Natco Pharma gains on overseas tie-up

Natco Pharma rose 1.6% to Rs 247.20 at 12:36 IST on BSE after Litha Healthcare Group, a Johannesburg Stock Exchange listed integrated healthcare company, on Monday announced a strategic tie-up with the Hyderabad-based firm.

The tie-up was announced by Litha Healthcare on its website on Monday, 19 September

Kale Consultants takes off on new order win

Kale Consultants jumped 6.64% at Rs 76.25 at 13:59 IST on BSE after the company said South American airline LAN has selected the firm's revenue accounting solution for processing its passenger interline billings.

The announcement was made during trading hours today, 20 September 2011.

Sensex jumps 2.1% on hopes Greece will avoid near-term default

Key benchmark indices spurted to 1-1/2 week closing highs as European stocks rose and as US index futures jumped, buoyed by expectations that Greece will receive the next aid tranche from international creditors as well as hopes that the Federal Reserve may announce fresh measures to stimulate the economy. The barometer index BSE Sensex regained the psychological 17,000 level. The Sensex jumped 353.93 points or 2.11%, up about 375 points from the day's low and off close to 35 points from the day's high. All the 13 sectoral indices on BSE were in positive zone.

Govt postpones Rs 12,000 crore ONGC share sale again

The government has deferred its proposed Rs 12,000 crore share sale in state oil and gas explorer ONGC by at least two weeks due to unfavourable market conditions.

The follow-on public offer (FPO) was to open on September 20, but has been put off, Oil and Natural Gas Corp (ONGC)

said in a statement to the stock exchanges.

"The selling shareholder (government) has decided not to proceed with the aforementioned offer programme and shall evaluate its decision in relation to the offer in due course," it said.

The company did not give new dates for the FPO.

The Department of Disinvestment (DoD), which is in charge of the FPO, under which the government is selling a 5% stake in ONGC, yesterday sent out terse letters communicating the postponement of the share sale. It neither offered any reason for deferral of the FPO launch, nor new dates for the offer.

Sources privy to the development said the FPO is off for at least two weeks.

DoD officials met investment bankers managing the ONGC issue this morning to discuss the future course of action. No details of the meeting were immediately available.

A Group of Ministers headed by finance minister Pranab Mukhejree was to meet today to fix a price band for the FPO, but that meeting has been postponed.

The government plans to sell 5%, or 427.77 million shares, through the offer.

After the FPO, the government's stake in ONGC will come down to 69.14% from the current 74.14%.

The FPO was originally planned in the 2010-11 fiscal, but the launch was later deferred to April 5, as the company did not have an adequate number of independent directors on its board to meet market regulator SEBI's listing norms.

It was then rescheduled for July 5, but was again deferred due to adverse market conditions.

Tata Steel gains on major investment plan at Netherlands unit

Tata Steel rose 0.7% at Rs 472.80 at 09:46 IST on BSE, after announcing a major five-year investment programme for its IJmuiden steelworks in the Netherlands that is designed to sustain the plant's potential to be a world-class steelmaker.

M&M inches up as board approves reducing stake in Mahindra Holidays

Mahindra & Mahindra rose 0.59% at Rs 797.40 at 11:47 IST on BSE after the company said its board has approved divestment of up to 8.09% stake in its listed subsidiary Mahindra Holidays & Resorts India.

OnMobile Global rings after making public announcement of proposed buyback of Shares

OnMobile Global gained 2.19% to Rs 63 at 14:48 IST on BSE after the company made a public announcement of the proposed share buyback offer through the open market at a price of up to Rs 85 per share for an amount not exceeding Rs 25 crore.

The company made the announcement during market hours today, 15 September 2011.