Indian stocks post first gain in four days
Friday, 31 July 2009
BOMBAY, July 30 (Bloomberg): Indian stocks rose for the first time in four days, led by Infosys Technologies Ltd. and other software exporters after the rupee fell for a third day, its longest losing streak in almost two months.
Infosys Technologies, the second-largest software services provider, rose 1.4 per cent. Tata Consultancy Services Ltd., the biggest, gained 3.7 per cent.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 107.83, or 0.7 per cent, to 15,281.29 at 1:25 p.m. in Mumbai. The gauge changed direction at least eight times earlier today.
"A fall in the rupee will help software exporters," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd. "We are seeing some short covering, also, ahead of the expiry of the July Nifty futures today."
The S&P CNX Nifty Index on the National Stock Exchange gained 0.5 per cent to 4,536.9. The BSE 200 Index increased 0.6 per cent to 1,872.33.
Stocks have climbed 5.4 per cent this month as 17 of the 23 Sensex companies that have reported results beat analysts' expectations. There are 30 companies in the gauge.
Infosys advanced 1.4 per cent to 2,013 rupees. Tata Consultancy rose 3.7 per cent to 518.5 rupees. Wipro Ltd., the No. 3 software services provider, gained 2.1 per cent to 477.1 rupees. Indian software exporters derive more than half of their revenue from exports.
India's rupee fell for a third day as a stock slump spurred concern foreign funds will slow share purchases. The currency slipped as much as 0.3 per cent to 48.59 a dollar, the lowest level since July 22, before trading at 48.525 as of 10 a.m. in Mumbai, according to data compiled by Bloomberg. It is the worst-performer among Asia's 10 most-traded currencies this month, with a 1.3 per cent loss.
Sun Pharmaceutical Industries Ltd., India's most valuable drugmaker, lost 5.9 per cent to 1,118 rupees after it reported a fall in first-quarter profit to 1.64 billion rupees from 5.01 billion rupees a year earlier.
Sterlite Industries (India) Ltd., the nation's biggest copper and zinc producer, slid 0.2 per cent to 620.9 rupees after it reported a decline in first-quarter profits and commodities prices sank.
Sterlite reported a 41 per cent drop in profit to 6.73 billion rupees ($139 million) in the three months ended June 30. Seven analysts in a Bloomberg survey estimated a median profit of 5.8 billion rupees. Sales fell 21 per cent to 45.37 billion rupees.
Sterlite also retreated after a measure of six metals, comprising copper, aluminum, lead, tin, zinc and nickel, fell 1.8 per cent yesterday in London.
Overseas funds bought a net 7.38 billion rupees of Indian stocks on July 28, the Securities & Exchange Board of India said on its Web site. The funds have purchased 341 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.
The following were among the most active stocks on the exchange: ABG Shipyard Ltd. (ABGS IN) rose 2.8 per cent to 209.25 rupees. India's biggest shipbuilder outside government control raised its offer for control of Great Offshore Ltd. (GOFF IN) by 20 per cent to 450 rupees a share, bettering a bid by rival Bharati Shipyard Ltd. (BHSL IN). ABG bought 1.93 million shares, or 5.2 per cent, of Great Offshore in the open market yesterday at an average 449.99 rupees apiece and at a maximum price of 450 rupees, the company said in a statement to the National Stock Exchange. Great Offshore rose 1.6 per cent to 465 rupees. Bharati Shipyard slid 3.8 per cent to 146 rupees.
Infosys Technologies, the second-largest software services provider, rose 1.4 per cent. Tata Consultancy Services Ltd., the biggest, gained 3.7 per cent.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 107.83, or 0.7 per cent, to 15,281.29 at 1:25 p.m. in Mumbai. The gauge changed direction at least eight times earlier today.
"A fall in the rupee will help software exporters," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd. "We are seeing some short covering, also, ahead of the expiry of the July Nifty futures today."
The S&P CNX Nifty Index on the National Stock Exchange gained 0.5 per cent to 4,536.9. The BSE 200 Index increased 0.6 per cent to 1,872.33.
Stocks have climbed 5.4 per cent this month as 17 of the 23 Sensex companies that have reported results beat analysts' expectations. There are 30 companies in the gauge.
Infosys advanced 1.4 per cent to 2,013 rupees. Tata Consultancy rose 3.7 per cent to 518.5 rupees. Wipro Ltd., the No. 3 software services provider, gained 2.1 per cent to 477.1 rupees. Indian software exporters derive more than half of their revenue from exports.
India's rupee fell for a third day as a stock slump spurred concern foreign funds will slow share purchases. The currency slipped as much as 0.3 per cent to 48.59 a dollar, the lowest level since July 22, before trading at 48.525 as of 10 a.m. in Mumbai, according to data compiled by Bloomberg. It is the worst-performer among Asia's 10 most-traded currencies this month, with a 1.3 per cent loss.
Sun Pharmaceutical Industries Ltd., India's most valuable drugmaker, lost 5.9 per cent to 1,118 rupees after it reported a fall in first-quarter profit to 1.64 billion rupees from 5.01 billion rupees a year earlier.
Sterlite Industries (India) Ltd., the nation's biggest copper and zinc producer, slid 0.2 per cent to 620.9 rupees after it reported a decline in first-quarter profits and commodities prices sank.
Sterlite reported a 41 per cent drop in profit to 6.73 billion rupees ($139 million) in the three months ended June 30. Seven analysts in a Bloomberg survey estimated a median profit of 5.8 billion rupees. Sales fell 21 per cent to 45.37 billion rupees.
Sterlite also retreated after a measure of six metals, comprising copper, aluminum, lead, tin, zinc and nickel, fell 1.8 per cent yesterday in London.
Overseas funds bought a net 7.38 billion rupees of Indian stocks on July 28, the Securities & Exchange Board of India said on its Web site. The funds have purchased 341 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.
The following were among the most active stocks on the exchange: ABG Shipyard Ltd. (ABGS IN) rose 2.8 per cent to 209.25 rupees. India's biggest shipbuilder outside government control raised its offer for control of Great Offshore Ltd. (GOFF IN) by 20 per cent to 450 rupees a share, bettering a bid by rival Bharati Shipyard Ltd. (BHSL IN). ABG bought 1.93 million shares, or 5.2 per cent, of Great Offshore in the open market yesterday at an average 449.99 rupees apiece and at a maximum price of 450 rupees, the company said in a statement to the National Stock Exchange. Great Offshore rose 1.6 per cent to 465 rupees. Bharati Shipyard slid 3.8 per cent to 146 rupees.