Steel and Automakers Lead Gainers in India

Mayank Mehta
03 Dec, 2009
New York City

Stocks in Mumbai traded higher. DLF plans listing in Singapore. Ashok Leyland unit auto sales double in November. The steelmaker JSW

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded higher. DLF plans listing in Singapore. Ashok Leyland unit auto sales double in November. The steelmaker JSW’s November production more than doubled.[/R]

The Sensex index in India increased 15.77 or 0.09% to 17,185.68 and CNX Nifty index rose 8.45 or 0.1% to 5,131.70. Among the Sensex 30 stocks, 18 rose and 12 fell.

On BSE trading, 1,648 stocks advanced, 1,119 declined and 73 were unchanged.

Metal stocks rose on the gains in metal prices on the London Metal Exchange. Realty stocks also rose. Index leader Reliance Industries reversed early gains. Other index members, ICICI Bank, Larsen & Toubro and Infosys, edged lower.

The UPA government''s intent to aggressively push the reform agenda, the Cabinet will on Thursday December 3 clear the Pension Fund Regulatory & Development Authority Bill that seeks to bring foreign direct investment into the sector.

The Reserve Bank of India main function is to maintain price stability, Governor D Subbarao said on Thursday. Subbarao said the central bank would revisit its growth target of 6% with an upward bias at its January 27 monetary policy review.

Rupee edged higher 14 paisa to 46.20 against one dollar.

Gainers & Losers

Arvind Limited the manufacture of denim fabrics decreased 3.6% to Rs 35.90.

Ashok Leyland decreased 0.9% to Rs 53.95 after the auto giant total sales surged 103.5% to 4,695 units from 2,307 units it sold a year ago.

DLF Limited added 0.04% to Rs 384.65 after the real estate operator plans to list their real estate investment trust DLF Assets in Singapore by June next year to raise $1.2 billion, the Financial Express newspaper reported on Thursday.

Eicher Motors Limited increased 6.1% to Rs 630.95 said its Indian promoters have bought the 3.18% stake held by Mitsubishi Motor Corporation in it for an undisclosed amount.

Fedders Lloyd Corporation climbed 4.9% to Rs 77.30 after the consumer durable products and appliances maker said a consortium of the company received an order worth Rs 120 crore.

Hindalco Industries Limited added 1.8% to Rs 145.50 after the company hiked product prices by Rs 3,000 a ton from December 1.

Indiabulls Financial Services Limited slipped 5.0% to Rs 133.80.

ICICI Bank Limited fell 1.0% to Rs 883.90 after Executive Director K Ramkumar sold 17,374 shares of the country''s top private sector lender for Rs 1.57 crore.

JSW Steel Limited dropped 0.4% to Rs 1,018.40 and production surged 2.23 times in crude steel production in November surged 2.23 times compared to a year ago month. Production of flat rolled products increased 94% and long rolled products increased 2.97 times.

Jubilant Organosys Limited surged 10.6% to Rs 350.50, a second day surge after the company extended existing contract with Eli Lilly by five more years.

Maruti Suzuki India Limited advanced 1.5% to Rs 1,637.00 said sales increased 60% to 76,359 units on the surge in small car sales.

Nakoda Textile Industries Ltd rose 2.3% to Rs 78.30.

Plethico Pharmaceuticals Limited climbed 1.1% to Rs 346.00 after the company said a promoter revoked a portion of the shares pledged earlier.

Tata Motors Limited rose 1.3% to Rs 710.00 after it reported better than expected November auto sales.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 368.73 or 3.84% to 9,977.67, and Hang Seng index in Hong Kong increased 264.30 or 1.19% to 22,553.87, and CSI 300 index in China lower 6.45 or 0.18% to 3,590.88. ASX 200 index in Australia increased 12.20 or 0.26% to 4,774.60 The FTSE Bursa KL Composite index in Malaysia was higher 1.20 or 0.09% to 1,272.35.

The Kospi Index in South Korea increased 23.37 or 1.47% to close at 1,615.00. SET index in Thailand closed higher 13.33 or 1.92% to 706.84. JSE Index in Indonesia increased 28.47 or 1.15% to 2,500.04. The Sensex index in India increased 15.77 or 0.09% to 17,185.68.