Financial Technologies (India), Union Bank of India, Crompton Greaves and Shriram Transport Finance Company are among the other gainers.
India's largest car maker by sales Maruti Suzuki India jumped 7.58% to Rs 1,868.85 after the company and its Japanese parent Suzuki Motor Corporation modified the terms of the Gujarat manufacturing plant to address Maruti shareholders' concerns. The scrip hit record high of Rs 1,899.90 in intraday trade today, 18 March 2014. The stock topped the gainers in the BSE's 'A' group.
Maruti announced on Saturday, 15 March 2014, that the board of directors of the company reviewed the Gujarat project in the context of the views and opinions expressed and decided that the entire capex for the Gujarat project would be funded by depreciation and equity brought in by Suzuki Motor Corporation. In the event that both parties mutually agree to terminate the contract manufacturing agreement, the facilities of Suzuki's Gujarat subsidiary would be transferred to Maruti Suzuki India at book value. The impact of any direct or indirect taxes on account of the contract manufacturing agreement would be assessed before finalizing the agreement, Maruti said in a statement. As earlier stated, the Gujarat subsidiary would function on the basis that it would neither generate surpluses nor make losses, Maruti said. Further, the board of Maruti has decided to seek minority shareholders' approval as stipulated in Section 188 of the Companies Act 2013 for implementing the Gujarat project through a 100% subsidiary of Suzuki Motor Corporation.
Financial software maker Financial Technologies (India) hit an upper circuit limit of 5% at Rs 378.95 after the company said it sold its entire stake in National Bulk Handling Corporation to IVF Trustee Company for Rs 241.74 crore. The company made the announcement after market hours on Friday, 14 March 2014. The stock was second biggest gainer in 'A' group.
Union Bank of India spurted 4.88% to Rs 118.15. The stock was third biggest gainer in 'A' group.
Engineering company Crompton Greaves climbed 4.15% to Rs 154.25. The stock was fourth biggest gainer in 'A' group. The stock hit a 52-week high of Rs 159.25 in intraday trade today, 18 March 2014.
Shriram Transport Finance Company rose 4.14% to Rs 655.50. The stock was fifth biggest gainer in 'A' group.
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