Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Uttam Galva (20% up)

The Uttam Galva Steels Ltd stock rose 20% after the firm announced a hike in prices of galvanized, cold rolled steel products by Rs2,000 a tonne from 15 August. This price increase is the second this month. Primary steel producers such as Tata Steel, JSW and SAIL have cut prices of some products.

Bharti Airtel (6% up)

Shares of Bharti Airtel Ltd were up 6% on the National Stock Exchange after remaining under pressure for the last couple of days on concerns of an upward MTM (mark-to-market) price revision. Brokerage firm CLSA maintains a buy on the scrip, with price target at Rs420.

Pantaloon (14.4% up)

Shares of Pantaloon Retail (India) Ltd soared 14.4% to end at Rs306.75 on the National Stock Exchange after it launched ‘The Big Independence Sale’ on Wednesday. The five-day sale contributes 3% to the company’s annual sales. The firm is also holding a board meeting on August 17.

Aban Offshore (3.7% up)

The Aban Offshore Ltd stock rose 3.7% after Venture Drilling AS (a firm that is 50% owned by Sinvest AS, which is a 100% indirect subsidiary of Aban Offshore) commenced an 18-month drilling contract for the drillship ‘Deep Venture’ with Maersk Oil Angola on 10 August at a day rate of $495,000.

Sesa Goa (9% down)

Shares of Sesa Goa Ltd, an iron ore producer and exporter, declined 9% on the National Stock Exchange after the government approved a proposal to hike the royalty on mining of minerals. Iron ore miners will have to pay 10% of the market price of the mineral as royalty to the government.

Raj Oil Mills (0.6% down)

Shares of Raj Oil Mills Ltd declined 0.6% on the day of its listing on the bourses. The stock ended its first trading session with a marginal discount of 0.63% to its issue price of Rs120. The shares touched an intra-day high of Rs133.50 and ended at Rs119.25 on the National Stock Exchange on Wednesday.

Natco Pharma (20% up)

Shares of Natco Pharma Ltd jumped 20%. The firm has gained nearly 40% in the last three days. Investment analyst Ashish Chugh told CNBC-TV18 that the firm owns 300 acres of land near Hyderabad airport. The market value of this land is expected to be more than company’s market cap.

eClerx Services (6.5% up)

The eClerx Services Ltd stock rose 6.5% on the National Stock Exchange after 6.6% equity changed hands on the exchanges on Wednesday. CNBC-TV18 reported that Sequoia Cap has bought 6.6% stake from Burwood Ventures, which holds a 17.5% stake in eClerx.