Thursday, December 11, 2008

RNRL leads gainers in `A` group

Reliance Natural Resources (RNRL) rose 25.72% to Rs 54.75 following reports the government has withdrawn an affidavit filed in the Bombay High Court in the ongoing case between Reliance Industries (RIL) and RNRL over gas supply wherein it had asserted that RIL cannot sell its Krishna-Godavari basin gas to anyone without its approval to the pricing formula. It was the top gainer in BSE`s A group.

In its affidavit filed last month, the government had also said that RIL could not sell KG basin gas at a price less than $4.20 per million British Thermal Units. While the government approved price of gas for KG basin is $4.20 per million British Thermal Units (mBTU), RNRL is seeking the gas at $2.34 mBTU.

Great Eastern Shipping Company rose 15.71% to Rs 192.60 on recovery in the Baltic Dry Index. It was the second biggest gainer in A group. The Baltic Dry Index gauges changes in the prices of shipping commodities.

Jet Airways rose 12.58% to Rs 153.05 on buzz the company is looking to sell 2 plots of 4 acres at Bandra Kurla complex to raise at least Rs 500 crore. It was the third biggest gainer in A group.

Shipping firm Shipping Corporation of India jumped 12.13% to Rs 80.90. It was the fourth biggest gainer in A group.

Indiabulls Real Estate surged 10.77% to Rs 128.60 on reports real estate developers may lower prices by 30% by mid-2009 to push sales of new homes. It was the fifth biggest gainer in A group.

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