Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Jindal Shaw (7.19% up)

Shares of Jindal Saw Ltd gained 7.19%. The stock has rallied 20% in two days in the wake of a US government decision to slap duties on Chinese steel pipes. China has said the duties don’t comply with rules set by the World Trade Organization.

DRL (3.65% up)

Shares of Dr Reddy’s Laboratories (DRL) Ltd rose 3.65% on the Bombay Stock Exchange. Managing director and chief operating officer Satish Reddy said rumours about promoters selling stake in DRL are purely speculative.

Jet Airways (3.52% down)

Shares of Jet Airways (India) Ltd were down 3.52%. The airlines was grounded for the third consecutive day due to a pilots’ agitation. Jet Airways executive director Saroj Dutta said the carrier’s daily losses could be as high as $6 million.

Central Bank (7.81% up)

Shares of Central Bank of India were up 7.81% on the National Stock Exchange on Thursday. The bank will likely be one of the beneficiaries of a $3.2 billion World Bank loan that India has sought for the recapitalization of state-owned banks.

Mukand (6.33% down)

Shares of Mukand Ltd, a manufacturer of alloy and stainless steel products, closed at Rs58.45, down 6.33%, on the National Stock Exchange on Thursday as profit booking set in in some of the midcap steel stocks.

Mcleod Russel (5.54% up)

Shares of Mcleod Russel India Ltd were up 5.54% after brokerage reports indicated an earnings upgrade of 16-23 on the back of higher realized tea prices. Analysts expect tea prices to remain firm through FY11 with an upward bias.

Apollo Tyres (4.08% up)

Shares of Apollo Tyres Ltd were up 4.08% on the National Stock Exchange. The scrip rose after a big block deal of 30 lakh shares on the market. Sources told CNBC-TV18 that Michelin was the seller, while domestic funds were buyers.

Sesa Goa (5.94% up)

Shares of Sesa Goa Ltd were up 5.94% on the National Stock Exchange on Thursday. The company has obtained a stay on an order of the Goa State Pollution Control Board, which restrained some mining firms that were extracting ore without the requisite permissions.