Sensex recovers smartly at 13,255 pts

Mumbai, Feb 28 (UNI) The BSE Sensex began to recover smartly, as the Union finance minister (FM) reads out the tax proposals. It had struck a fresh intra-day high of 13,255.68 from today's opening at 13,045 points.

IFCI saw huge volumes of 1.28 crore shares on BSE. The stock was down 4.46 per cent to Rs 28.90.

Hindustan Motors climbed 8.05 per cent to Rs 41.60, as the company expects to earn Rs 295 crore in five tranches, spread over the next 10 quarters, as well as a non-compete fee equal to 4 per cent of sale proceeds from an integrated IT township and auto park it is developing on its surplus 314 acres land in West Bengal, specifically identified for this purpose.

Drug maker Abbott India surged 3.09 per cent to Rs 558.50, in an overall weak market, after the company decided to proceed with its plan to buy back shares after getting regulatory approval. The current market price of Rs 558.50, discounts the buy back price of Rs 650 per share by Rs 91.50 per share.

On the capital market front, FM proposed to allow short-selling by institutional investors and permitted mutual funds (MFs) to launch infrastructure sector funds.

Aptech and Educomp Solutions gained after the finance minister proposed a national means-cum-merit scholarship programme to check drop-outs from schools, brokers added.

UNI