Sensex in India Rebounds After 4-day Losses; Idea Cellular Net Up 13%

Devan Biswas
14 Jun, 2011
New York City

Stocks in Mumbai traded after four days of losses. The latest wholesale inflation data showed elevated inflation prompting worries of another rate hike. Ideal Cellular increased after fourth quarter net increased 13% and added net 10 million new subscribers.

[R]4:45 PM Mumbai – Stocks in Mumbai traded after four days of losses. The latest wholesale inflation data showed elevated inflation prompting worries of another rate hike. Ideal Cellular increased after fourth quarter net increased 13% and added net 10 million new subscribers.[/R]

The Sensex index increased 42.63 to 18,308.66 and the Nifty index added 17.70 to 5,500.50.

The turnover on the BSE increased to Rs 3,846 crore and of the 30 stocks in the Sensex index, 21 increased and 9 declined.

The rupee traded between 45.27 and 45.41 against one dollar to close at 45.35.

Gold price for ten grams decreased 0.5% to Rs 23,224 and the price of one kilo of silver dropped 1.7% to Rs 55,000. The price of crude oil for one barrel declined 0.5% to Rs 4,601.

Annual rate of inflation measured in wholesale price index decreased to 9.06% in May compared to 10.48% for a year ago. The index increased from 8.66% rate in April. The index in May rose 0.7% to 151.7 from 150.6 for the previous month.

The inflation base was revised to fiscal 2004 from the base of fiscal 1993 since August.

Stock Movers

Idea Cellular rose 2% or Rs 1.45 to Rs 73.40 after it reported fourth quarter to March net increased 13% to Rs 274.50 crore on revenues increase of 7.1% to Rs 4,234.70 crore.

The net new subscriber addition in the quarter was 9.6 million and total subscriber base increased to 83.3 million.

Citigroup is expected to sell 1.4% stake of the 11.4% holding in Housing Development Finance Corporation to meet the revised Basel III guidelines.

HDFC declined 1.4% or Rs 9.35 to Rs 648.15.

Tata Communications increased its stake in South Africa based second largest fixed line telecom operator Neotel to 61.5 % from 49%.

Suzlon Energy increased 0.7% to Rs 52.80 after it received an order for 31.5 megawatts wind power mills from Canada based Sprott Power Corp.

Walchand Industries increased 4.4% to Rs 132.65 after the company said it plans to form a joint venture with Russia based Atomenergomash and Atomstroyexport.

Bajaj Auto extended gains for the second day in a row by 1.7% to Rs 1,364.50 after the government extended its tax refund scheme for exporters till the end of September.