Indian stocks rise, Maruti Suzuki gains on higher vehicle sales
Tuesday, 4 August 2009
MUMBAI, Aug. 3 (Bloomberg): Indian stocks rose, driving the benchmark index to its highest in more than a year. Maruti Suzuki India Ltd. advanced after it said it sold more vehicles last month.
Maruti Suzuki, the maker of half the cars sold in the country, climbed 3.3 per cent. It sold 33 per cent more vehicles in July compared with the same month a year earlier. Sterlite Industries (India) Ltd. gained 2.4 per cent after a measure of six metals traded in London jumped 1.7 per cent on July 31.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 25.96, or 0.2 per cent, to 15,696.27 at 12:28 p.m. in Mumbai. The gauge swung between gains and losses at least six times after falling as much as 0.2 per cent earlier. The measure climbed 8.1 per cent last month as the first-quarter results of 23 of the 30 companies on the Sensex beat analysts' estimates.
"The good earnings by Sensex companies have added to the confidence of investors," said Deven Choksey, chief executive of KR Choksey Shares & Securities Pvt. "The markets will see an upside going forward."
The S&P CNX Nifty Index on the National Stock Exchange added 0.2 per cent to 4,646.35. The BSE 200 Index increased 0.6 per cent to 1,916.38.
Maruti gained 3.3 per cent to 1,461.6 rupees. Sterlite rose 2.4 per cent to 660 rupees. Tata Steel advanced 2.4 per cent to 473.2 rupees. Hindalco Industries Ltd., the biggest aluminum producer, gained 2.4 per cent to 102.7 rupees.
Copper for three-month delivery on the London Metal Exchange climbed as much as 4 per cent to $5,946.75 a metric ton, the highest since Oct. 3 as signs a global recession is easing bolstered demand for commodities.
The Reuters/Jefferies CRB Index of 19 raw materials has gained 12 per cent this year, led by a 90 per cent rally in copper, on speculation the economic slump is bottoming and the dollar will weaken as the Federal Reserve maintains interest rates near zero.
Asian stocks rose for a third day. The MSCI Asia Pacific Index rose 0.5 per cent to 112.44 in Tokyo. The gauge has gained 15 per cent over the past three weeks as better-than-expected results from US and Asian companies led to improved investor confidence.
The following were among the most active on the exchange:
Hindustan Zinc Ltd. (HZ IN), India's largest producer of the metal, rose 3 per cent to 712.15 rupees. The company raised prices of zinc and lead after the metals jumped on the London Metal Exchange.
Suzlon Energy Ltd. (SUEL IN) sank 5.7 per cent to 94.15 rupees. The nation's biggest maker of wind turbines reported a loss in the first quarter after winning fewer orders. The loss in the three months ended June 30 was 4.53 billion rupees ($95 million) compared with a profit of 93 million rupees a year earlier, the Ahmedabad-based company said in an e-mailed statement on Aug. 1.
Maruti Suzuki, the maker of half the cars sold in the country, climbed 3.3 per cent. It sold 33 per cent more vehicles in July compared with the same month a year earlier. Sterlite Industries (India) Ltd. gained 2.4 per cent after a measure of six metals traded in London jumped 1.7 per cent on July 31.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 25.96, or 0.2 per cent, to 15,696.27 at 12:28 p.m. in Mumbai. The gauge swung between gains and losses at least six times after falling as much as 0.2 per cent earlier. The measure climbed 8.1 per cent last month as the first-quarter results of 23 of the 30 companies on the Sensex beat analysts' estimates.
"The good earnings by Sensex companies have added to the confidence of investors," said Deven Choksey, chief executive of KR Choksey Shares & Securities Pvt. "The markets will see an upside going forward."
The S&P CNX Nifty Index on the National Stock Exchange added 0.2 per cent to 4,646.35. The BSE 200 Index increased 0.6 per cent to 1,916.38.
Maruti gained 3.3 per cent to 1,461.6 rupees. Sterlite rose 2.4 per cent to 660 rupees. Tata Steel advanced 2.4 per cent to 473.2 rupees. Hindalco Industries Ltd., the biggest aluminum producer, gained 2.4 per cent to 102.7 rupees.
Copper for three-month delivery on the London Metal Exchange climbed as much as 4 per cent to $5,946.75 a metric ton, the highest since Oct. 3 as signs a global recession is easing bolstered demand for commodities.
The Reuters/Jefferies CRB Index of 19 raw materials has gained 12 per cent this year, led by a 90 per cent rally in copper, on speculation the economic slump is bottoming and the dollar will weaken as the Federal Reserve maintains interest rates near zero.
Asian stocks rose for a third day. The MSCI Asia Pacific Index rose 0.5 per cent to 112.44 in Tokyo. The gauge has gained 15 per cent over the past three weeks as better-than-expected results from US and Asian companies led to improved investor confidence.
The following were among the most active on the exchange:
Hindustan Zinc Ltd. (HZ IN), India's largest producer of the metal, rose 3 per cent to 712.15 rupees. The company raised prices of zinc and lead after the metals jumped on the London Metal Exchange.
Suzlon Energy Ltd. (SUEL IN) sank 5.7 per cent to 94.15 rupees. The nation's biggest maker of wind turbines reported a loss in the first quarter after winning fewer orders. The loss in the three months ended June 30 was 4.53 billion rupees ($95 million) compared with a profit of 93 million rupees a year earlier, the Ahmedabad-based company said in an e-mailed statement on Aug. 1.