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Market erases early lossesNifty hovers around 5k
September, 25th 2009

At 1:01 am (IST), the BSE 30-share Sensex gained 19 points at 16,798 and the NSE Nifty was up 4 points at 4,990.

Markets have erased all the early losses in the afternoon trades and have entered in to the positive terrain with the NSE Nifty back around the 5,000 levels. The recovery is led by the Pharma, Realty and the Oil & Gas stocks. Even the Mid-Cap and the Small-Cap stocks are in demand. However, the IT, Metals and select telecom stocks are under pressure.

Sentiment got a fillip after the European Markets started off with a positive bias, the FTSE index in UK was up 0.55%, CAC index in France was up 0.3% and DAX index in Germany added 0.2%

Among the 30-components of Sensex, 19 stocks are in the green and 11 were in the red. Reliance Industries, ITC, ONGC, L&T and Maruti were in the positive terrain. Infosys, ICICI Bank, Bharti, TCS and Tata Steel were among the major laggards.
 
At 1:01 am (IST), the BSE 30-share Sensex gained 19 points at 16,798 and the NSE Nifty was up 4 points at 4,990.

Shares of TVS Motor have surged by over 3.5% to Rs58.5 after the company announced that it would take all necessary steps to obtain all necessary certifications under law before instigating sales of twin spark plug TVS-Flame.

The company said that in the matter relating to the patent dispute between the company and Bajaj, the Supreme court, in its September 16 order, has allowed TVS to sell the twin spark plug TVS-Flame.

The stock opened at Rs55.9 and made an intra-day high of Rs59.35 and a low of Rs55.60. Total traded volumes stood at 0.5mn shares.

Shares of Fortis Healthcare were in demand after the company announced that they received SEBI nod for its Rs9.97bn rights issue.

SEBI has given an approval for issue of equity shares with warrants on a rights basis at a price of Rs110 per equity share amounting to Rs9.97bn, which exclude the value of warrants, the company stated.

The rights issue is likely to open by the end of this month. As part of the process, shareholders of Fortis shall be entitled to subscribe to two right shares for every five equity shares held as on the record date.

The company plans to use proceeds for funding some of its greenfield projects, besides redemption of preference shares, repayment of short term debt, upgrade of existing facilities and part funding for acquisition of 10 hospitals from Wockhardt Hospitals, company added.

Shares of Fortis Healthcare have gained 1.5% to Rs112. The stock opened at Rs110 and made an intra-day high of Rs113.5 and a low of Rs109. Total traded volumes stood at 0.28mn shares.

 
 
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