| India Market Update Archive: |
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Stocks Fight Rising Inflation
May 16, 5:26 PM EDT |
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| Investors worried after the latest read on the inflaton surged to a new high on rising commodities and energy products prices. |
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| The latest read on wholesale inflation for twelve months period ending two weeks ago rose to 7.83% from 7.61% in the previous week. The rising inflation in food, energy, fuel and manufactured products prices have put consumers in a tight spot. Government sought and received as much as 5% price reduction in cement prices will help but similar relief is not likely in fuel prices and other industrial products. Sensex 30 index added 0.5% to 17,434. |
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Realty, IT, Capital Goods Stocks Surge
May 15, 7:18 PM EDT |
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| The goverment ruled out the relief in import duty on crude oil. Steel export duty is still under review. Sensex surged 2.2% or 375. |
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| Stocks in Mumbai trading surged higher, led by a sustained gains in capital goods, real estate and software export companies. Rupee continue to hover near 42.60 to a one U.S. dollar level. Rising crude prices and worries related to slower growth in the exports kept the ruppee in check. The Indian rupee has now dropped 10% from its peak in the late December. Larsen Toubro led the gainers in the Sensex with a rise of 5.4% to 2,983 and Reliance Industries added 3.5% to 2,619 rupees. |
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Metals, IT Rise, Cement Stocks Fall
May 14, 2:05 PM EDT |
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| Metals surged on the hope that the government will reduce or eliminate export duties. IT stocks rose after rupee weakened. |
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| Mumbai stocks rose after a rise in IT and metal stocks. Rupee fell to a 13-month low to 42.44 against one dollar as rising crude oil import worries investors. Software exporters gained on rupee weakness. Metal and steel companies added in the trading after the government said it is considering industry request to review duties on metal exports. Cement companies fell on the worries that recent price weakness and rising new capacity will hurt the industry margins. |
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DLF $2 B Offering in Singapore
May 13, 6:49 PM EDT |
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| Reliance Communications and Alcatel Lucent form a joint venture to provide infrastructure services. |
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| Indian stocks on Wednesday reversed early session gains to settle lower in a mixed trade. In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged. |
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IIP Growth Slows, Rupee Falls
May 12, 7:03 PM EDT |
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| Rupee against dollar fell as crude oil jumped to a record high and industrial producon dropped in March. |
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| Industrial production in March fell to 3% and for the fiscal year ending in the month declined to 8.1% from 11.6% a year ago. The sharp fall in manufacturing sector output dragged the index lower in the month. Rupee fell in trading to 41.63 on the news. Software exporters rose after a weakness in rupee. TCS, Infosys, Wipro and Satyam rose. Ranbaxy gained 5% after it agreed to develop for the U.S. based Merck anti-infection drug. |
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Sensex Falls 2%, Elevated Inflation
May 09, 3:14 PM EDT |
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| Stocks in Mumbai trading fall for the second day in a row after the weekly measure of wholesale inflation stayed above the RBI target. |
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| Wholesale price index in India fell in the latest period measured two weeks ago. Rising energy and food prices continue to fuel inflation above the target set by the Reserve Bank of India. Sensex index fell 2% to 16,737. Trading on two largest stocks exchanged was 20,000 crore rupees or $5 billion. ICICI Bank, HDFC Bank and State Bank of India fell in trading. Reliance Industries fell 5.2%. |
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Nestle, HDFC, Reliance Comm Earnings Rise
Apr 30, 3:19 PM EDT |
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| Stocks in Mumbai trading fell ahead of the rate decision in the U.S. Reliance Communication earnings surged. |
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| Stocks in India closed lower ahead of the rate decision in the U.S. The U.S. Fed lowered its key rate by 0.25% to 2% and signaled that future cuts may not be necessary. Reliance Communication earnings surged 71% on 32% rise sales. HDFC declined after it reported 40% rise in income on 33% rise in revenue. Nestle India earnings gained 48% and Videocon Industries profit gained 8%. |
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RBI Hikes CRR, Realty and Banks Surge
Apr 29, 4:45 PM EDT |
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| Stocks in the realty and banking sector surged after the RBI left its key rate unchanged and hiked cash reserve requirements for banks. |
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| The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate in the current fiscal year between 8% and 8.5%. |
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Bharti Airtel, Idea Cellular Lift Stocks
Apr 25, 5:08 PM EDT |
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| Stocks in India closed higher on rising earnings from Airtel, Idea Cellular. Ambuja Cement and ACC fell. |
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| Stocks in India closed higher on earnings and despite rising inflation.
Bharti Airtel gained 9% to 920.10 rupees and led gainers in the Sensex index. The company reported 39.3% rise in net profit to 1,792.30 crore rupees on 41.8% increase net revenues to 7,446.82 crore rupees in the fourth quarter. Ideal Cellular rose 4.7% to 107.80 rupees. The company posted 44.6% rise in net profit to 278.20 crore rupees on 50.7% increase in net sales to 1,972.40 crore rupees in the fourth quarter. |
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ACC and Maruti Fall on Earnings
Apr 24, 4:32 PM EDT |
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| Maruti, on the rising demand for small car Swift reported rise in sales in the fourth quarter and fiscal 2008 ended in March. |
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| Maruti unit sales in fiscal 2008 increased 13% on 18% rise in sales. Earnings in the year increased 11% depsite tighter depreciation policies. In the fourth quarter, earnings plunged 33% on higher depreciation expenses. Maruti exported 7% of its vehicles in the fiscal year. Separately cement maker, ACC reported slight gain in profit on 8% rise in sales to 1,861 crore rupees. |
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