Private sector airline company Jet Airways (India) soared 7% to Rs 405.85 on reports the civil aviation ministry decided to partially lift a freeze on granting overseas flying rights. A move that would increase international flights from India. Jet Airways (India) and Kingfisher Airlines—India's only private carriers allowed to fly international—are set to benefit from the decision. Shares of Jet Airways topped the gainer in the BSE's 'A' group.
Anil Dhirubhai Ambani group's Reliance Natural Resources (RNRL) jumped 4.56% to Rs 66.55 ahead of the hearing of the gas dispute involving the Ambani brothers resumes on Wednesday, 4 November 2009, after a break since last week. RNRL was the second biggest gainer in the BSE's 'A' group.
In the previous hearing on Tuesday, 27 October 2009, the Supreme Court had observed that gas is a national resource owned by the Government and, therefore, subject to Government policy. The Court also asked why the brothers cannot settle the matter through arbitration or mutual consensus. The two brothers are fighting a legal battle in the apex court over division of natural gas produced by RIL from KG-D6.
FMCG company Marico climbed 3.33% to Rs 100.85 on defensive buying in a falling market. Marico was the third biggest gainer in the BSE's 'A' group.
Defensive stocks resist sharp fall in stock market. As the financial fortunes of these companies are not much dependent on business cycles, they offer growth, as well as dividend income, even in an economic recession.
State-run Bharat Electronics (BEL) flared up 3.03% to Rs 1,478.60 after the net profit soared 91.8% Rs 237.35 crore on a 66.4% jump in sales to Rs 1299.09 crore in Q2 September 2009 over Q2 September 2008. BEL was the fourth biggest gainer in the BSE's 'A' group.
Drug maker Dr Reddy's Laboratories rose 2.90% to Rs 1,038.40. The stock was the fifth biggest gainer in the BSE's 'A' group.
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