Foreign Investors Increase India Stocks Holdings

Mayank Mehta
07 Apr, 2010
New York City

The benchmark stock index in Mumbai closed higher ahead of earnings season. International investors increased their net holdings of stocks in India by $5.1 billion in the year. Godrej Consumer acquires Indonesia based insecticide maker.

[R]6:00 PM Mumbai, 8:30 AM New York – The benchmark stock index in Mumbai closed higher ahead of earnings season. International investors increased their net holdings of stocks in India by $5.1 billion in the year. Godrej Consumer acquires Indonesia based insecticide maker.[/R]

The Sensex index in India increased 28.65 or 0.16% to 17,970.02 and CNX Nifty index rose 8.65 or 0.16% to 5,374.65. Among the Sensex 30 stocks, 19 rose and 11 fell.

On BSE trading, 1,666 stocks advanced, 1,219 declined and 88 were unchanged. Reliance industries cut early gains.

Banks and housing finance firms declined on fears of interest rate hike in the forthcoming Reserve bank of India''s review of monetary policy on April 20.

Mobile telecom operators gained ahead of the 3G spectrum auction which begins on April 9.

Chief statistician Pronab Sen said on Wednesday that the Reserve Bank of India will have to further tighten monetary policy on April 20 if inflation continues to rise from 9.9% in February.

Power Minister Sushil Kumar Shinde today said that the country will add only 61,000 megawatts of power generation capacity in the five-year period to March 2012, lower than the target of 78,000 megawatts.

Industrial output in February is expected to incease 16% year-on-year, Industry Secretary said on Wednesday.

Rupee edged higher 12 paisa to 44.33 against one dollar.

Gainers & Losers

ACC gained 1.7% to Rs 967.55 after the company is planning to ramp up its annual production capacity to 30 million tons by the end of this financial year through new projects.

BGR Energy Systems Limited fell 1.0% to Rs 547.00 after the company announced that the electrical projects division has secured an order of Rs 99.41 crore from Power Grid Corporation Of India for fiber optic cable network.

Dewan Housing Finance Corporation Limited rose 3.0% to Rs 218.40 after the company proposes to seek the board''s approval to raise additional capital.

Electrotherm (India) Ltd rose 1.9% to Rs 360.00 after company estimated sale of furnaces to yield Rs 80 crore in the next two years.

Essar Oil Limited rose 1.3% to Rs 145.30 after the company plans to lay a 160-kilometer pipeline from Durgapur to Kolkata to transport gas from its fields to customers in West Bengal.

GlaxoSmithKline Consumer Healthcare Limited added 1.4% to Rs 1,551.00 after the pharmaceuticals maker plans to invest Rs 270 crore according to company president.

GM Breweries declined 1.1% to Rs 87 after the company reported net profit plunged 79.8% to Rs 0.66 crore.

Godrej Consumer Products Limited advanced 2.8% to Rs 285.50 after the company acquired Indonesia based consumer products maker PT Megasari Makmur Group.

Jagran Prakashan Limited rose 4.2% to Rs 122.15 after the Blackstone Group announced today that it will be investing Rs 225 crore in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited.

Natco Pharma Limited rose 1.0% to Rs 141.05 after the company announced that commercial launch of its brand BENDIT- Bendamustine an agent in the treatment of chronic lymphocytic leukemia suffered by elderly population.

Shree Ashtavinayak Cine Vision Limited climbed 2.5% to Rs 13.12 after the company''s board approved buyback of equity shares of the company at a maximum price of Rs 21.60 per share, a 63.27% premium over the current the market price.