Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Suzlon Energy (4.2% down)

Suzlon Energy Ltd shares end down 4.2% after reporting poor results. First quarter (Q1) consolidated net loss at Rs453 crore against a profit of Rs9 crore, on the back of poor sales volumes of 123MW in Q1 (down 64% year-on-year), and poor performance of Hansen Transmissions International NV.

MTNL (3.15% down)

Shares of Mahanagar Telephone Nigam Ltd (MTNL) closed at Rs99.45, down 3.15%, on the National Stock Exchange on Monday after posting a net loss of Rs46.84 in the first quarter ended 30 June. The total income of the company decreased to Rs1,085.36 crore in the said quarter.

Excel Infoways (12.7% up)

Shares of Excel Infoways Ltd end up 12.7% on the first day of listing. The firm provides voice-based contact centre services. The issue was subscribed 1.87 times and raised Rs48.17 crore at Rs85 per share. The management expects FY10 revenue at Rs32 crore, profit after tax at Rs19 crore and margins at 60%.

Bharat Forge (18.2% up)

Shares of Bharat Forge Ltd closes up 18.2% after the firm starts joint venture (JV) talks with Alstom SA. The Indian firm says it will get Foreign Investment Promotion Board’s approval for the Alstom JV in 15-20 days. The venture will result in revenues worth Rs7,000-8,000 crore in four-five years.

Aban Offshore (9.95% up)

Shares of Aban Offshore Ltd rose 9.95% at ,142.25 each. It posted a consolidated net profit of 11 crore on net sales of 93 crore in the quarter ended June. The board approved raising long-term funds of $400 million ( ,916 crore), and 2,500 crore from qualified institutional buyers.

Bajaj Auto (6.5% up)

Bajaj Auto Ltd shares end up 6.5% after the firm said it will raise motorcycle production by 25% in August, expecting a high double-digit growth in bike sales from here onwards. The successful launch of XCD DTS-Si and the new Pulsar helped Bajaj match year-on-year sales for the first time since the recession began.

Hindalco Industries (8% up)

Shares of Hindalco Industries Ltd gain 8%. First quarter net profit at Rs370 crore topped estimates by 50%. Kotak Institution says the strong overall volumes and better performance of the copper smelting business were the major earnings driver. It maintains a “buy" rating with a target price of Rs135.

Great Offshore (6.2% up)

Great Offshore Ltd shares end up 6.2% at Rs509.30 each. ABG Shipyard had recently raised its stake in the firm to 8% and revised the open offer price of Rs450 per share. Analysts say ABG/Bharati Shipyard have to revise their open offer price. Citi maintains a “buy" with a new target price of Rs555.