Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

HDIL (3.7% up)

Shares of Housing Development and Infrastructure Ltd (HDIL) ended down 3.7% on the National Stock Exchange on Monday. Following raids on its premises by the income-tax department, the company has agreed to pay tax on additional income of Rs350 crore.

Provogue India (14.5% up)

Shares of Provogue (India) Ltd ended up 14.5% on the National Stock Exchange on Monday on news that it will open 17 stores across India in the current fiscal, taking the total number of shops to 143. The firm says revenue growth in the current year should be around 18%.

ITI (10.1% up)

Shares of ITI Ltd soared 10.1% on Monday on reports that BSNL is likely to award a $2 billion equipment contract to the company in the wake of opposition from security agencies to grant the deal to build 25 million wireless lines in the west zone to Huawei, the lone shortlisted bidder for this area.

BASF India (5.8% up)

Shares of BASF India Ltd rose 5.8% and those of Ciba India gained 6% on the Bombay Stock Exchange on Monday, after the board of BASF approved the merger of three firms—Ciba India, Diamond Dye Chem, and Ciba research Pvt. Co.—with itself.

Avaya (5.0% up)

Shares of Avaya GlobalConnect Ltd gained 5% on the National Stock Exchange, for the second day, on Monday after CNBC-TV18 reported that Reliance Mutual Fund has written to the market regulator, Securities and Exchange Board of India, for an open offer in Avaya.

Assam Co (5.0% up)

Shares of Assam Co. Ltd rose 5% on the National Stock Exchange after the company told CNBC-TV18 that tea prices have risen 20-25% due to crop shortage. The firm expects to report good profits in the second quarter and the current fiscal year. The firm is looking at restructuring its business.

BL Kashyap and Sons (6.2% up)

The BL Kashyap and Sons Ltd stock ended up 6.2% on reports that the firm is looking to monetize its real estate assets through sale to raise Rs100-120 crore. It is also looking to sell 400,000 sq. ft for around Rs150-175 crore. The company is also expecting new orders worth Rs2000-2500 crore in FY10.

Pennar Industries (8.0% up)

Shares of Pennar Industries Ltd, a company engaged in the manufacture of steel products, jumped 8% on the Bombay Stock Exchange. The firm had announced it would buy back shares at a maximum price of Rs40 each, not exceeding a total of Rs12.5 crore, from Tuesday.