ADAG stocks rise after SP wins clear majority in UP
Indian Railways announced that it is withdrawing a four per cent exemption on loading rates for food and fertiliser.
Stocks of Anil Dhirubhai Ambani Group (ADAG) rebounded after witnessing a sharp selloff yesterday. ADAG stocks also witnessed huge volumes, indicating high interest in these counters.
ADAG promoter Anil Ambani is a former MP backed by the Samajwadi Party, which has won elections in Uttar Pradesh.
Shares of Reliance Infra, which has important road projects in UP, traded with 2% gains. Reliance Power (1.9%) traded higher on hopes that land acquisition may be accelerated in Dadri, where the company plans to build the world's largest power project.
Reliance Capital (1.4%) and Reliance Communications (1.1%) also traded higher on the Bombay Stock Exchange at 1148 hours. In terms of volumes, Reliance Power saw volumes in excess of 6 million while over 5 million Reliance Communications shares exchanged hands till noon today.
The BSE Sensex was up 0.22% or 38 points at 17,211.