| India Market Update Archive: |
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Sensex Down 18%
Feb 22, 6:15 PM EST |
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| Rural Electrificaton new issue is oversubscribed by 15 on the National Stock Exchange. |
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| Latest read on wholsale inflation showed a rise to 4.35%. The rising inflation dragged banks and auto stocks during the trading. Sensex fell 2.2%, and is now 18% below for the year from the peak reached on January 10th. Reliance Communication is acquired a telecom company in Uganda and plans to spend $500 million in African acqusitions. |
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IT Stocks Surge
Feb 21, 1:49 PM EST |
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| Steel and other metal related companies rose on the sustained rise in international prices. Hindalco surged 7.5%. |
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| Software services exporters led the gainers in the trading. Satyam surged nerly 9% and led the gainers in the Sensex index. Infosys rose 5%, TCS increased 4.6%, and Wipro added 6%. Sensex fell in the morning hours but rebounded in the afternoon trading on the strength in the European markets and sustained interest in the new issue offering of Rural Electrification Corporation. HDFC Infrastructure sold its rights for development in Mumbai for 900 crore rupees. |
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Sensex Fell 2.5%
Feb 20, 1:59 PM EST |
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| Stocks in Mumbai trading declined as foreign investors sold stocks. Shriram EPC and Bang Overseas IPOs closed below their offer prices. |
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| A steep rise in oil above $100 a barrel sparked fears of rising inflation dragging stocks lower. Sensex fell 2.5% and Nifty declined 2.4%. Gold rose to a record high on the back of oil price increase. Tata Consultancy signed a multi-year multi-million dollar contract with Chrysler. Infosy and TCS advanced on the news. Shriram EPC and Bang Overseas IPO closed below their offer prices in volatile trading. |
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Volatile Sensex Edges Higher
Feb 19, 10:23 AM EST |
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| Asian markets rallied on the back of rising metals and crude oil prices. Rural Electrification IPO dominates trading news. |
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| Rural Electrification IPO received 2.3 times the number of stocks it plans to offer between 90 rupees and 105 rupees. Sensex edged fractionally higher by 27 to 18,075.66. Total turnover on two exchages was recorded at 17,800 crore rupees or $4.2 billion. Bajaj Auto led the gainers in the Sensex stocks with a rise of 6% after Bombay High Court approved the proposed capital allotment between Bajaj Holding and Finserv companies controlled by Bajaj group. |
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Reliance Power Bonus
Feb 18, 6:31 PM EST |
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| Recently listed IPO Reliance Power board decided to issue bonus issue to shareholders who participated in the IPO. |
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| Relaince board after a meeting on Sunday considered a bonus issue to shareholders. The recently listed company has underperformed after few days of trading Reliance Power has traded below the IPO price. Sensex in India edged 0.4% lower after a rise of three days in a row. Mahindra & Mahindra led the gainers with a rise of 1.4% in the index and Tata Motors led the decliners in the Sensex with a fall of 2.6%. |
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Elevated Inflation, MCX Sells Stake to NYSE
Feb 15, 5:51 PM EST |
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| MCX, Multi Commodity Exchange of India sold 5% to NYSE Euronext for $61 million. |
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| Wholesale index, a measure of inflation, declined, for year ending two weeks ago. The annualized inflation, measured every week on a rolling 52-week period declined from 4.1% at the end of previous week. Prime Minister, ahead of election, remarked that controlling inflation should not be done at the expense of growth. India expects to grow at 9% and keep inflation below 5%. Indiabulls sold a stake in its real estate company to Farralon Capital and Laxmi Mittal. |
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Global Markets Rally Lifts India 5%
Feb 14, 3:13 PM EST |
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| Stocks in Mumbai rose after a global rally in financial markets. A surprise rise in January retail sales in the U.S. lifted sentiment. |
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| Mumbai stocks surged on Thursday with the benchmark index Sensex gaining 4.8% 817.49 and CNX Nifty rose 5.3% or 5,202.00 levels. Sharp in rise in Europe and the U.S. listed Asian markets. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008.Petrol prices were revised by two rupees per litet and diesel prices were increased by one rupee. The price hike lifted Indian Oil by 14% and BPCL by 11%. |
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Realty Stocks Lift Sensex
Feb 13, 12:45 PM EST |
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| Stocks in Mumbai trading edged higher after a rally in real estate and banking stocks. Tata Steel led the Sensex stocks. |
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| Mumbai market rebounded after a week of volatile trading. Banks, real estate, and energy related stocks gained. Sensex gained 2.1% to close at 16,949.14 and Nifty increased 1.9% or 91 to close at 4,929 levels. The BSE realty index surged 4.4% or 396 and was the biggest gainer among the sector indices. Unitech, Puravankara, Anant Raj Industries and Housing Development & Infra were the leading gainers. |
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Lackluster Trading in Mumbai
Feb 12, 10:31 AM EST |
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| Stocks languished for the second day as investors worried that global market slowdown will lower corporate earnings. |
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| Industrial production in December declined to annual rate of 7.6% from 13.4%. the volatile index suffered from lower than expected output in mining, electricity, and manufacturing. For the nine months the index increased at a rate of 9.6% from 12.2%. Software companies fell as investors worried on the rising subprime losses in the U.S. New issue of J Kumar Infraprojects closed at 102.70 rupees, just above its offer price of 100 rupees. |
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India Down 5%, Reliance Power Drops 17%
Feb 11, 10:00 AM EST |
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| Reliance Power fell 77 rupees from its initial public offer price of 450 rupees on the first day of trading. |
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| Stocks in Mumbai trading closed sharply lower after similar declines across Asia and 17% fall in Reliance Power stock on the first day of trading. The meeting of finance ministers from wealthy nations lowered its outlook for the global economic growth. The ministers also raised their estimate of sub prime losses by ten times to $400 billion in the banking system from their earlier estimate only four months ago. |
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