Indian shares rise on growth outlook
Friday, 3 December 2010
BANGALORE, Dec 2 (Reuters): Indian shares climbed 0.7 per cent Thursday as investors were upbeat about corporate earnings in a fast-expanding economy, while firmer Asian peers also boosted sentiment.
Explorer Oil and Natural Gas Corp rallied as much as 5.1 per cent after the Indian cabinet approved the state-run firm's proposal for a stock split and a one-for-one bonus issue.
Financials rose after the cabinet decided to pump an additional 60 billion rupees ($1.3 billion) into state-run banks to improve their capital adequacy and to lift the government's stake in them.
"People are keen to buy in this market. Valuations are tempting after the correction in the past few weeks," said Deven Choksey, managing director of KR Choksey.
The 30-share BSE index rose 0.7 per cent, or 135 points, to 19,985.15 points at 0557 GMT, with 21 of its components advancing.
Explorer Oil and Natural Gas Corp rallied as much as 5.1 per cent after the Indian cabinet approved the state-run firm's proposal for a stock split and a one-for-one bonus issue.
Financials rose after the cabinet decided to pump an additional 60 billion rupees ($1.3 billion) into state-run banks to improve their capital adequacy and to lift the government's stake in them.
"People are keen to buy in this market. Valuations are tempting after the correction in the past few weeks," said Deven Choksey, managing director of KR Choksey.
The 30-share BSE index rose 0.7 per cent, or 135 points, to 19,985.15 points at 0557 GMT, with 21 of its components advancing.