Suzlon promoters sell Rs178 cr shares; stock down

Tulsi Tanti-owned Suzlon Energy has announced that two of its promoters sold 40 million shares in the company, which accounts to 2.25% of its paid-up capital.Vinod Ranchhodhbhai Hindu undivided family (HUF) and Sanman Holdings, who form a part of the promoter group, sold 2 crore shares each. With this, the promoter group's holding in the company reduced to 54.84% of the paid-up capital.According to data available on the National Stock Exchange (NSE) under the block deals, the promoters sold their shares at Rs44.7 per share, thereby rising around Rs178 crore.

Shares of Wockhardt fell by 10%

Shares of Wockhardt Ltd  fell by 10% and hit the monthly low of Rs312.50 in early trades on media reports that the Bombay High Court (HC) on Friday (March 11, 2011) admitted a winding-up petition filed by the company's foreign currency convertible bond (FCCB) holders.A group of three FCCB holders, or unsecured creditors led by Singapore-based hedge fund QVT, Sun Pharma and Syndicate Bank, had filed the petition in January 2010, according to reports. The three hold bonds worth $42 million, the reports addedWockhardt had to redeem $110 million worth of FCCBs by October last year. Though it managed to settle with several creditors, FCCBs worth about $75 million is still under dispute, as per reports. 

Indian markets bounced back after two-day losses.

Indian markets bounced back after two-day losses as crude oil prices fell on concerns of demand from quake-hit Japan. Easing out tensions in the Middle East and North Africa for the time being also gave some relief. Investors showed buying interest in index heavyweights and sectors, pushing the key indices higher despite disaster in Japan. Markets also ignored a marginal rise in inflation for the month of February 2011 to 8.31%. Oil & gas was the lead gainer today as crude oil prices are coming down. Metal gained on the prospect that after tsunami destruction in Japan, there would be a lot of infrastructural requirements and that need metal.The Sensex closed at 18439, up 265 points from its previous close, and Nifty shut shop at 5531, up 86 points.

4 Stocks For This Week

ITC Ltd,
Cmp:171.25,
Action:Buy,Hold,
Target:211.
Orchid Chemicals &Fertilizers Ltd,
Cmp:282.15,
Action:Buy,
Target:332.
Unity Infraprojects Ltd,
Cmp:56.30,
Action:Buy,
Target:112.
Apollo Tyres Ltd,
Cmp:66.20,
Action:Buy,Hold
Target:91.

Simplex Infra tumbles on CBI raid

Simplex Infrastructures Ltd said that CBI had conducted search operations of premises of Simplex Projects at Kolkata and New Delhi on March 10, 2011. The search was in respect of the work undertaken by the company for renovation of two stadiums at New Delhi, for the purpose of Common Wealth Games and this is a part of ongoing investigation of the several common wealth game related contracts, being handled by CBI.The company has provided all necessary information and clarification to the Agency and also extended its fullest co-operation.