IFCI leads gainers in 'A' group

Piramal Enterprises, GlaxoSmithkline Consumer Healthcare, Crompton Greaves and Coromandel International are among the other gainers.

IFCI, which provides medium and long-term credit to industries in India, surged 17.79% to Rs 26.15 after the company's board approved a proposal to submit an application to the Reserve Bank of India (RBI) for obtaining a banking license. IFCI made the announcement after market hours on Thursday, 27 June 2013. The stock topped the gainers in the BSE's 'A' group.

Diversified firm Piramal Enterprises spurted 10.81% to Rs 564.45. The stock was second biggest gainer in 'A' group.

GlaxoSmithkline Consumer Healthcare, known for its malted food drinks brand Horlicks, galloped 10.15% to Rs 5230. The stock was third biggest gainer in 'A' group.

 

Engineering company Crompton Greaves jumped 8.92% to Rs 87.30 after the company said its board at a meeting held today, 28 June 2013, approved buyback of equity shares from the open market at a price not exceeding Rs 125 per share. The announcement was made during trading hours today, 28 June 2013. The stock was fourth biggest gainer in 'A' group.

Fertiliser maker Coromandel International climbed 8.76% to Rs 183.80. The stock was fifth biggest gainer in 'A' group. Fertiliser stocks were in demand after Finance Minister today, 28 June 2013, said the government will help the fertiliser sector to cope with the doubling of domestic gas prices from 1 April 2014.

Finance Minister P Chidambaram said that the government would consider helping the power and fertiliser industries to cope with the doubling of domestic gas prices from 1 April 2014. The power and fertiliser ministries have raised the issue. The government can look at fixing the input costs for these sectors, he said. The issues will be addressed in course of time, Chidambaram said.

The government on Thursday, 27 June 2013, agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic gas output. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April next year, from current $4.2 mmBtu. The government has accepted the Rangarajan Committee report on gas pricing. The committee had suggested revision in prices of natural gas every quarter until March 2017 and dismantling all controls on pricing of the fuel thereafter.

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