Indian stocks rise to 15-month high
Wednesday, 16 September 2009
MUMBAI Sept. 15 (Bloomberg): Indian stocks rose to a 15-month high. DLF Ltd. led gains as investors judged declines as excessive. Mahindra & Mahindra Ltd. climbed on a report it will make sports utility vehicles for overseas markets.
DLF, the biggest real estate developer, jumped 4.7 after losing 10 per cent in the previous five trading sessions. Mahindra & Mahindra, the largest sports utility vehicle maker, advanced 1 per cent. Sterlite Industries (India) Ltd., the No. 1 copper producer, added 3.2 per cent after metals prices climbed.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 186.42, or 1.2 per cent, to 16,400.61 at 1:37 p.m. in Mumbai, the highest since May 30, 2008. The gauge declined 0.3 per cent yesterday, snapping a six-day rally.
"There is strong liquidity supporting the market," Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. "Yesterday's fall has made some stocks attractive."
Overseas funds bought a net 3.31 billion rupees ($68.2 million) of Indian stocks on Sept. 11, the Securities and Exchange Board of India said yesterday on its Web site. The funds have bought 426.9 billion rupees of the nation's stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.
The S&P CNX Nifty Index on the National Stock Exchange gained 1.6 per cent to 4,883.25. The BSE 200 Index advanced 1.5 per cent to 2,012.
DLF jumped 4.7 per cent from a four-week low to 409.6 rupees, paring losses for this month to 3.3 per cent.
Sterlite rose 3.2 per cent to 741.3 rupees. Hindalco Industries Ltd., the biggest aluminum producer, advanced 1.5 per cent to 122.6 rupees.
December-delivery copper gained as much as 1.8 per cent to 48,450 yuan ($7,095) a metric ton on the Shanghai Futures Exchange and last traded at 48,100 yuan.
Three-month delivery copper on the London Metal Exchange climbed as much as 0.7 per cent to $6,180 a ton. Among other LME- traded metals, aluminum rose 0.3 per cent to $1,840 a ton and zinc added 1 per cent to $1,850 a ton.
Mahindra & Mahindra gained 1.2 per cent to 839.3 rupees after the Economic Times reported it will build a new SUV for foreign markets and will invest as much as 8 billion rupees in the new project. The report cited Pawan Goenka, president of the automotive division of Mahindra & Mahindra.
NTPC rose 1.3 per cent to 207.8 rupees. It may acquire a South African coal mining company for $1 billion, the Mint newspaper reported, citing an unidentified person.
Tata Steel Ltd., India's biggest steel producer, rose 2 per cent to 488.55 rupees after its U.K. unit, Corus Group Ltd., said it will restart its plant in South Wales, the Business Standard reported, citing Corus official Bob Jones.
Jindal Steel & Power Ltd., the No. 2 steelmaker by market value, climbed 5 per cent to 603.9 rupees after it said it may sell shares in a unit to partly fund a 134 billion-rupee plan to more than triple its electricity generation capacity in India. A quarter of the funds will come from selling a stake of at least 10 per cent in Jindal Power Ltd. in an initial public offering, and the rest from debt, Deputy Managing Director Sushil Maroo said in a telephone interview yesterday.
Natco Pharma Ltd., an Indian drugmaker, climbed the most in almost eight years in Mumbai trading after US regulators accepted for filing its partner Mylan Inc.'s application for a generic version of the multiple sclerosis treatment Copaxone.
DLF, the biggest real estate developer, jumped 4.7 after losing 10 per cent in the previous five trading sessions. Mahindra & Mahindra, the largest sports utility vehicle maker, advanced 1 per cent. Sterlite Industries (India) Ltd., the No. 1 copper producer, added 3.2 per cent after metals prices climbed.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 186.42, or 1.2 per cent, to 16,400.61 at 1:37 p.m. in Mumbai, the highest since May 30, 2008. The gauge declined 0.3 per cent yesterday, snapping a six-day rally.
"There is strong liquidity supporting the market," Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. "Yesterday's fall has made some stocks attractive."
Overseas funds bought a net 3.31 billion rupees ($68.2 million) of Indian stocks on Sept. 11, the Securities and Exchange Board of India said yesterday on its Web site. The funds have bought 426.9 billion rupees of the nation's stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.
The S&P CNX Nifty Index on the National Stock Exchange gained 1.6 per cent to 4,883.25. The BSE 200 Index advanced 1.5 per cent to 2,012.
DLF jumped 4.7 per cent from a four-week low to 409.6 rupees, paring losses for this month to 3.3 per cent.
Sterlite rose 3.2 per cent to 741.3 rupees. Hindalco Industries Ltd., the biggest aluminum producer, advanced 1.5 per cent to 122.6 rupees.
December-delivery copper gained as much as 1.8 per cent to 48,450 yuan ($7,095) a metric ton on the Shanghai Futures Exchange and last traded at 48,100 yuan.
Three-month delivery copper on the London Metal Exchange climbed as much as 0.7 per cent to $6,180 a ton. Among other LME- traded metals, aluminum rose 0.3 per cent to $1,840 a ton and zinc added 1 per cent to $1,850 a ton.
Mahindra & Mahindra gained 1.2 per cent to 839.3 rupees after the Economic Times reported it will build a new SUV for foreign markets and will invest as much as 8 billion rupees in the new project. The report cited Pawan Goenka, president of the automotive division of Mahindra & Mahindra.
NTPC rose 1.3 per cent to 207.8 rupees. It may acquire a South African coal mining company for $1 billion, the Mint newspaper reported, citing an unidentified person.
Tata Steel Ltd., India's biggest steel producer, rose 2 per cent to 488.55 rupees after its U.K. unit, Corus Group Ltd., said it will restart its plant in South Wales, the Business Standard reported, citing Corus official Bob Jones.
Jindal Steel & Power Ltd., the No. 2 steelmaker by market value, climbed 5 per cent to 603.9 rupees after it said it may sell shares in a unit to partly fund a 134 billion-rupee plan to more than triple its electricity generation capacity in India. A quarter of the funds will come from selling a stake of at least 10 per cent in Jindal Power Ltd. in an initial public offering, and the rest from debt, Deputy Managing Director Sushil Maroo said in a telephone interview yesterday.
Natco Pharma Ltd., an Indian drugmaker, climbed the most in almost eight years in Mumbai trading after US regulators accepted for filing its partner Mylan Inc.'s application for a generic version of the multiple sclerosis treatment Copaxone.