive by World Health Organization in last year.