Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Sterlite Industries (0.83% down)

Shares of Sterlite Industries declined 0.83% after Kotak said the stock price correction presented a good buying opportunity with the target price of Rs875 per share. Kotak found Sterlite’s valuations inexpensive even in a scenario of a further decline in commodity prices.

Reliance Infra (6.2% up)

The Reliance Infrastructure share gained 6.2% in the aftermath of the deal between the Ambani brothers. Mukesh and Anil Ambani on Sunday announced that they are ending non-compete agreements which they hoped would lead to cooperation between the two groups.

Adani Enterprises (0.41% up)

The Adani Enterprises scrip recovered well after falling 7% in early trade and closed up 0.41%. Some five million shares (1.08% stake) changed hands at Rs548 per share. There was a mandatory conversion of foreign currency convertible bonds into equity shares.

Gammon Infra (3.56% up)

Shares of Gammon Infrastructure Projects gained 3.56% after the management said the company is likely to make an Ebitda (earnings before interest, tax, depreciation and amortization) of Rs200 crore on a consolidated basis for fiscal 2011.

Transport Corp (0.98% up)

The Transport Corp. of India stock rose 0.98% after the management said the company had got the board’s approval for the demerger of its realty business and expects to complete the demerger in five-six months. It will also look at listing the demerged realty business.