The Hindu Business Line : Gesco Corp gain on FDI hopes

Stocks relating to real estate sector have been witnessing heightened activity of late following the Government's signal that the sector may be opened up for foreign direct investments.

At present, FDI in this sector is restricted to the development of integrated townships with a minimum project area of 100 acres.

According brokers, the market has picked up the cue provided recently by the Commerce Minister, Mr Kamal Nath, that the Government was keen to attract FDI into the sector and favoured easier norms.

On Thursday, Gesco Corporation, now an M&M group company, shot up most; by 20.03 per cent to finish at Rs 85.10 and attracted a volume of 4.87 lakh shares on the NSE. Ansal Properties closed up 6.48 per cent.

Infrastructure/construction stocks, such as Gammon India, Unitech and BSEL Infrastructure, also moved up anticipating further liberalisation in the air.

Valuation boosts IFB Agro

THE stock of IFB Agro, a small liquor making company, has been on a high, courtesy current aggressive valuation exercise in Shaw Wallace.

According to dealers, it may be described as "sympathetic high". The IFB Agro stock on Thursday shot up by 12.73 per cent to Rs 30.55 on the BSE and hit the circuit breaker on delivery based buying.

The market buzz is that it may also be considered as a takeover target as its brand value has loyal pockets of influence.

Jayanta Mallick

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