Rural sector stocks gain after IMD forecasts good monsoon

Shares of companies whose business is related to the rural sector gained after India's weather department predicted good monsoon this year.

P I Industries (up 7.37%), Kaveri Seed Company (up 5.89%), VST Tillers Tractors (up 5.36%), Mahindra & Mahindra (up 4.57%), Monsanto India (up 4.38%), Insecticides (India) (up 4.32%), Rallis India (up 3.74%), Dhanuka Agritech (up 2.76%), Advanta (up 1.82%), Jain Irrigation Systems (up 1.82%), UPL (up 1.54%) and Escorts (up 1%), edged higher.

The S&P BSE Sensex was up 395.79 points, or 1.57% at 25,541.38.

The India Meteorological Department (IMD) in its release of the long range forecast for the 2016 southwest monsoon season rainfall yesterday, 12 April 2016, said that the monsoon seasonal rainfall during the forthcoming monsoon is likely to be 106% of the Long Period Average (LPA) with a model error of 5%. The LPA of the seasonal rainfall over the country as a whole for the period 1951-2000 is 89 cm.

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