Indian stocks rose, driving the benchmark index to its best month since April 2008, on speculation overseas investors stepped up purchases because they expect stimulus measures to help revive the economy. Infosys Technologies Ltd., the country’s second-largest software developer, climbed 1.7 percent. Tata Consultancy Services Ltd., the largest software exporter, added 2.9 percent. The first gain in U.S. home sales since July and an increase in durable goods orders prompted speculation the largest market for India’s software will rebound.
“Data points from the U.S. improved over the past few days and that has prompted investors to return,” said Ajay Bodke, who helps manage about $2.7 billion in assets at IDFC Asset Management Co. in Mumbai. “Risk aversion is receding.”
The Bombay Stock Exchange’s Sensitive Index, or Sensex, added 1.5 percent to 9,708.50. The index posted an 9.2 percent advance in March. For the quarter the benchmark climbed 0.6 percent, its first advance in five. The S&P CNX Nifty Index on the National Stock Exchange climbed 1.4 percent to 3,020.95. The BSE 200 Index rose 1.8 percent to 1,140.43. Nifty futures for April delivery advanced 1 percent to 3,017. Infosys rose 1.7 percent to 1,323.90 rupees. Tata Consultancy climbed 2.9 percent to 538.55 rupees.
Net Buyers Overseas investors were net buyers of Indian equities for eight straight days ending March 26, buying about $900 million worth of stocks, according to data from the market regulator.
The MSCI Asia Pacific Index climbed 12 percent in March as governments from the U.S. and Japan widened measures to ease the financial crisis.
U.S. sales of new homes increased last month from a record- low pace in January, the Commerce Department said yesterday. It was the first gain since July, and economists had expected a retreat. A separate report showed February orders for U.S. durable goods gained the most since December 2007, while economists had predicted a drop.
Tata Motors Ltd., India’s largest truckmaker, led automakers higher on an Economic Times report that the government may extend depreciation benefits by three months until June. Tata Motors gained 4.8 percent to 180.30 rupees. Ashok Leyland Ltd., the nation’s second-biggest truckmaker, added 2.5 percent to 18.15 rupees.
The following shares were among the most active on the exchange:
DLF Ltd. (DLFU IN) added 1.1 percent to 167.30 rupees. India’s largest developer plans to sell its wind power business to raise funds, the Business Standard reported, citing unnamed company officials. The business may be sold for 11 billion rupees after DLF acquires group company DLF Asset Ltd., the newspaper said.
Fortis Healthcare Ltd. (FORH IN) rose 2.5 percent to 67.60 rupees. The Indian health-care provider may acquire a stake in Wockhardt Hospitals, the Economic Times reported, citing sources it didn’t name. Fortis’ founders have reached an agreement with Wockhardt’s founder Habil Khorakiwala and may acquire up to 74 percent in the hospital chain for about 7.5 billion rupees, the paper reported. Wockhardt Ltd. (WPL IN) gained 7.2 percent to 85.35 rupees.
Great Offshore Ltd. (GOFF IN) advanced 5.8 percent to 250.65 rupees. The company signed a three-year charter agreement with Oil & Natural Gas Corp., worth about $65 million, for three of its vessels. The charter will start from the end of April, Great Offshore said in a statement.
Larsen & Toubro Ltd. (LT IN) rose 3 percent to 671.40 rupees. India’s biggest engineering company said it won an 11 billion rupee order to build transmission lines.
Ranbaxy Laboratories Ltd. (RBXY IN) advanced 4.4 percent to 165.70 rupees after the Indian drugmaker said it will start selling Daiichi Sankyo Co.’s anti-hypertensive drug, Olvance, in India.
Suzlon Energy Ltd. (SUEL IN) gained 2.4 percent to 42.35 rupees. The company’s Australian unit won an order for 63 wind turbine generators, totaling to 132.30 megawatt of capacity, from AGL Energy Ltd.
Source : www.bloomberg.com/apps/news?pid=20601091&sid=aYTLQUzGsBl0&refer=india
“Data points from the U.S. improved over the past few days and that has prompted investors to return,” said Ajay Bodke, who helps manage about $2.7 billion in assets at IDFC Asset Management Co. in Mumbai. “Risk aversion is receding.”
The Bombay Stock Exchange’s Sensitive Index, or Sensex, added 1.5 percent to 9,708.50. The index posted an 9.2 percent advance in March. For the quarter the benchmark climbed 0.6 percent, its first advance in five. The S&P CNX Nifty Index on the National Stock Exchange climbed 1.4 percent to 3,020.95. The BSE 200 Index rose 1.8 percent to 1,140.43. Nifty futures for April delivery advanced 1 percent to 3,017. Infosys rose 1.7 percent to 1,323.90 rupees. Tata Consultancy climbed 2.9 percent to 538.55 rupees.
Net Buyers Overseas investors were net buyers of Indian equities for eight straight days ending March 26, buying about $900 million worth of stocks, according to data from the market regulator.
The MSCI Asia Pacific Index climbed 12 percent in March as governments from the U.S. and Japan widened measures to ease the financial crisis.
U.S. sales of new homes increased last month from a record- low pace in January, the Commerce Department said yesterday. It was the first gain since July, and economists had expected a retreat. A separate report showed February orders for U.S. durable goods gained the most since December 2007, while economists had predicted a drop.
Tata Motors Ltd., India’s largest truckmaker, led automakers higher on an Economic Times report that the government may extend depreciation benefits by three months until June. Tata Motors gained 4.8 percent to 180.30 rupees. Ashok Leyland Ltd., the nation’s second-biggest truckmaker, added 2.5 percent to 18.15 rupees.
The following shares were among the most active on the exchange:
DLF Ltd. (DLFU IN) added 1.1 percent to 167.30 rupees. India’s largest developer plans to sell its wind power business to raise funds, the Business Standard reported, citing unnamed company officials. The business may be sold for 11 billion rupees after DLF acquires group company DLF Asset Ltd., the newspaper said.
Fortis Healthcare Ltd. (FORH IN) rose 2.5 percent to 67.60 rupees. The Indian health-care provider may acquire a stake in Wockhardt Hospitals, the Economic Times reported, citing sources it didn’t name. Fortis’ founders have reached an agreement with Wockhardt’s founder Habil Khorakiwala and may acquire up to 74 percent in the hospital chain for about 7.5 billion rupees, the paper reported. Wockhardt Ltd. (WPL IN) gained 7.2 percent to 85.35 rupees.
Great Offshore Ltd. (GOFF IN) advanced 5.8 percent to 250.65 rupees. The company signed a three-year charter agreement with Oil & Natural Gas Corp., worth about $65 million, for three of its vessels. The charter will start from the end of April, Great Offshore said in a statement.
Larsen & Toubro Ltd. (LT IN) rose 3 percent to 671.40 rupees. India’s biggest engineering company said it won an 11 billion rupee order to build transmission lines.
Ranbaxy Laboratories Ltd. (RBXY IN) advanced 4.4 percent to 165.70 rupees after the Indian drugmaker said it will start selling Daiichi Sankyo Co.’s anti-hypertensive drug, Olvance, in India.
Suzlon Energy Ltd. (SUEL IN) gained 2.4 percent to 42.35 rupees. The company’s Australian unit won an order for 63 wind turbine generators, totaling to 132.30 megawatt of capacity, from AGL Energy Ltd.
Source : www.bloomberg.com/apps/news?pid=20601091&sid=aYTLQUzGsBl0&refer=india
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