Jindal Steel & Power spurted 8.83% to Rs 372.25. The stock topped the gainers in the BSE's 'A' group. Metal shares rallied as prices of industrial metals firmed up after the US Federal Reserve launched a new round of aggressive stimulus that could boost demand for industrial metals.
Aluminium rolling company Hindalco Industries galloped 8% to Rs 118.10. The stock was second biggest gainer in 'A' group.
Real estate company DLF rose 7.49% to Rs 216.80. The stock was third biggest gainer in 'A' group. Shares of real estate firms rose on hopes that a hike in diesel prices will provide room for Reserve Bank of India (RBI) to ease monetary policy to give thrust on growth.
Reports suggest that the chances of a rate cut by the RBI in its half-yearly review on 30 October 2012 look brighter. On Monday (17 September 2012), the RBI is slated to announce the mid-quarter policy review. Lower interest rates augur well for the real estate sector as purchases of both residential and commercial property are largely driven by finance.
Private sector crude oil refiner Essar Oil rose 7.45% to Rs 51.95 after the Supreme Court on Thursday, 13 September 2012, directed the company to pay sales tax dues of Rs 5165 crore in eight quarterly installments to the Gujarat Government. The announcement was made after market hours on Thursday, 13 September 2012. The stock was fourth biggest gainer in 'A' group.
The Supreme Court said the amount has to be paid with an interest of 10% with effect from 17 January 2012. The bench asked Essar Oil to pay the first installment before 2 January 2013. The order was passed after the company sought at least three years time to pay the dues. Gujarat government had sought the payment of dues within six months. Essar Oil on 17 July 2012 had offered to pay to Gujarat government the sales tax liability of Rs 6169 crore in installments. The first installment of Rs 1004 crore was deposited by 30 July 2012. Meanwhile, Gujarat government's demand for around Rs 1800 crore as interest for the period upto 17 January 2012 was rejected by the Supreme Court. Essar Oil had approached the apex court against the order of the Gujarat High Court, which had refused any relief to it for making the payment in installments.
Indiabulls Real Estate rose 6.98% to Rs 49.05. The stock was fifth biggest gainer in 'A' group.
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