Engineers India leads gainers in 'A' group

National Aluminium Company, Ashok Leyland, Britannia Industries and IRB Infrastructure Developers are among the other gainers.

State-run Engineers India jumped 6.90% to Rs 323.85 after the company announced after market hours on Tuesday, 24 June 2014, that the Government has decided to grant Navratna status to the company. The stock topped the gainers in the BSE's 'A' group.

The Navratna status will give the state-run company's board of directors more financial and operational autonomy.

State-run National Aluminium Company (Nalco) galloped 6.34% to Rs 62.05. The stock was second biggest gainer in 'A' group. The stock hit a 52-week high of Rs 62.55 in intraday today, 25 June 2014.

Commercial vehicles maker Ashok Leyland spurted 5.98% to Rs 38.10. The stock was third biggest gainer in 'A' group. The stock hit a 52-week high of Rs 38.60 in intraday today, 25 June 2014.

Shares of automobile companies rose after news reports in late trade that Finance Minister Arun Jaitley has announced extension of the concessional excise duty on automobiles, capital goods and consumer goods by six months till 31 December 2014.

At the time of presentation of Interim Budget for 2014-15, the Congress led United Progressive Alliance (UPA) government had in February this year reduced excise duty on small cars, two wheelers, scooters and commercial vehicles to 8% from 12%. Excise duty on sports utility vehicles (SUVs) was cut to 24% from 30% and that on mid and large cars was cut to 24/20% from 27/24%. At that time, the reduction is excise duty was restricted till 30 June 2014 as an interim relief major for the auto sector.

FMCG company Britannia Industries climbed 5.92% to Rs 997.50. The stock was fourth biggest gainer in 'A' group. The stock hit a record high of Rs 1,008 in intraday today, 25 June 2014.

IRB Infrastructure Developers rose 5.82% to Rs 229. The stock was fifth biggest gainer in 'A' group. The stock hit a 52-week high of Rs 230.45 in intraday today, 25 June 2014.

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