| India Market Update Archive: |
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Expansion Drives NTPC Higher, Sensex Up
Mar 14, 10:46 PM EDT |
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| NTPC, the largest power company expects to spend 13,000 crore rupees and add 2,700 MW power capacity this year. |
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| At the end of the last week in February, annualized inflation rose to 5.11%, a decline from 6.5% a year ago but an increase from 5.02% at the end of the previous week. The cost of fuel and manufactured items played a key role in the inflation increase. Finance minister P. Chidambaram reiterated that the economy will grow at 8.5% despite global financial markets volatility. |
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Sensex Plunges 5%
Mar 13, 1:19 AM EDT |
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| Stocks in India plunged on the rising inflation worries and record prices in crude oil. |
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| Indian stocks declined a day after industrial production fell January data and a weak global markets. Sensex plunged 4.8% or 770.63 to close at 15,357.35. The Sensex index is now down 29% from its peak in the first week in January 2008. Record crude oil above $110 lifted worries related to inflation. DLF plunged 13% after the reports that the company may dealy its offering in Singapore. ICICI Bank dropped 5.7% and State Bank of India declined 7%. |
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Weak Industrial Production
Mar 12, 1:04 PM EDT |
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| a sharp fall in January industrial production growth limited the rise in stocks. Earlier stocks rallied on the back of gains in global indexes. |
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| Morning rally on the back of a rise in global stocks quickly faded on the release of weaker than expected industrial prodution data. January industrial production growth declined to 5.3% from 11.6% a year ago on weak growth in manufacturing, mining, and utilities. Rural Electrification priced its IPO at 125 rupees and closed at 121.30 rupees. |
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Sensex Rebounds, GAIL Bonus
Mar 11, 12:43 PM EDT |
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| Realty and industrial stocks led the gainers in the trading in Mumbai. DLF surged 10%, GAIL surged 7%, and ACC jumped 6%. |
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| Stocks in India rebounded ahead of U.S. Fed and European central banks plan to add liquidity to the credit markets. DLF led the surge in realty stocks. GAIL India surged 7% after it increased spending on pipeline projects and it said it plans to issue bonus shares. ACC jumped 6% on the sale of a unit to HNG Group for 400 crore rupees. Tata Motors plan to raise $1 billion in international markets to pay for the Jaguar and Land Rover from Ford. |
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Farm Loans Weigh on Banks
Mar 05, 2:19 PM EST |
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| Banks in India traded lower as investors worried that new loans issued by public sector banks to farmers may weaken future earnings. |
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| Mumbai stocks rebounded after a three days of losses on the lat day of trading this week. Sensex jumped 1.2% or 202.10 to close at 16,542. Banks and realty stocks continued to decline after a surprise write-down from ICICI Bank. On the news, Indian Overseas Bank, Union Bank, Bank of Baroda, and Bank of India declined. Unitech, leading real estate developer, fell after it placed its $1.5 billion in interenational offering on hold. |
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Surprise Loan Loss at ICICI
Mar 04, 9:44 AM EST |
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| A surprise loan loss at ICICI related to international loans and 60,000 crore loan write-off for the domestic banks dragged market averages lower. |
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| Stocks in Mumbai trading fell on the worries related to 60,000 crore rupees of farmer loans write-off and new worries related to surprise loan loss from ICICI Bank. The reported a surpise write-off of $264 million related to credit derivatives linked to the U.S. risky loans. The bank is likely to take as much as $70 million of charge in the current quarter. |
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Sensex Plunges 5%, Trade Deficit Surges
Mar 03, 2:49 PM EST |
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| Trade deficit in January surged to a whopping 350% from a year ago. Sensex plunged on the worries related to budget and U.S. economic slowdown. |
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| Sensex plunged 5% after the indexes in Asia fell on the persistent worries related to the U.S. economy. India led the declining markets in Asia. Budget provisions also contributed to the nervousness in trading. Separately, trade deficit in January rose sharply $9.3 billion from $2.8 billion a year ago. For the nine month period ending in the month, trade deficit increased to $67 billion from $45 billion a year ago. Realty and banking stocks fell sharply. |
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Kisan Focus in Budget
Feb 29, 10:46 PM EST |
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| Short term captial gains tax will be increased to 15% from 10% and tax on derivative transaction will be revised higher. |
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| Indian government proposed fiscal 2008-09 budget to parliament with a populist touch. Largest ever debt forgiveness program will help 4 core farmers with the debt relief of 60,000 crore rupees. Finance Minister P. Chidambaram estimated that the current year fiscal deficit will be 3.1%, lower than earlier projection of 3.3%. He also forecasted that the next year fiscal deficit will be 2.5%, lower than 3% threshold to meet a fiscal responsibility law. |
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Strong Railway Budget Lifts Metal Stocks
Feb 26, 2:07 PM EST |
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| Railway budget reflected strong general economic condition, rising industrial production, and people on the move. |
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| Railway Minister Lalu Prasad presented a budget to parliament that showed rising revenue, improving operation efficiency, and strong financial surplus. The general strength in the economy helped the minster to lower petrol and diesel freight duty and project rising capital expenditure in the next fiscal year. Steel and other metal stocks rallied on the higher outlays from the budget. Railway ministry expect the surplus fund at the end of the current fiscal year to be near 21,000 crore rupees. |
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Reliance Power Rebounds, BSE Stake in NCME
Feb 25, 11:01 PM EST |
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| Reliance Board approved bonus of five stocks for three effectively cutting the price of the recently listed stock to 269 rupees. |
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| The Bombay Stock Exchange acquired 26% stake in the third largest commodities trading exchange for 100 crore rupees or $25 million. Centurion Punjab Bank and HDFC have agreed to merge and form the largest network of bank branches in the private sector. Reliance Power stock rebounded above its offer price for the first time after a week of losses after the company issued five for three stocks. Anill D. Ambani will reduce his stake by 5% to 40% in the company. |
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