Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Bajaj Hindusthan (8.3% up)

Shares of Bajaj Hindusthan gained 8.3% after CNBC-TV18 reported that the Union cabinet had passed a resolution to replace statutory minimum price with fair and remunerative price for sugar. The government is proposing to raise the price of the commodity to Rs135 from Rs107.

Tanla Solutions (6.6% up)

Tanla Solutions shares were up 6.6% after the firm said it had signed a contract to provide licence management, mobile payments and professional services to Nokia. The firm said the revenues from its mobile vertical will go up from €20 million (Rs138 crore) to €125 million by 2012.

Yes Bank (4.8% up)

The Yes Bank stock gained 4.8% after Morgan Stanley initiated coverage with an overweight rating and target at Rs330. Morgan Stanley forecast growth in earnings per share to average 24% over F2010-12 (after factoring in a $200 million , or Rs920 crore, capital issuance in F2011).

Apollo Tyres (5% up)

Shares of Apollo Tyres gained 5% after the firm said its September quarter profit stood at Rs102 crore, against Rs7.8 crore in the year-ago period. The company expects margins between 12-15% in the second half of the fiscal. It also expects the growth in volume to offset higher raw material costs.

SAIL (4% up)

Shares of Steel Authority of India Ltd (SAIL) were up 4% after reports that the government plans to sell a 10% stake in the company through a follow-on public offering. The company is also going to issue fresh shares, which is likely to be 10% of the diluted equity base.

South Indian Bank (3.3% up)

The South Indian Bank stock ended up 3.3% on the back of strong second quarter results. The lender’s net profit for the quarter stood at Rs72.5 crore, against Rs51.7 crore a year ago. It reported a net interest income of Rs165 crore for the quarter, against Rs126 crore in the year-ago period.

Natco Pharma (8.7% down)

Natco Pharma declined 8.7% after reports that the drug regulator plans to initiate criminal proceedings against the company for selling “substandard" breast cancer drug Albupax and seek prison terms for senior executives of the company. The firm has denied any legal action against it.

NIIT Technologies (4% up)

The NIIT Technologies stock gained 2.3% after the firm reported that its September quarter stand-alone net profit increased 153% to Rs26.06 crore, compared with Rs10.30 crore a year ago. Its stand-alone net sales remained almost flat at Rs117.65 crore, against Rs116.49 crore a year ago.