Infra stocks gain ahead of PM meet on infra projects
Mumbai: Shares of infrastructure companies witnessed handsome gains Wednesday ahead of a key meeting to be chaired by Prime Minister Manmohan Singh to review the progress of infrastructure projects in the country.
The Prime Minister would meet ministers of power, coal, civil aviation, railways and shipping in the evening at his residence to review the progress of infrastructure projects in the country, according to sources.
Among the individual stocks, GMR Infra surged by 11.08 percent to settle at Rs 21.55 on the BSE and the scrip of IVRCL Infra jumped by 7.31 percent to close at Rs 41.85.
IRB Infrastructure Developers increased 6.86 percent to end the day's trade at Rs 122.20, while Lanco Infra swelled by 6.6 percent to Rs 13.09, Larsen & Toubro moved up by 4.77 percent to Rs 1,267.25 and Reliance Infra grew by 4.95 percent to Rs 470.70.
Surge in the infra stocks were in sync with gain in the broader market. The BSE Sensex today went up by 434 points, the highest single-day gain in 2012, to close at 16,454.30 points.
"The counters of infra stocks rallied on reports that indicated that PM is meeting to discuss expediting infra projects that have been delayed," said Sanjeev Zarbade, VP (PCG), Kotak Securities.
In the meeting, the ministers may take up issues related to aviation sector. The scrip of Kingfisher Airlines climbed 17.33 percent, Spicejet went up by 6.54 percent and Jet Airways gained 5.55 percent.
The meeting has been called as part of a move to boost investment sentiment in the country. The meeting may focus on the current status of infra projects.
Among the energy space, Reliance Power was up by 6.5 percent, GVK Power (5.88 percent), Adani Power (3.94 percent), JSW Energy (2.86 percent), NTPC (3.84 percent) and Coal India (1.77 percent).
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