Benchmark back above 20,000 on share upgrades

Mumbai () India's Bombay Stock Exchange Sensitive Index, or Sensex, gained 72.2, or 0.4 per cent, to 20,117.38, the highest since January 15, 2008.

Balrampur Chini Mills Ltd. rose 4 per cent to Rs92.1, the most since September 7, and Shree Renuka Sugars Ltd. gained 3.8 per cent to Rs85.35, the highest since March 10.
 
The sugar makers were raised to "overweight" from "underweight" at Morgan Stanley, which also upgraded its view on the Indian sugar industry to "attractive" from "cautious".

The brokerage raised its share-price estimate for Balrampur Chini to Rs129 from Rs57 and increased its forecast for Shree Renuka's shares to Rs109 from Rs43, according to a report by Nillai Shah and Girish Achhipalia.

Gammon Infrastructure Projects Ltd. climbed 1.8 per cent to Rs24.9, the most since September 8. The construction company may raise as much as Rs2 billion (Dh160 million) selling stakes in Indian port developments and road projects by March 31, Business Standard reported September 26, citing Parag Parikh, chief financial officer.

Escorts Finance Ltd surged by its daily limit of 10 per cent to Rs13.34, the highest since September 15. About 1.5 per cent of its equity changed hands in a single block deal on the Bombay Stock Exchange, according to Bloomberg data.

Micro Technologies (India) Ltd. slumped 3.1 per cent to Rs213.6, the most since May 25. About 2.6 per cent of its equity changed hands in two block transactions, according to data compiled by Bloomberg.