Jain Irrigation leads gainers in 'A' group

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Updated: 03/07/2009 | 12:00 AM IST

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Friday, July 03, 2009 (New Delhi)

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Diversified agricultural products maker Jain Irrigation Systems spurted 8.15% to Rs 702.95 on hopes below-normal monsoon this year may influence the finance ministry for an increased focus on the agriculture sector in the Union Budget 2009-2010. Finance Minister Pranab Mukherjee will present the Union budget on Monday, 6 July 2009. It topped the gainers in the BSE's 'A' group.

The market expects government will increase its budgetary allocation to irrigation from the last year's Rs 20,000 crore which may also benefit Jain Irrigation.

Fertiliser producer Chambal Fertilisers and Chemicals climbed 8% to Rs 70.85 as the South West monsoon reached the entire country. It was the second biggest gainer in 'A' group. The Indian meteorological department today said that monsoon has covered the entire country.

The Economic Survey yesterday, 2 July 2009, suggested decontrol of fertiliser sector. To ease the burden on farmers, the Centre caps retail prices of fertilisers for farmers, but compensates producers for the deficit through a mixture of cash subsidy and bonds. For the year ended March 2009, the subsidy was more than Rs 1,00,000 crore.

Drug maker Glenmark Pharmaceuticals rose 7.90% to Rs 236.20 after the Economic Survey suggested removal of price controls. It was the third biggest gainer in 'A' group.

India's largest mortgage lender by market capitalisation Housing Development Finance Corporation (HDFC) surged 7.74% to Rs 2,586.25 on hopes the Union Budget 2009-2010 may announce a plan to hike foreign direct investment limit in the insurance sector. HDFC owns a controlling stake in HDFC Standard Life Insurance. HDFC was the fourth biggest gainer in 'A' group.

Non-banking finance company Shriram Transport Finance Company rose 7.09% to Rs 310.20. It was the fifth biggest gainer in 'A' group.

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