Indraprastha Gas, Apollo Tyres, Dabur India and Asian Paints are among the other gainers.
FMCG major Hindustan Unilever (HUL) surged 9.86% to Rs 684.75 on reports that the company has raised prices of several personal care products. The stock topped the gainers in the BSE's 'A' group. The stock scaled a record high of Rs 698.95 in intraday trade today, 17 July 2013.
Separately some media reports suggested that current float of HUL shares in MSCI India Index will come down to 30% from 40% effective today, 17 July 2013, while the float will rise to 33% from 24% in FTSE Index with effect from 19 July 2013.
HUL's parent Unilever PLC on 11 July 2013 said that pursuant to the voluntary open offer to increase its stake in HUL, the shareholders of HUL tendered a total of 31.99 crore shares, out of which 31.95 crore shares have been accepted by Unilever PLC on completion of the verification of the shares tendered. Based on the shares tendered which represent 14.78% of HUL, the Unilever Group will increase its stake in HUL from 52.48% to 67.26%.
Piped gas distributor Indraprastha Gas spurted 5.76% to Rs 308.40. The stock was second biggest gainer in 'A' group. Shares of private sector oil & gas, refinery and gas utility stocks rose after the government on Tuesday, 16 July 2013, said foreign investors won't have to seek government approval for up to 49% ownership in petroleum, natural gas and refining sectors.
The Cabinet Committee on Economic Affairs (CCEA) on 27 June 2013 approved new gas pricing formula from 1 April 2014. The price of gas as per the formula is likely to be about $8.4 mmBtu as opposed to $4.2 mmBtu currently.
Apollo Tyres galloped 4.55% to Rs 71.30. The stock was third biggest gainer in 'A' group.
FMCG company Dabur India jumped 4.31% to Rs 165.80. The stock was fourth biggest gainer in 'A' group. The stock hit a record high of Rs 167.55 in intraday trade today, 17 July 2013.
FMCG stocks gained across the board as a bountiful rainfall this year has prepared the ground for bumper harvest. India's monsoon is so far progressing well across the country and if the rains continue as expected, this could boost rural incomes. FMCG companies derive substantial revenue from rural India.
India's largest paint maker by sales Asian Paints climbed 3.59% to Rs 5,007.25. The stock was fifth biggest gainer in 'A' group.
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