| India Market Update Archive: |
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Inflation at 8.4%, Sensex Drops 1.3%
Jun 06, 6:57 PM EDT |
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| The latest read on the inflation showed a rise to 8.4% on rising food and energy costs. The RBI is likely to issue measures to curb lending. |
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| Inflation fears hovered on the trading sentiment as the latest read on the inflation showed a surge to 8.4%. The RBI Governor Reddy hinted that a higher bank reserves may be requied to curb lending. Recent rise in fuel prices are only going to add to the inflation as 14% of the conumer price index consist of fuel. Widespread consumer protests were seen in Kolkatta and Hyderabad. The Sensex index fell 1.3% or 197.54 to 15,572.18 and CNX Nifty dropped 1.1% to 4,627. |
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Sensex Rebounds
Jun 05, 2:47 PM EDT |
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| Sensex index recovered after a three-day sell-off. Trading volume on two stock exchanges surged to 20,000 crore rupees. |
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| Indian shares recovered after losses of three days in a row of selling. The 30-share BSE Sensex gained 1.6% or 254.93 15,769.72. On the National Stocks Exchange, the S&P CNX Nifty surged 2% or 91.35 to 4,676.95. Infosys jumped 5.9% to 1,979.70 rupees on the media reports that the firm is looking for acquisitions in Europe. Reliance Communications rose 1.3% to 547.15 rupees on news reports that the firm and South Africa''s MTN. |
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Sensex Drops 2.8%, Fuel Price Hike
Jun 04, 1:17 PM EDT |
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| Sensex index declined sharply on the worries that fule price hike will stoke already high inflation furhter. |
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| After a heated debate the government approved price increase for petrol, diesel and cooking gas. The price increase of 5% and lower of import duties will help state controlled oil companies to reduce losses. Sensex index fell sharply after the price increase on the fears that record inflation will only rise. The 30-share BSE Sensex fell 2.8% or 447.77 at 15,514.79. On the National Stock Exchange, the S&P CNX Nifty declined 2.8% or 130.3 points at 4,585.60. |
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Satyam Faces $1 Billion Case, Sensex Falls
Jun 03, 9:17 PM EDT |
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| Satyam Computer Services fell 3% after its appeal to a court in London to block a trial in Texas was rejected. |
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| Satyam, software services provider, lost its appeal in London to block a trial in Texas court against a former client that fell behind payment. The client, UK based Upaid Systmes, hopes to recover $1 billion in damages and the case will be tried in Texas to settle the claims of forgery while transfering the technology to Upaid. Separately, Tata Motors completed its purchase of two luxury brands Jaguar and Land Rover from Ford Motor Company. |
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Record Trade Deficit, May Auto Sales Up
Jun 02, 1:41 PM EDT |
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| Stocks in Mumbai closed lower on late evening sell-off as the government debated the fuel price increase. |
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| Stocks in Mumbai fell as the government debated a fuel price increase. The ruling party coalition discussed various diverging proposals with no decision. Prime Minister Singh said that the fuel price rise is inevitable. Separately, April trade deficit rose to a record high of 9% as oil price increased import bill. Exports in the month rose 31% but imports surged 36%. Auto sales in May rose as consumers bought more motor cycles and small cars. |
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GDP Surges at 8.8%, Record Inflation
May 30, 1:06 PM EDT |
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| Economy surged in the fourth quarter on a rising output in the service and manufacturing sectors. Inflation remains at an elevated level. |
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| Fourth quarter GDP in India surged at 8.8% beating the expectations of 8.2% set by the government. For the fiscal year ending in March, economy grew at 9%. Service sector growth led the rise in the economy in the quarter and for the year. Lack of agriculture growth continues to drag the overall economy and record inflation at 8.1% is sapping disposable income for consumers. |
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L&T Earnings Surge, Sensex Falls
May 29, 6:09 PM EDT |
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| Tata Motors to issue three rights offering to raise 7,200 crore rupees and raise addtional 2,000 crore rupees through stock offering. |
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| Sensex index in Mumbai trading declined ahead of the fuel price decision by the government. Sensex index fell 1.3% or 209.11 to 16,316.26. On the NSE the S&P CNX Nifty declined 1.7% or 83.05 at 4835.30. Larsen & Toubro surged 6.6% after it reported revenue rise of 38% and earnings gain of 35% in the quarter ended in March. |
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Rising Oil Import Bill, Sensex Up
May 28, 5:39 PM EDT |
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| Stocks in Mumbai closed higher after declining for four days in a row. Tata Motors and Mahindra & Mahindra profits decline. |
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| Mumbai stocks rose after declining for the four sessions in a row. A drop in oil helped market sentiment. Finance Minister Chidambaram refuted that the government is likely to increase income taxe or add a charge to software exports to cover a rising import bill of oil. A sharp rise in international price of crude oil has put government in a tight corner to balance the inflation and keep trade deficit in check. Tata Motors and Mahindra & Mahindra fell after earnings declined. |
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Indian Stocks Drop Led by ICICI and State Bank
May 27, 11:47 AM EDT |
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| Indian Oil added 9.5 rupees, or 2.3% to 423.55 while Hindustan rose 3.5 rupees, or 1.5%, to 244. Bharat Petroleum climbed 0.9% to 350.9. |
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| On Wednesday morning petroleum Minister Murli Deora will meet Finance Minister Chidambaram to seek duty cut to bail out state-run oil firms that are reeling under a financial burden in the wake of surging global crude. The IMF said India''s weekly inflation might be running at annualised rate of 3.4%, within the central bank''s comfort zone and below the official year-on-year rate near 8%. At close of Tuesday''s trade, the 30-share BSE Sensex fell 0.5% or 72.91 at 16,275.59. |
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India to Lift Petrol and Diesel Prices
May 26, 1:07 PM EDT |
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| The Sensex declined, extending last week's steep losses with banking, metal and capital goods stock leading the fall. |
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| Asian key indices fell, as investors feared elevated inflation numbers and the US economic recession possibility to seriously dent consumer demand in the region''s biggest export market. Indian government is considering decontrolling petrol prices, a move that may see rates increased by 16-17 rupees a litre, but diesel will continue to be sold at a subsidized price. |
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