Sensex Gains; India

Chandrasekhar Atreya
25 Oct, 2010
New York City

Mumbai stocks continued the advance on earnings outlook. Growth in imports exceeded the exports and lifted the trade deficit in the first half to $63 billion. Prime Minister Manmohan Singh in a two-day visit to Japan plan to discuss investment in infrastructure and nuclear power projects.

[R]5:30 PM Mumbai – Mumbai stocks continued the advance on earnings outlook. Growth in imports exceeded the exports and lifted the trade deficit in the first half to $63 billion. Prime Minister Manmohan Singh in a two-day visit to Japan plan to discuss investment in infrastructure and nuclear power projects. Supreme Court defers hearing on Vodafone tax case.[/R]

Stocks in Mumbai trading continued their advance today on earnings outlook and the strong interest in Coal India public offering.

The BSE Sensex gained 137.26 points to close at 20,303.12. The CNX Nifty on the National Stock Exchange gained 43.85 to close at 6,109.90.

The rupee extended its gains on Monday afternoon boosted by the gain of local shares and also tracking the greenback’s weakness against major world currencies.

The Rupee closed flat at Rs 45.48.

G-20 finance leaders agreed to shift the balance of power from European members to emerging nations. The fast developing countries will see larger voting rights and increased board seats.

Speaking after a meeting of finance leaders from the G-20 economies, Finance Minister Pranab Mukherjee said India would become the eighth largest member and its share of voting rights would rise to 2.75% from 2013.

Under the deal, more than 6% of the voting rights at the fund would shift to emerging economies including China, Brazil, Russia and Turkey and China which will become the third largest member of the 187-member lender, IMF officials said.

India’s exports surged 23.2% in September from a year ago to $18.02 billion and imports soared 26.1% to $27.14 billion, Commerce Secretary Rahul Khullar said in New Delhi on Monday.

For the first half of the fiscal year 2011, exports aggregated to $103.30 billion for an increase of 27.6% and imports were $166.5 billion leaving a large trade gap of $63.2 billion.

Retail investors’ public offering subscription limit will be increased to Rs 200,000, first revision in five years. Regulators and government officials are working on the proposal to increase the limit. The proposal is expected to be approved as early as tomorrow by the SEBI.

NTT DoCoMo, along with its partner in India Tata Teleservices, will aim to buy other Indian telecom operators, Mutso Yamamoto, Executive Director and Head of Strategic Alliances of NTT DoCoMo told Economic Times.

The Supreme Court deferred the hearing of Vodafone’s $2.5 billion tax case to November 15, Harish Salve, a lawyer for the telecom firm told reporters in New Delhi on Monday.

Vodafone, fighting a tax bill in India over its 2007 purchase of Hutchison Whampoa Ltd’s mobile business in the country, appealed to the Supreme Court challenging the lower court’s order that Indian tax authorities had jurisdiction over tax bills in cross-border deals.

Jaguar Land Rover, owned by Tata Motors, said that the company is in talks with a Chinese automaker to establish a manufacturing and sales venture in China, a spokesman for the Indian company said Monday.

India’s largest carmaker Maruti Suzuki India is planning to ramp up its service centers by a 1,500 outlets by 2015 in line with its expansion of production capacity to 17 lakh units a year.

The increase is expected to result in additional employment of about 22,000 people by the service network operators.