SKS Microfinance leads gainers in 'A' group

JSW Energy, Emami, Glenmark Pharmaceuticals and Coal India are among the other gainers.

Shares of microfinance firm SKS Microfinance spurted 8.31% to Rs 587.60, extending its rally for the fourth straight session triggered by the finance ministry releasing the draft of a bill aimed at developing and regulating microfinance institutions. The stock topped the gainers in the BSE's 'A' group.



Shares of SKS Microfinance have surged 71.56% in just four trading sessions from a recent low of Rs 342.50 on 6 July 2011, after the release of the draft microfinance bill by the government after trading hours on 6 July 2011.

Power generation firm JSW Energy surged 4.75% to Rs 70.55. The stock was second biggest gainer in 'A' group. JSW Energy is one of the eight stocks that will enter the National Stock Exchange's futures & options segments. The introduction date and market lot of the new securities will be announced through a separate circular, National Stock Exchange (NSE) said in its circular on Monday, 11 July 2011.

Typically, stocks about to enter the futures and options (F&O) segment gain ground due to expectations of improved liquidity and absence of circuit filters in the F&O segment.

Skin care products maker Emami jumped 3.51% to Rs 516.40. The stock was third biggest gainer in 'A' group. Emami will reportedly invest Rs 65 crore to set up India's first ayush gram at Bhawali town of Uttarakhand, which the company hopes has the potential to become a major tourist attraction. According to reports, the ayush gram would include an ayurvedic hospital, a 3-star hotel, a tree house, a herbal garden, yoga and meditation centre, independent cottages, spa, and an ayurvedic museum.

Glenmark Pharmaceuticals galloped 2.43% to Rs 313.75. The stock was fourth biggest gainer in 'A' group. Glenmark Pharmaceuticals, during trading hours today, 12 July 2011, said that the firm has received the second and final upfront payment of $25 million. The payment is a part of the GBR 500 deal signed by the company in May 2011. With this payment, Glenmark has now received the entire upfront payment of $50 million from Sanofi pertaining to the GBR 500 deal.

State-run coal miner Coal India rose 2.33% to Rs 365.20 on bargain hunting after a two-day 9.47% slump triggered by reports the draft Mining Bill requires coal miners to share 26% of their project's profits with local communities so as to compensate people affected by such projects. The stock was fifth biggest gainer in 'A' group.

According to the reports, the draft Mining Bill will now go to the Cabinet for approval. The bill requires parliamentary approval after passing by the Cabinet to become a law.