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The moot point is whether global markets can sustain the bounce once the expected events are out of the way. The jury’s still out on this. The best thing would be to play for a short-term spurt and make a quick exit. It’s easier said than done, but nothing wrong in giving it a shot.
Shares of Nagarjuna Construction surged by over 8% to Rs50.6 after the company announced that it has secured four new orders aggregating Rs7.12bn. The first order valued at Rs3.6bn is secured from the Singareni Collieries Company Ltd., Khammanm, Andhra Pradesh for Blast Hole Drilling, Controlled Blasting and other works to be completed over a period of 72 months.
Shares of Tata Steel have surged by over 7% to Rs200 after the company announced that its hot metal, crude steel and saleable steel production in January 2009 was higher YoY.
Shares of Satyam Computer surged by over 2% to Rs47 after the board of directors of the company announced that they appointed A S Murty as Chief Executive Officer, effective immediately.
Shares of Tata Motors surged by over 4% to Rs137 after the company said that three quarters of its purchases have been paid immediately through an arrangement with banks. The scrip touched an intra-day high of Rs139 and a low of Rs132 and recorded volumes of over shares 6,00,000 on BSE.
Shares of Tata Motors slipped by 3% to Rs131 after reports stated that the company has built up an amount overdue of more than Rs12bn with parts manufacturers and other suppliers over the past few months.
Shares of ONGC ended flat at Rs665. Reports stated that the company might revive its 15mn ton Rajasthan refinery plan. The scrip touched an intra-day high of Rs680 and a low of Rs655 and recorded volumes of over 3,00,000 shares on BSE.
Shares of RPL gained by a percent to Rs84.1. According to reports, Chevron Corp. may sell its 5% stake in the company. The scrip touched an intra-day high of Rs85 and a low of Rs82 and recorded volumes of over 35,00,000 shares on BSE.
Shares of Satyam Computer ended lower by 6% to Rs50. According to reports, L&T may offer as much as Rs50 per share.
Shares of Tata Motors declined by 6.5% to Rs133 after the company
announced that its sales declined 33% in January.
DLF has suspended work for more than a quarter of its commercial projects in a bid to save costs as demand for homes and offices slow down. (BS)
DLF plans to raise Rs40bn through asset sale and private placement.
(ET)
DLF and Parsvnath plan to cut property prices by 15% in the next few months to boost sales. (BS)