Reliance Communications leads gainers in 'A' group

HDIL, Unitech, Engineers India and Jet Airways (India) are among the other gainers.

Anil Dhirubhai Ambani-controlled Reliance Communications (RCom) spurted 13.47% to Rs 97.70. The stock topped the gainers in the BSE's 'A' group. RCom before trading hours today, 22 April 2013, said that Samena Capital in a proposed consortium with certain other global PE funds is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of the company's global communications services business unit -- Reliance Globalcom. The intended time line for completion of the transaction is end May 2013. At this point, there can be no certainty that this will lead to a transaction, RCom said. A further announcement will be made in due course, if and when appropriate, the company said.

RCom also said that it has discontinued discussions with Batelco Group for selling its sake in Reliance Globalcom. RCom had earlier said in March 2013 that it was in discussions with Batelco Group with respect to Reliance Globalcom.

Real estate developer HDIL jumped 12.04% to Rs 56.30. The stock was second biggest gainer in 'A' group. Shares of most real estate developers rallied as slowing wholesale price inflation has raised rate cut expectations. Purchases of both residential and commercial property are largely driven by finance.

The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.

Real estate developer Unitech galloped 8.68% to Rs 30.05. The stock was third biggest gainer in 'A' group.

State-run Engineers India rose 8.45% to Rs 188. The stock was fourth biggest gainer in 'A' group.

Air carrier Jet Airways (India) climbed 7.37% to Rs 549.50 on reports the company has laid down an ambitious expansion plan for its global operations that would see the airline connect 23 Indian cities to Abu Dhabi. The stock was fifth biggest gainer in 'A' group.

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