GMR Infrastructure galloped 11.08% to Rs 21.55 and topped the gainers in the BSE's 'A' group. The company during market hours today said Asteria Real Estates has become its subsidiary in accordance with the provisions of the Companies Act, 1956. The stock rose on volume of 18.12 lakh shares, sharply higher than an average daily volume of 8.11 shares in the past two weeks.
Pantaloon Retail (India) jumped 7.90% to Rs 163.15 and was the second biggest gainer in 'A' group. The stock extended two-day 8.89% surge after the company entered into an agreement with Warburg Pincus to divest stake in its unit. During market hours on Monday, 4 June 2012, Pantaloon Retail (India) and its wholly owned subsidiary, Future Value Retail, have inter alia entered into share purchase agreement (SPA) with Cloverdell Investment (one of the affiliated entity of Warburg Pincus) to sell its holding in Future Capital Holdings (FCH) in two tranches representing a maximum of 53.67% but subject to a minimum of 40% of the equity share capital of the company. The sale is proposed at a price of Rs 162 per share in accordance with the terms and conditions of the SPA. Future Capital Holdings is systematically important non deposit accepting registered non banking financial company.
This SPA and further resolution passed by FCH Board to make preferential allotment of equity shares and / or convertible securities of around Rs 100 crore to Cloverdell Investment will require the Cloverdell Investment to make an open offer under the Sebi (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.
Pantaloon Retail (India) held 53.67% in group firm FCH, which is engaged in providing financial services as at end 31 March 2012.
Apollo Tyres spurted 7.55% to Rs 84.05 and was third biggest gainer in 'A' group. The stock rose on volume of 8.10 lakh shares, sharply higher than an average daily volume of 2.42 lakh shares in the past two weeks.
Essar Oil jumped 7.01% to Rs 53.40 and was fourth biggest gainer in 'A' group. The stock extended two-day 3.62% gains after the company during trading hours on Tuesday, 5 June 2012 said it has completed its Optimisation Project, which has taken the capacity of its Vadinar Refinery in Gujarat to 20 MMTPA, or 4.05 lakh barrels per day.
Essar Oil said that the Optimisation Project has been completed four months ahead of schedule. The company had completed the Refinery Expansion Project to raise its nameplate capacity to 18 MMTPA from 10.50 MMTPA on 29 March 2012 with an investment of Rs 9100 crore. For Optimisation Project, Essar Oil has invested an additional Rs 1700 crore, taking the total investment at Vadinar Refinery to approximately Rs 24000 crore. The company now accounts for about 10% of India's total refining capacity, Essar Oil said in a statement. Essar Oil has set up the refinery at a low capital cost of $12.746 per barrel, which is about half the global average, the company said.
IRB Infrastructure Developers advanced 6.86% to Rs 122.20 and was fifth biggest gainer in 'A' group. Shares of the infrastructure firm gained ahead of a key meeting to be chaired by Prime Minister Manmohan Singh today, 6 June 2012. The meeting has been called as part of an exercise to boost investment sentiment in the country following a slowdown in the core sector growth.