Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

ABG Shipyard (9.01% up)

ABG Shipyard gained 9.01% after the firm completely exited Great Offshore, selling its 8.27% stake in the firm at an average of Rs570 per share to Bharati Shipyard. ABG Shipyard had acquired stake in Great Offshore at an average price of Rs400 per share.

Bharati Shipyard (10.57% up)

The shares of Bharati Shipyard were up 10.57% as the race for Great Offshore finally ended in its favour with the exit of ABG Shipyard. The market is also relieved that, finally, Bharati Shipyard can walk away with Great Offshore without raising the offer any further.

Great Offshore (6% down)

The Great Offshore stock declined 6% at Rs513 as race for the firm ended after ABG Shipyard sold its stake to Bharati Shipyard. The stock had been rising on revision of open offer prices from both the parties but fell as the deal symbolizes an end to further hike in open offer price.

Bajaj Auto (3.18% up)

Bajaj Auto gained 3.18% after reporting a 73% increase in its November sales, to 276,759, from a year earlier. The firm’s motorcycle sales were up 84%, against a year ago. The two-wheeler manufacturer has guided for an increase in its motorcycle sales in January.

Canara Bank (3.10% up)

The shares of Canara Bank were up 3.10% after the Reserve Bank of India allowed inclusion of technical write-offs in the 70% non-performing assets provisioning norm. Analysts believe that Canara Bank is the biggest beneficiary where provision cover will improve to 76% from 27.8%.

Supreme Industries (19.67% up)

Supreme Industries gained 19.67% as the company is in the process of expanding its capacity of 180,000 tonnes to 330,000 tonnes. The firm’s commercial complex in Veera Desai Road in Mumbai is likely to be ready soon. The project has 250,000 sq. ft of office space.

Escorts (2.8% up)

The shares of Escorts gained 2.80% on the back of recovery in the tractor sector after a slump for many months. The company’s November tractor sales were up 15% at 4,300 unit’s, compared with the year-ago period. The firm expects a good winter crop season and an annual growth rate of 10-15%.

DLF (4.01% up)

The DLF stock gained 4.01% after CNBC-TV18 reported that DLF Assets Ltd (DAL) is planning an initial public offering for getting listed in March. DAL is expecting enterprise valuation in excess of $2 billion. DAL will try to raise around $750 million from listing at Singapore Exchange.