Manappuram Finance leads gainers in 'A' group

Sesa Goa, Pipavav Shipyard, DLF and HCL Technologies are among the other gainers.

Manappuram Finance vaulted 14.81% to Rs 50.40. The stock topped the gainers in the BSE's 'A' group. Manappuram Finance's public issue of non convertible debentures (NCDs) aggregating to Rs 400 crore with an option to retain over-subscription up to Rs 350 crore for issuance of additional NCDs aggregating to a total of up to Rs 750 crore opened for subscription on 18 August 2011. The issue closes on 5 September 2011.



Sesa Goa spurted 9.88% to Rs 234.10. The stock was second biggest gainer in 'A' group. Before trading hours on Monday, 29 August 2011, the company said it will have to stop mining in the Chitradurga district of Karnataka following a latest Supreme Court order. The ban on mining in the Chitradurga district of Karnataka will adversely affect to some extent the performance of the company, Sesa Goa said in a statement. The annual permitted capacity of the Chitradurga mine at present is 6 million tonnes, the company said.

The Supreme Court on Friday, 26 August 2011, extended a ban on iron ore mining in Karnataka after a court-appointed body found prima facie evidence of environmental degradation in the districts of Tumkur and Chitradurg. On 29 July 2011, the apex Court had suspended all mining activities in Bellary district of Karnataka, observing that extraction of iron ore would not be allowed at the cost of environment degradation.

Pipavav Shipyard jumped 8.43% to Rs 72.70. The stock was third biggest gainer in 'A' group. The stock rose on higher volume of 39.39 lakh shares as compared with an average volume of 8.12 lakh shares in the past two weeks.

DLF surged 6.42% to Rs 196.35. The stock was forth biggest gainer in 'A' group. The stock extended Monday's 4.92% rally. With respect to media reports that DLF is in talks to sell its 70% stake in DLF IT Park in Noida to financial services firm IDFC, DLF has clarified that DLF IT Park, Noida is a joint venture in which DLF holds stake through a wholly-owned subsidiary. The subsidiary is exploring various strategic options including the sale of its holding in the joint venture company, DLF said.

Separately, IDFC said in its clarification that as a part of its normal business, IDFC does evaluate opportunities for loan and investments in infrastructure projects from time to time. In line with its normal businesses, IDFC is in talks with DLF for a business proposal, which may or may not lead to any deal.

HCL Technologies advanced 6.13% to Rs 414.50. The stock was fifth biggest gainer in 'A' group. During market hours today, 30 August 2011, the company said it has entered into a partnership with Basware Corporation for induction of the Finnish software provider's purchase-to-pay solutions to help improve its own customer delivery processes and achieve cost reductions. HCL will leverage Basware's invoice automation, procurement and connectivity solutions for process enhancement and increased cost reduction to help its clients improve productivity, HCL Technologies said.