Oil India leads gainers in 'A' group

State-run Oil India rose 4.04% to Rs 495.15. The stock topped the gainers in the BSE's 'A' group.

State-run ONGC rose 3.41% to Rs 301.90. The stock was fourth biggest gainer in 'A' group.

Shares of Oil India and ONGC rose in anticipation of lower subsidy burden triggered by reports that the government is trying to build consensus for raising diesel, cooking gas and kerosene prices to reduce subsidy bill and manage deficit. A hike in fuel price augurs well for ONGC and Oil India as they share part of the under-recoveries of state-run oil refining-cum-marketing firms arising from the government-imposed price caps on three key fuels including diesel, LPG for domestic use and kerosene sold through the public distribution system.

IT company Tech Mahindra rose 4.02% to Rs 976.20. The stock was second biggest gainer in 'A' group.

Real estate developer Unitech rose 3.88% to Rs 38.85. The stock was third biggest gainer in 'A' group. The stock hit a 52-week high of Rs 39.10 in intraday today, 10 January 2013.

Ship builder Pipavav Defence and Offshore Engineering Company rose 3.37% to Rs 89. The stock was fifth biggest gainer in 'A' group.

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