Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Sesa Goa (12.5% down)

Sesa Goa declined 12.5% after CNBC-TV18 reported that the Serious Fraud Investigation Office has been ordered to look into alleged financial irregularities at the firm. Managing director P.K. Mukherjee said the firm had not been informed about

PTC India (7% up)

PTC India gained 7%. The firm plans to list a 77%-owned subsidiary operating as a non-banking financial company in the next fiscal. PTC India said the company’s board has approved its fund raising plans. India Infoline maintains a buy rating for the stock, with a price target of Rs100.

Jet Airways (9.2% down)

The Jet Airways stock declined 9.2% after the carrier’s quarterly results failed to meet market expectations. The September quarter net sales of the carrier fell to Rs2,020.11 crore from Rs3,080.40 crore a year ago. The firm reported a net loss of Rs406.7 crore during the quarter.

Areva T&D (9% down)

Shares of Areva T&D declined 9% on the back of poor results. The firm reported a net profit of Rs22.4 crore for the September quarter, against Rs52.3 crore a year ago. Its net sales declined to Rs739.7 crore from Rs582.9 crore a year ago. The firm’s margin dropped to 8.6% in the quarter, against 26.7% a year ago.

Thinksoft Global (20% up)

Thinksoft Global gained 20% on the second day of its listing. The stock had surged 31.5% on Monday after listing. The company has raised Rs45.6 crore through an initial public offering. The business process outsourcing firm said it will use the money raised through the issue to expand its business.

Tata Steel (6.8% down)

Shares of Tata Steel declined 6.8% on Tuesday after it reported that net profit declined due to higher interest rates and input costs. The September quarter net profit of the steel maker declined to Rs903 crore, against Rs1,788 crore a year ago. The firm’s net sales in the second quarter stood at Rs5,630 crore, compared with Rs6,726 crore a year earlier.