Posts Tagged ‘BSE 200 Index’

Indian Stocks Rose After Govt Approved Disinvestment Plans

Indian Stocks Rose After Govt Approved Disinvestment Plans

Indian Stocks Rose After Govt Approved Disinvestment Plans

Indian stocks rose, extending the benchmark index’s longest string of gains in five weeks, after the government approved a plan to sell more shares in state- controlled companies, helping it raise funds to boost spending.

MMTC Ltd., India’s biggest state-owned trading company, surged 20 percent, the most in 10 months.

Rico Auto Industries Ltd., an auto component maker that supplies General Motors Co. and Ford Motor Co., climbed 5.1 percent after workers ended a 45-day strike.

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The Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 94.38, or 0.6 percent, to 16,158.28.
The measure this week gained 1.7 percent, snapping two weeks of losses.

The S&P CNX Nifty Index on the National Stock Exchange rose 0.6 percent to 4,796.15.
The BSE 200 Index added 1.1 percent to 2,011.08.

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“The disinvestment move will help moderate India’s fiscal deficit,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd. in New Delhi.

“Also, it may help in higher GDP growth led by increased government spending.”

🙂

MMTC soared 20 percent to 36,146.85 rupees, the most since Dec. 17.
State Trading Corp., the No. 2, leapt 15 percent to 353.6 rupees.

NMDC Ltd., India’s largest iron-ore producer, climbed 10 percent to 338 rupees. 

Hindustan Copper Ltd., India’s biggest copper miner, 99.59 percent state-owned, gained 10 percent to 256.35 rupees.

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Budget Deficit

The government owns 99.33 percent in MMTC and 91.02 percent in State Trading, while it holds 98.38 percent in NMDC, according to filings to the Bombay Stock Exchange.

The government will use the money raised from the sale of shares of state companies for social spending.

India’s fiscal deficit reached 6 percent of gross domestic product in the year ended March 31, surpassing the 2.5 percent government target.

The key Sensitive stock index has more than doubled from this year’s lowest level, in March.

Govt’s stand to sell state assets and accept more overseas funds into insurance and banking, has strengthened, after Prime Minister Manmohan Singh resounding re-election victory in May.

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Stock Markets Reversed Early Losses, Sensex & Metal Stocks..Up :)

India’s benchmark stock index rose the most in a week, reversing earlier losses.

India’s benchmark stock index rose the most in a week, reversing earlier losses.

India’s benchmark stock index rose the most in a week, reversing earlier losses.

Sterlite Industries (India) Ltd. and Hindalco Industries Ltd. led commodity producers higher after metals prices jumped.

Sterlite, the nation’s largest copper producer jumped 3.1 percent after the price of the metal gained and the stock’s rating was lifted at Nomura Holdings Inc.

Hindalco Industries leapt 6.2 percent after aluminum soared.

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The market reversed early losses helped by metal stocks.

Also, gains in Asian and European markets boosted sentiment here.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, added 92.13, or 0.6 percent, the most since Sept. 30, to 16,958.54.

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The gauge had earlier declined as much as 1.5 percent.

The S&P CNX Nifty Index on the National Stock Exchange rose 0.5 percent to 5,027.40.

The BSE 200 Index advanced 0.4 percent to 2,072.31.

🙂

European and Asian stocks gained as higher commodities lifted metal producers, while financial shares advanced after Bank of America Merrill Lynch Global Research recommended European banks.

Europe’s Dow Jones Stoxx 600 Index gained 1.4 percent to 239.19 at 12:26 p.m. in London, while futures on the Standard & Poor’s 500 Index rose 0.8 percent.

The MSCI Asia Pacific Index advanced for the first time in four days today, adding 1.5 percent.

Overseas funds bought a net 13.7 billion rupees ($286.7 million) of Indian stocks on Oct. 1, the Securities and Exchange Board of India said.

The funds have bought 615 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.

However, Reliance Communications Ltd., India’s second-largest mobile phone operator, led declines by telecom companies on concern lower call charges will cut earnings.

“The price war can impact the revenues of telecom companies by 15 percent to 20 percent,” said Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi.

Kotak Securities removed Bharti from its list of 10 most recommended stocks following yesterday’s downgrade.

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On Energy front, Oil & Natural Gas Corp., the biggest energy explorer, added 1.3 percent to 1,184.8 rupees after saying its in talks with Iran’s state-owned Petropars Ltd. to buy a stake in South Pars, the country’s largest natural gas field.

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