Market Updates
India Stocks Advance; Drought Conditions
Mayank Mehta
27 Aug, 2009
New York City
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Stocks in Mumbai increased after the revival of monsoon and rising capital spending by government and private sector companies. Tata Steel swung to a loss. Automakers are gearing up for the festival season with the expectations of higher sales. Bharti- MTN talks progress.
[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai increased after the revival of monsoon and rising capital spending by government and private sector companies. Tata Steel swung to a loss. Automakers are gearing up for the festival season with the expectations of higher sales. Bharti- MTN talks progress.[/R]
The market indexes in India edged higher on a slight pickup in monsoon rain last week and higher capital spending by the government. Tata Steel swung to a quarterly loss and Bharti-MTN merger talk advance according to media reports.
Oil & gas, construction, cement and infrastructure stocks rose. IT stocks gained after the top three IT firms won a large order from British Petroleum. Rupee edged lower.
Industrial output rose by 7% in July from a year earlier, commerce and industry minister Anand Sharma said on Thursday, compared to a 7.8% rise in June.
Export driven stocks closed higher after the government extended rebates and cheaper access t credits.
Automakers are expected to add 5,000 staff for the upcoming festival season in anticipation of higher sales. The industry is expected to sell additional 70,000 vehicles in the season compared to a year ago period.
The Sensex index in India increased 11.22 or 0.07% to 15,781.07 and CNX Nifty index rose 7.35 or 0.1% to 4,688.20. Among the Sensex 30 stocks, 15 advanced and 15 fell.
On BSE trading, 1,631 stocks advanced, 1,127 declined and 79 were unchanged.
India Meteorological Department estimated rain fall in the last week ending today at 5% below its long term average. For the season, between June 1 and August 26, rainfall across the nation is 25% lower than its long term average. The northwest region is suffering the most with nearly 40% shortfall.
Gainers & Losers
BEML Limited gained 2.7% or Rs.29.90 to Rs.1,105.00.
BGR Energy Systems Limited increased 4.2% or Rs.19.10 to Rs.468.50 after the systems and services provider for the power and process industries received contract worth Rs.1,633.31 crore.
Bharat Heavy Electricals Limited rose 1.3% or Rs.30.75 to Rs.2,329.00 after the power equipment maker today received Rs 190 crore contract from Oil India Ltd to set up a gas based captive power plant in Assam.
IVRCL Infrastructures & Projects Limited added 0.5% or Rs.1.85 to Rs.365.05 after the civil construction company said it has received three orders with a total of Rs 583 crore for water related works.
Maytas Infra Limited advanced 4.9% or Rs.4.85 to Rs.102.35 after the construction and infrastructure developer said company will sell its 30% stake in the Rs 600 crore Meerut-Muzaffarnagar highway project to Gayatri projects and Nagarjuna Construction.
Menon Bearings Limited rallied 10.0% to Rs.66.00 after the manufacturing of auto components said board to consider sub-division of equity shares.
Nagarjuna Construction Company Limited rose 1.0% or Rs.1.45 to Rs.137.45 after the company secures three new orders aggregating Rs.311 crore.
Orchid Chemicals & Pharmaceuticals Ltd the integrated pharmaceuticals company climbed 5.2% or Rs.6.20 to Rs.125.95.
Pennar Industries Limited the manufacturer of steel products dropped 5.9% or Rs.1.70 to Rs.26.95.
Reliance Natural Resources Limited fell 1.5% or Rs.1.40 to Rs.87.80 after the company said capital expenditure to develop Krishna-Godavari basin gas field surged on the larger discovery and a sharp rise in equipment procuring cost.
State Bank of India rose 0.6% or Rs.10.70 to Rs.1,754.20 and the company awarded additional 1,750 teller machines contract to Diebold.
Sundaram-Clayton Limited increased 4.9% or Rs.8.10 to Rs.170.60 after the supplier of automotive components recommends final dividend and bonus issue.
Tata Steel Limited tumbled 5.1% or Rs.23.65 to Rs.436.40 after the diversified steel producer said first quarter sales fell 46.6% to Rs.23,180 crore from Rs.43,375 crore a year ago. Net loss for the quarter was Rs.2,209 crore or Rs.30.70 per diluted share compared to net profit of Rs.3,901 crore or Rs.47.14 per share a year ago.
Unichem Laboratories Limited rose 0.3% to Rs.241.75 after the pharmaceutical company received regulatory approval in the U.S. for its drug.
Zensar Technologies Limited rose 4.9% or Rs.10.40 to Rs.218.90 after the global software and services provider was selected for a contract by a low cost airline in Australia.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed lower 165.74 or 1.56% to 10,473.97, Hang Seng index in Hong Kong decreased 213.57 or 1.04% to 20,242.75 and CSI 300 index in China lower 16.08 or 0.51% to 3,156.30. ASX 200 index in Australia decreased 3.70 or 0.08% to 4,450.80. The FTSE Bursa KL Composite index in Malaysia closed higher 4.34 or 0.37% to 1,176.90.
The Kospi Index in South Korea decreased 14.79 or 0.92% to close at 1,599.33. SET index in Thailand closed lower 5.88 or 0.89% to 652.40 and JSE Index in Indonesia decreased 24.02 or 1.01% to 2,356.06. The Sensex index in India increased 11.22 or 0.07% to 15,781.07.
Annual Returns
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Earnings
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