Sensex in India in 5-day Rally; Industrials, Automakers and Banks Lead

Devan Biswas
17 Feb, 2011
New York City

Stocks in Mumbai closed higher tacking gains in Asian markets and rising earnings outlook. More than 2,000 companies have released third quarter earnings with average increase of 19%. Reliance Industries plans to invest $30 billion in the next five years in business units from energy to retail.

[R]5:30 PM Mumbai – Stocks in Mumbai closed higher tacking gains in Asian markets and rising earnings outlook. More than 2,000 companies have released third quarter earnings with average increase of 19%. Reliance Industries plans to invest $30 billion in the next five years in five business units from energy to retail to telecom.[/R]

Stocks in Mumbai closed higher and the benchmark Sensex index gained for the fifth day in a row. The longest streak of gains in five months came on the heels of sustained earnings increase and improvement in global sentiment.

The BSE Sensex gained 1.1% or 205.92 to close at 18,506.82 The CNX Nifty on the National Stock Exchange gained 64.75 to close at 5,546.45.

Rupee closed unchanged at 45.75 to a dollar.

The wholesale price index in India decreased 1.7% to 188.5 from 191.8 for the previous week.

For the year to the week calculated on point to point basis inflation decreased to 14.59% compared to 16.24% for the previous week.

Reliance Industries Ltd said it plans to invest $30 billion in the next five years and will focus on five businesses to drive growth. The five units are petrochemicals, refining, oil exploration and production, consumer retailing and telecom.

Stock Movers

DQ Entertainment International Limited gained 5.3% to Rs 78.30 after the video entertainment company through its agent in France, TF1 Enterprises, signed apparel licensing agreement with TV Mania Gmbh.

Everonn Education Limited soared 17.1% to Rs 638.70 after the education and training company said it has been selected as the first Microsoft Academy Service partner in India.

Ind Swift Laboratories Limited rose 0.1% to Rs 103.65 after the pharmaceutical ingredient maker got agency approval from the Government of Japan for manufacturing Sodium drugs at its Punjab facility.

Koutons Retail India Limited gained 4.8% to Rs 31.20 after the textile product maker has appointed SBI Capital Markets to restructure its short term debt schedule.

Mahindra Satyam increased 1.5% to Rs 63.60 after the information technology and communication services agreed to pay $125 million to settle US shareholder litigation.

Pipavav Shipyard Limited gained 3.6% to Rs 83.25 after the shipbuilding company singed a preliminary agreement with the U.S. based Northrop Grumman Overseas Service Corp to tap opportunities in Indian defense sector.

Steel Authority of India Limited increased 1.7% to Rs 166.05 after the steel maker is looking to set up a steel plant in Mongolia worth Rs 15,000 crore.

UCO Bank advanced 2.7% to Rs 107.60 after the bank said the Government of India decided to inject Rs 940 crore in exchange of preferred equity stake in the bank.