Real estate developer Unitech spurted 13.08% to Rs 29.40, with the stock extending Fridays 3.59% gains. Norways Telenor ASA today, 6 February 2012, warned that it has the option to quit its India business if efforts fail to find a solution to the problems arising from a Supreme Court order cancelling the companys telecom licenses. But, as of now, Telenor doesnt plan to slow its operations in India, Sigve Brekke, executive vice president and head of Asian operations, told reporters. Telenor--which runs a telecom joint venture called Unitech Wireless--is now in talks with the telecom regulator and the government to decide on the way forward.
The Supreme Court last week ordered the cancellation of 122 telecom licenses, including 22 belonging to Unitech Wireless, saying their allocation in 2008 was an arbitrary and unconstitutional exercise, which facilitated corruption. The order will be effective in four months.
Unitech, last week, said that the Supreme Court verdict pertains to the telecom venture Uninor, which was issued 2G licenses in accordance with the government policy. Unitech is separate entity from Uninor and it will continue to focus on its real estate business, the company said.
The Unitech stock topped the gainers in the BSEs A group. The company will declare its Q3 December 2011 results on 14 February 2012.
Engineering company Voltas galloped 10.66% to Rs 103.30. The stock was second biggest gainer in A group. Voltas will declare its Q3 December 2011 results on 14 February 2012.
Pressure cooker and kitchen appliance maker TTK Prestige jumped 8.01% to Rs 2,494.40. The stock was third biggest gainer in A group.
State-run Corporation Bank climbed 7.32% to Rs 461.25. The stock was fourth biggest gainer in A group. Corporation Bank announced on 2 February 2012 that its net profit rose 5.17% to Rs 402.21 crore on 39.06% rise in total income to Rs 3804.49 crore in Q3 December 2011 over Q3 December 2010.
UltraTech Cement rose 6.93% to Rs 1,363.05. The stock was fifth biggest gainer in A group. The stock hit a record high of Rs 1,383 today, 6 February 2012. The company announced on 2 February 2012 that its cement dispatches rose 11.2% to 3.72 million tonnes in January 2012 over January 2011.
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