Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

S Kumars (Up 0.84%)

The S Kumars scrip closed up 0.84% but off nearly 5% from the day’s high. The firm announced a strategic tie-up with Donna Karan International (DKI) for a global licence in the menswear segment through a new firm, SKNL (UK) Ltd, which is an 80:20 partnership between S Kumars and DKI.

JSW Steel (Down 6.36%)

Shares of JSW Steel closed down 6.36% after the firm reported fourth quarter results that were marginally ahead of the market estimates. Net profit stood at Rs610 crore in the three months ended 31 March, compared with a net loss of Rs39.93 crore a year earlier.

Glenmark (Up 0.89%)

The Glenmark stock ended up 0.89% but slipped nearly 4% from the day’s high. The pharmaceutical firm said it has signed an exclusive licensing agreement with the US-based Par Pharmaceutical to sell generic cholesterol-lowering drug Ezetimibe in the US market.

Idea Cellular (Up 0.2%)

Shares of Idea Cellular ended up 0.2% but were nearly 3% off the day’s high. The firm on Monday posted a net profit of Rs266.6 crore for the quarter ended 31 March, a 4.6% rise from a year ago, driven by subscriber growth. Sales rose 13.8% to Rs3,347.7 crore.

Hindustan Motors (Down 7.48%)

The Hindustan Motors stock ended down 7.48%. The firm had said on Monday it would approach the Board for Industrial and Financial Reconstruction as its peak net worth has eroded by more than 50% over the last four fiscals. Markets are uncertain about the future of the company.

UltraTech Cement (Down 3.0%)

Shares of UltraTech Cement fell 3% after CNBC-TV18 reported its VAT exemption in Gujarat and West Bengal has expired in Q4 FY10. UltraTech has almost 28% sales exposure to these two states. According to experts, this will significantly impact the company’s Q1 FY11 earnings.

Balrampur Chini (Down 7.58%)

The Balrampur Chini scrip fell 7.58% on talks that India is likely to produce 18.0-18.5 million tonnes (mt) of sugar this season, raising the forecast by 7-10%, while 2010-11 season output is seen rising 27% to 24.7 mt. Sugar prices have been declining continuously on higher output.