Sensex Extends Gains to 9%; Silver Up, Reliance Denies 2G Scam Charges

Devan Biswas
04 Apr, 2011
New York City

Stocks in Mumbai closed higher after foreign funds flows picked up. The positive momentum in trading carried the Sensex index up 1.5% and extended gains in last ten days to above 9%. Reliance Communications and others deny government charges in telecom licenses scam.

[R]4:00 PM Mumbai – Stocks in Mumbai closed higher after foreign funds flows picked up. The positive momentum in trading carried the Sensex index up 1.5% and extended gains in last ten days to above 9%. Reliance Communications and others deny government charges in telecom licenses scam.[/R]

Stocks in Mumbai opened higher and maintained the advance till the early afternoon. The index built on the gains in the late afternoon to close sharply higher.

The Sensex index in Mumbai closed up 1.5% or 281.34 to 19,701.73 and Nifty index added 82.40 to 5,908.45.

Rupee gained to close at Rs 45.49 to a dollar and the price of ten grams of gold closed at Rs 20,970.04. Silver traded a new high of Rs 57,000 for a kilo.

Foreign funds flows rose to Rs 415.28 crore on April 1 and surged to Rs 8,963 crore in nine days to date.

Stock Movers

BGR Energy Systems increased 7.4% to Rs 536.40 after the company received approval of Rs 3,080 crore bank debt to set up boiler and turbine manufacturing facilities in Tamil Nadu.

Mundra Port and Special Economic Zone increased 4.4% to Rs 147 after the company was ranked as the seventh busiest port in India in the fiscal year ending in March.

The port handled 50 million tons of cargo and in the latest fiscal year and is expected to handle 80 million tons in the year ending in March 2012 and 100 million by March 2013.

Jaiprakash Associates increased 2.6% to Rs 97.80 after the cement maker said shipment increased 22% in March from a year ago.

Bajaj Auto increased 0.3% to Rs 1,463.20 after the two-wheeler maker said sales increased 12% to 307,000 units in March.

United Spirits increased 1.4% to Rs 1,064 after the company said it acquired 41.5% stake in Karnataka based Sovereign Distilleries for an undisclosed amount.

Reliance Communications declined 3.2%, Unitech dropped 3.6% and DB Realty fell 3.1% after the Central Bureau of Investigations files charges against company executives in connection with the sale of 2G telecom licenses.

Reliance Telecom, a unit of Reliance Communications denied the charges today in a statement and said all three accused executives, Gautam Doshi, Surendra Pipara and Hari Nair will fight charges.

DB Realty last week said that the company operations are not affected by the arrest of two of its senior executives, Asif Balwa and Rajiv Agarwal.

Diamant Infrastructure increased 3.3% to Rs 61.20 after the company won two orders totaling Rs 42.30 crore.