Tuesday 25 September 2007

Ispat Industries leads gainers in 'A' group


Integrated steel maker Ispat Industries soared 18.06% to Rs 26.80 and it topped gainers in BSE’s A group. Earlier, reports suggested that the company is planning to invest about Rs 10,000 crore within five years to ramp up domestic production, and is also planning to expand overseas through capacity expansion and backward integration.

Mid-cap IT services provider Rolta India moved up 8.89% to Rs 569.40 and it stood second among top gainers in A group. Earlier on 20 September 2007, Macquarie Research had ranked the company as an outperformer by saying that unlike most Indian IT firms, Rolta derives 60% of its revenue from the domestic market. This enables it to participate in India’s growth story and mitigate currency risks.

PSU refiner Bongaigaon Refinery & Petrochemicals gained 8.42% to Rs 65. It was the third biggest gainer in A group. The current surge in global crude oil prices along with a worldwide shortage of refining capacity has resulted in higher gross refining margins (GRMs). The GRMs of oil firms are expected to higher on year-on-year basis. The Bongaigaon Refinery stock gained 21.97% in the past three months to 21 September 2007 compared with the 14.49% rise in the Sensex.

State run National Fertilizer was up 8.35% to Rs 44.75. It came fourth among top gainers in A group.

Power generator and distributor Reliance Energy rose 8.33% to Rs 1093.70 and came fifth among top gainers in A group. Morgan Stanley has raised the price target of the company to Rs 1,209 by saying the Mumbai-based company's infrastructure projects and new power plants will boost its profit.