Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

DLF (3.61% down)

DLF closed down 3.61% on the news that DAL would be integrated with the firm. DLF approved a cash-less share-swap del between DAL and subsidiary DLF Cyber City, which in DLF would exchange 40% interest in Cyber City for a 60% interest in Caraf , the holding company for DAL.

HCL Tech (4.02% down)

Shares of HCL Technologies Ltd gained after its division HCL AXON signed a five-year global information technology (IT) services deal with GlaxoSmithKline to provide systems integration, SAP implementation and IT consulting services. The deal size was not disclosed.

Pantaloon (8.11% up)

The stock of Pantaloon Retail India Ltd climbed 8.11% after foreign institutional investors (FII) were permitted to buy more equity after a qualified institutional placement (QIP). The limit for foreign ownership is 24%. FII holding was 20.9% and post-QIP it dropped to about 19.2%.

Easun Reyrolle (6.44% up)

Easun Reyrolle Ltd shares gained to close at 6.44% after the company bought back $31 million worth of foreign currency convertible bonds (FCCBs) at a discount of 50.10% to the accreted value of the bonds. This leaves the company with an outstanding debt of only $4 million. In December 2007, the company had raised $57.5 million through a combination of global depository receipts and FCCBs .

KEC International (3,63% up)

Shares of KEC International Ltd rose 3.63% after winning orders worth Rs550 crore. KEC International is part of the RPG Group. It won orders in Algeria and Abu Dhabi worth Rs474 crore and Rs76 crore, respectively, against international competition.