| India Market Update Archive: |
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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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Sixth Gains in Stocks, Reliance, TCS Earnings
Apr 22, 5:31 PM EDT |
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| Reliance industries reported healthy earnings gain but missed the analysts expectations. TCS fell 10% after weak earnings and sales. |
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| Reliance Industries fell after it reported 24% rise in earnings to 3,912 crore rupees. The earnings rose on higher crude oil refining margins and higher sale across various chemical segments. Tata Consultancy reported sequential profit decline on a marginal rise in revenue. The information services provider also issued a cautious guidance. TCS fell 10% and led decliners in the Sensex index. |
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RBI Hike CRR by 0.5%
Apr 21, 11:51 AM EDT |
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| Reserve Bank in India announced a steep hike in cash reserve requirements for banks to stem the rising liquidity and fight the surging inflation. |
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| Stocks in India rallied in sympathy with regional gains. Sensex in Mumbai trading rose 1.6% to 16,739. The Reserve Bank of India ahead of its annual fiscal policy review announced 0.5% increase in cash reserve ratio in an effort to cool the inflation. Wholesale and consumer price inflation indexes have been rising rapidly and are now running near twice the target rate set by the government. Titagarh wagon, new issue, was the most active on BSE trading. |
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IT and Banks Edge Higher
Apr 17, 3:08 PM EDT |
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| software exporters and banks continue to rise for the second day in a row. Crude oil surged to record high for the third day in a row. |
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| Stocks in Mumbai trading rebounded 1.5% to 16,481 and CNX Nifty rose same to 4,958. Software exporters rose for the second day in a row. Annual wholesale inflation for the year ending on April 5 edged lower to 7.14%. Banks gained after the inflation report. Orchid Chemicals was the most active stock for the second day in a row on the BSE. |
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Second Day Tech Rally
Apr 16, 2:34 PM EDT |
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| Tech stocks rallied for the second day after the release of better than expected earnings and positive outook for the year from Infosys. |
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| Stocks in India edged higher after a rally in tech stocks. Infosys earnings lifted the tech sector for the second day in a row. Rallies India soared 6% after it reported earnings of 115% to 125 crore rupees and sales increase of 7.6% to 692 crore rupees for the year ended in March. Nicholas Piramal agreed to purchase antibiotics and pain killers drugs from Khandelwal Labs for 116 crore rupees. |
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Sensex Rises 2% on Infosys Earnings
Apr 15, 4:36 PM EDT |
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| Infosys earnings and revenue outook lifted Sensex. Ranbaxy Laboratories led gainers in the Sensex index. |
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| Infosys, the second largest software exporter reported first quarter income rise of 19% and the company expects higher revenue in the medium term. The earnings report lifted market averages. In Mumbai trading, the 30-share BSE Sensex gained 2.2% or 346.02 at 16,153.66. In the broader markets, the National Stock Market rose 2.1% or 101.85 at 4879.65. |
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Industrial Production, Inflation Up
Apr 11, 3:28 PM EDT |
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| Stocks rebounded after losing ground in the week on rising industrial production. Inflation reached another high at the end of March. |
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| Industrial production in India in February increased 8.6% after revised production in January gained 5.8%. The better than expected production data overshadowed the rise in inflation at the end of March. Wholesale inflation increased 7.4% for a year ending in the last week in March, forced the government to remove export incentives for sugar, rice and steel. Sensex edged higher by 0.7% or 112 to 15,807 and CNX Nifty added 0.95% to 4,777.80. |
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