Jaiprakash Associates leads gainers in 'A' group

JSW Steel, Aurobindo Pharma, Canara Bank and Reliance Communications are among the other gainers.

Jaiprakash Associates advanced 4.98% to Rs 70.60 and topped the gainers in the BSE's 'A' group. The stock rose on volume of 23.78 lakh shares, higher than an average daily volume of 15.53 lakh shares in the past two weeks.

JSW Steel gained 4.24% to Rs 678.90 and was second biggest gainer in 'A' group. JSW Steel reported decent crude steel production data for Q4 March 2013 and the year ended 31 March 2013 during market hours on Monday, 8 April 2013.

JSW Steel's crude steel production rose 2% to 2.109 million tonne in Q4 March 2013 over Q4 March 2012. The production of flat rolled products rose 11% to 1.65 million tonne in Q4 March 2013 over Q4 March 2012. The production of long rolled products fell 6% to 0.438 million tonne in Q4 March 2013 over Q4 March 2012.

The crude steel production rose 15% to 8.518 million tonne in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The production of flat rolled products rose 17% to 6.282 million tonne in FY 2013 over FY 2012. The production of long rolled products rose 18% to 1.801 million tonne in FY 2013 over FY 2012.

JSW Steel said in spite of severe constraints in availability and quality of iron ore in the state of Karnataka, the company could operate its Vijayanagar plant at about 80% capacity due to its unique ability of using low grade iron ore through beneficiation process.

Aurobindo Pharma rose 3.98% to Rs 174.85 and was third biggest gainer in 'A' group. The stock rose on volume of 13.29 lakh shares, higher than an average daily volume of 5.18 lakh shares in the past two weeks.

Canara Bank surged 3.82% to Rs 388.35 and was fourth biggest gainer in 'A' group.

Reliance Communications (RCom) rose 3.26% to Rs 77.65 and was fifth biggest gainer in 'A' group. Shares of RCom gained 20.38% in three trading days from a recent low of Rs 64.50 on 9 April 2013 on reports the company is mulling a stake-sale deal with Bahrain Telecommunications Company (Batelco) to reduce its hefty debt.

Recent reports had indicated that RCom is planning to sell 80% stake in subsidiary Reliance Globalcom to a consortium led by Batelco for around Rs 6000 crore. Started in 1990 as Flag Telecom, Reliance Globalcom is a global managed network and communication service provider to carriers, ISPs and Multinational enterprises.

On 15 March 2013, RCom had confirmed being in discussions with Batelco Group with respect to Reliance Globalcom. However, it had added that there can be no certainty that this will lead to a transaction and said that a further announcement would be made in due course if appropriate.

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