India Attracts More Investors; HDFC Bond Issue

123jump.com Staff
10 Jun, 2009
New York City

Stocks in India climbed higher as net purchase from foreign investors reaches $5 billion with most of it invested in the last six weeks. HDFC seeks to raise 4,000 crore rupees and Rural Electrification plans to 3,000 crore rupees offering.

[R]7:00 PM Mumbai, 9:30 PM New York – Stocks in India climbed higher as net purchase from foreign investors reaches $5 billion with most of it invested in the last six weeks. HDFC seeks to raise 4,000 crore rupees and Rural Electrification plans to 3,000 crore rupees offering.[/R]

Stocks in India continue to surge on the steady fund flows from international investors and corporations lining up to raise capital from equity issues. Foreign investors have now added net purchase of 25,000 crore rupees or $5 billion for the year and domestic companies are expected to raise 48,000 crore rupees or $10.5 billion in the next three months.

The Sensex index in India increased 339.81 or 2.25% closed to 15,466.81 and CNX Nifty increased 2.3% or 104.95 to 4,655.90.

Among the stocks in the Sensex index, 23 increased and 7 fell.

In trading, turnover on the BSE increased to 8,302 crore rupees from 8,002.02 crore rupees and on the NSE turnover gained 25,673 crore rupees from 23,309 crore rupees.

Of the shares traded on the BSE, 1,212 increased, 1,549 decreased and 55 were unchanged.

Rupee gained against the U.S. dollar to 47.25 from 47.48.

Gainers & Losers

Rural Electrification Corporation Ltd increased 1.1% to 159.25 rupees after it sought permission of the government to raise 3,000 crore rupees. The company plans to sell 20% stake and raise capital to expand the electric grid.

Reliance Industries increased 2.2% to 2,320 crore rupees on market rumors that oil explorers may be granted longer period of tax holiday from the current seven years.

Banks closed higher. ICICI Bank increased 1.7% to 747.80 rupees, HDFC Bank added 5.6% to 11,494.20 rupees and State Bank of India declined 0.4% to 1,756.75 rupees.

HDFC declined 0.2% and after the close the housing lender board approved the company plan to raise 4,000 crore rupees in bond and warrants.

The most active stock in BSE trading, Unitech Limited increased 0.3% to 88.85 rupees, Indiabulls Real Estate Limited added 0.4% to 214.35 rupees and DLF Limited declined 1.6% to 396.40 rupees.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 204.67 or 2.09% to 9,991.49, Hang Seng index in Hong Kong increased 727.17 or 4.03% closed to 18,785.66, CSI 300 index in China higher 29.04 or 0.98% closed to 2,989.60. ASX 200 index in Australia increased 89.50 or 2.27% closed to 4,024.40. The KL Composite index in Malaysia higher 11.18 or 1.04% closed to 1,082.97.

The Kospi Index in South Korea increased 43.04 or 3.14% to close at 1,414.88.SET index in Thailand closed higher 16.82 or 2.77% to 624.55 and JSE Index in Indonesia increased 15.52 or 0.74% closed to 2,108.81. The Sensex index in India increased 339.81 or 2.25% closed to 15,466.81.