Jaypee, Reliance Group stocks in focus ahead of UP results
Shares of companies with significant exposure to Uttar Pradesh were in focus Monday, as the state geared up for its assembly election results tomorrow (Tuesday).
Mumbai: Shares of companies with significant exposure to Uttar Pradesh were in focus Monday, as the state geared up for its assembly election results tomorrow (Tuesday).
Jaiprakash group companies -- Jaiprakash Associates and Jaiprakash Power Ventures -- tumbled by over 5 percent after exit poll surveys said that Samajwadi Party is likely to get the largest number of seats in state elections.
On the other hand, shares of Anil Ambani-led Reliance Group companies, Reliance Power and Reliance Infrastructure, bucked the weak broader market trend and ended with over 5 percent gains.
Shares of Reliance Infra closed the day with a gain of 5.52 percent at Rs 656.15, while another group company Reliance Power's shares jumped 5 percent to Rs 135.35.
Shares of other group companies, such as Reliance MediaWorks, Reliance Broadcast Network, Reliance Capital and Reliance Communications also moved higher.
Counting of votes for the elections would begin tomorrow morning and the results are expected later in the day.
Jaiprakash Associates' shares tumbled 5.57 percent to close the day at Rs 70.35 on the BSE, while Jaiprakash Power Ventures settled for the day 5.5 percent lower at Rs 41.25.
The group's another listed company Jaypee Infratech also slipped by 4.68 percent ending the day at Rs 43.75.
Experts said that Jaypee group has emerged as a major player in the state during the past few years and any regime change could affect its business, at least in the near term, market analysts said, but declined to be identified due to political nature of the developments.
Exit polls have predicted a hung assembly in the state with the SP showed as cornering the major chunk of seats.
In the last assembly election, the ruling part BSP had won 206 seats and got a majority on its own surprising political pundits. SP had got 97 seats, BJP 50 and RLD, which contested in alliance with BJP won 10 seats. Independents and others had got 17 seats.