Akruti City leads gainers in 'A' group

Godrej Consumer Products, Tulip Telecom, GMR Infrastructure and Gujarat Mineral Development Corporation are among the other gainers.

Mumbai-based real estate firm Akruti City soared 10.70% to Rs 2,227.50. It topped the gainer's in BSE's 'A' group. The stock is up 159.61% from a recent low of Rs 858 on 2 March 2009.

The Akruti stock has been consistently outperforming the real estate sector as well as major equity indices during a period marked by sliding real estate prices and a slowing economy. The stock market regulator Securities & Exchange Board of India, BSE, and NSE, have reportedly initiated a probe into the sharp surge in the Akruti City stock price. The rise has more to do with speculation because of low free float than with the company's fundamentals.

FMCG firm Godrej Consumer Products moved up 7.80% to Rs 121. It was the second biggest gainer in 'A' group.

Delhi-based Tulip Telecom jumped 7.31% to Rs 418.25. It was the third biggest gainer in 'A' group. The stock had risen 30.74% to Rs 389.75 yesterday, 18 March 2009.

Earlier in February this year, the company had repurchased foreign currency convertible bonds (FCCBs) aggregating $30.50 million. The buyback of FCCBs will help reduce liabilities of the company. It will also ease concerns about the impact of foreign exchange fluctuations in the profit & loss account, to the extent of the reduction of the FCCBs.

Infrastructure developer GMR Infrastructure 7.27% to Rs 86.30. It was the fourth biggest gainer in 'A' group.

Gujarat based public sector mining major Gujarat Mineral Development Corporation (GMDC) rose 7.18% to Rs 38.80. It was the fifth biggest gainer in 'A' group. The company is reportedly eying a 26% stake in as many as 14 projects to be set up by leading companies in Gujarat. The company had signed MoUs with these companies during the Vibrant Gujarat Global Investors' Summit 2009.