Hyderabad-based infrastructure firm Lanco Infratech advanced 12.05% to Rs 370.05 and it topped gainers in the BSE's A group shares. The company recently entered into a memorandum of understanding with UAE-based Gulftainer Company to co-operate on a variety of port and transportation projects. Gulftainer Company is a leading port developer and operator.
Real estate major DLF galloped 8.76% to Rs 713.25. It was the second biggest gainer in A group. Some reports suggest that the DLF group is planning a retail foray and is in talks with some well-known retail chains, including Georgio Armani, Versace and Dolce Gabbana. DLF may also tie up with a foreign major for the supermarket business at a later stage, it added.
Mortgage lender Housing Development Finance Corporation (HDFC) sprinted 7.94% to Rs 2354.15 and came third among top gainers in A group. Its net profit rose 25.60% to Rs 372.81 crore on 46.66% rise in total operating income to Rs 1826.95 crore in Q1 June 2007 over Q1 June 2006.
Commercial lender HDFC Bank went up 7.83% to Rs 1326.30. It was the fourth biggest gainer in A group. Bank stocks were up today on hopes that the Reserve Bank of India will ease monetary stance and cut interest rates taking cue from the US Federal Reserve which cut fed funds rate by 50-basis point on Tuesday, 18 September 2007.
State-owned engineering firm Engineers India hopped 7.65% to Rs 626.30 and came fifth among top gainers in A group. The stock is on an upmove since past nine trading sessions. The Engineers India stock flared up on market talk that it is expected to bag a contract related to oil exploration.
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