Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Orchid Chemicals (5.02% Up)

and Pharmaceuticals Ltd surged 5.02% on the National Stock Exchange on Tuesday after Serum Institute increased its stake in the company by 3.59% to 10.35% for Rs70 crore. Serum had bought 7.22% stake in Orchid in May 2008.

Gujarat NRE (3.84% Down)

Coke Ltd fell 3.84% after its board approved the issue of bonus shares with differential voting rights. The board is meeting on 24 September to consider the issue of foreign currency convertible bonds for about $60 million and Rs2.5 crore worth convertible warrants to promoters.

Jindal Cotex (15.33% Up)

Jindal Cotex Ltd ended up 15.33% on the day of listing compared with the issue price of Rs75 per share. The firm raised Rs93.4 crore through its initial public offer. Six qualified institutional buyers were allotted nearly 30% of the issue and there was no application from mutual funds.

TTML (4.47% Up)

Tata Teleservices (Maharashtra) Ltd (TTML) gained 4.47% to close at Rs36.20 after it added 3.4 million new subscribers in August, which is the highest ever. The nearest competitor was able to add just over 2.8 million subscribers in the same period.

Steel Strips (Up 20%)

Steel Strips Wheels Ltd gained 20% after a CNBC-TV18 exclusive on the firm planning to invest Rs140 crore in a new plant at Jamshedpur. It also plans to hike capacity at its Chennai plant by two million units. Promoters had recently hiked their stake by 4%. Tata group holds 13.5% in the firm.

Maruti Suzuki (Up 1.12%)

Maruti Suzuki India Ltd surged 1.12% to close at Rs1659.20 on the Bombay Stock Exchange on Tuesday and its market capitalization hit $10 billion. Market sources say although the management gave out a 10% annual growth target, amounting to 9.25 million this year, there is a more aggressive internal dealer target of one million cars that Maruti has laid out.