Indian Stocks in 2-Day Rally; Adani Surges

123jump.com Staff
15 Jul, 2009
New York City

The Sensex index in Mumbai gained 6% or 852 in last two days. Metal stocks shine on rally in LME metal prices. Adani Enterprises Limited and Mundra Port & SEZ Ltd surged after Adani Power Ltd filed to raise $450 million.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai trading Sensex gains 6% or 852 in last two days. Metal stocks shine on rally in LME metal prices. Adani Enterprises Limited and Mundra Port & SEZ Ltd surged after Adani Power Ltd filed to raise $450 million.[/R]

The two-day rally in Indian stocks has lifted the benchmark index by 6%. The surge in metal prices and better than expected earnings from banks have supported the market gains.

The Sensex index in India increased 399.54 or 2.8% to 14,253.24 and CNX Nifty index added 122.10 or 2.9% to 4,233.50. Among the Sensex 30 stocks, 29 increased and 1 fell.

On BSE trading, 2,029 stocks increased, 559 decreased and 88 were unchanged.

Gainers & Losers

Bharat Heavy Electricals Limited climbed 6.3% to Rs. 2,176.05 after the company received an order for the main plant package for an upcoming thermal power project in Jharkhand involving one new rating unit of 270 MW.

Adani Enterprises Ltd surged 7.6% to 798.95 rupees after its unit Adani Power Ltd filed to sell 30.16 crore shares to raise as much as 2,200 crore rupees ($451 million).

DLF Limited, the real estate development company rose 7.1% to Rs. 321.65.

ONGC added 3.7% to Rs. 1,039.40 after the overseas arm ONGC Videsh may pick up a stake in the $1.95 billion gas pipeline that China is building for ferrying natural gas found off the Myanmar coast.

Reliance Industries Limited surged 3.5% to Rs. 1,875 on bargain hunting after a recent sharp fall.

Reliance Power Limited increased 8.5% to Rs. 164.45 after reported Producers such as Reliance Power and Tata Power will contribute 20,000 MW of electricity or 25% of the total additional capacity addition in India planned in the years to 2012.

Sterlite Industries (India) Limited a non-ferrous metals and mining company advanced 4.1% to Rs. 628.65.

Banks closed higher.

Axis Bank rose 0.85% extending gains for the third straight day after net profit rose 70.24% to Rs 562.04 crore on 33.64% rise in total income from a year ago to Rs 3,864.13 crore.

HDFC Bank''s net profit rose 30.5% to Rs 606.11 crore on 21.8% rise in total income to Rs 5136.75 crore in first quarter June 2009 over first quarter June 2008.

Jammu and Kashmir Bank increased 4.82% after net profit rose 23.8% to Rs 117.05 crore on 24.4% rise in total income to Rs 891.05 crore in first quarter June 2009 over first quarter June 2008.

South Indian Bank increased 3.2% to 97.50 after net profit surged 55.6% to 60.11 crore rupees in first quarter June 2009.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 7.44 or 0.08% to 9,269.25, Hang Seng index in Hong Kong increased 372.93 or 2.09% to 18,258.66 and CSI 300 index in China closed higher 38.55 or 1.12% to 3,493.30. ASX 200 index in Australia increased 57.40 or 1.48% to 3,924.50. The FTSE Bursa KL Composite index in Malaysia closed higher 17.61 or 1.63% to 1,097.24.

The Kospi Index in South Korea increased 35.30 or 2.55% to close at 1,420.86. SET index in Thailand closed higher 10.11 or 1.75% to 587.86 and JSE Index in Indonesia increased 66.70 or 3.24% to 2,123.28. The Sensex index in India increased 399.54 or 2.88% to 14,253.24.