Canara Bank Tops Gainers’ List On BSE
Canara Bank has topped the gainers list on Bombay Stock Exchange (BSE). The stock profited on continuous market vibrations that it is eyeballing another state run banking institution, Dena Bank. The total asset size of Canara Bank stood at nearly Rs 153400 crore, five times Dena bank’s asset book.
Sterlite Industries followed the same path as Canara Bank and advanced 7.98% to Rs 604.60 and came second among ‘A’ group performers. The stock boosted after its American depository shares attained a strong debut on the NYSE.
Jindal Saw made additional gain of 7.14% to Rs 670.35 and ranked third in the list of major gainers. On 28 April 2007, Jindal Saw reported an enhanced presentation in the March 2007 quarter assisted by sturdy demand for its SAW pipes from the upstream oil and gas industry.
The forth position goes to Hindustan Zinc, which acquired 6.96% to Rs 718.30. The scrip benefited on Sterlite’s statement to acquire remaining share in Hindustan Zinc from the Indian Govt.
Sterlite stated in a statement to the Securities and Exchanges Commission of the United States that it is planning to implement the call option for adopting the Government of India's remaining 29.5% ownership interest in Hindustan Zinc. This will be 26% if the government exercises its right to sell 3.5% of Hindustan Zinc to its employees.
Punj Lloyd blazed 6.45% to Rs 262.45 and came fifth among ‘A’ gainers on BSE. On 31 May 2007, the company reported an enhanced recital in FY07, supported by its former attainment of the Singapore-based Sembawang Engineers & Constructors, coupled with a vigorous domestic and overseas capex cycle.