Syndicate Bank, Prestige Estates, Unitech and Ipca Laboratories are among the other gainers.
Anil Dhirubhai Ambani-controlled Reliance Communications (RCom) spurted 8.30% to Rs 105.05. The stock topped the gainers in the BSE's 'A' group. The stock hit a 52-week high of Rs 105.65 in intraday today, 2 May 2013. The company will announce its year ended March 2013 results on 10 May 2013.
RCom announced last month 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 added.
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.
State-run Syndicate Bank galloped 8.01% to Rs 129.45 after net profit jumped 91.42% to Rs 592.34 crore on 8.05% growth in total income to Rs 4780.75 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours today, 2 May 2013. The stock was second biggest gainer in 'A' group.
Real estate developer Prestige Estates jumped 5.95% to Rs 177.95. The stock was third biggest gainer in 'A' group. Realty stocks rose on expectations that the Reserve Bank of India will cut its key policy rate viz. the repo rate in its monetary policy review tomorrow, 3 May 2013, to boost economic growth amid slowing wholesale price inflation. Lower interest rates may help revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.
Real estate developer Unitech climbed 5.38% to Rs 28.40. The stock was fourth biggest gainer in 'A' group.
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Pharmaceutical company IPCA Laboratories rose 5.25% to Rs 535.35. The stock was fifth biggest gainer in 'A' group.
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