Indian shares choppy; Reliance, DLF drop

July 30, 2010 By Leave a Comment

MUMBAI, July 29 (Reuters) – Indian shares were trading 0.2
percent lower on Thursday ahead of the expiry of monthly
derivatives contracts and subdued cues from Asian markets.

Energy major Reliance Industries (RELI.BO) dropped 0.5
percent after sliding 3.1 percent in the previous session, and
traders said they were cautious of the near-term trend.

“A lot of short positions are being rolled over in Reliance
Industries, indicating a bearish outlook,” said Kunal Sukhani,
manager of institutional equities at Asian Markets Securities.

The stock, which has the heaviest weight on the main BSE
index .BSESN, has come under pressure following a delay in
the company’s plan to reach full gas output from its field off
India’s east coast.

The oil secretary said late on Wednesday Reliance would be
able to pump natural gas at full capacity from its deep-sea
field during the year to March 2013, indicating a delay of
almost two years. [ID:nSGE66R0KK]

By 11:09 a.m. (0539 GMT), the 30-share BSE index was
trading down 0.2 percent at 17,921.28 points, with 19 of its
components declining.

“Market is volatile because of derivatives expiry,” said
Sukhani, referring to the monthly contracts on the National
Stock Exchange.

DLF (DLF.BO) dropped 1.4 percent after the largest listed
property developer’s 3.8 percent rise in quarterly profit
failed to cheer investors. [ID:nBMA008118]

Param Desai, a research analyst with Angel Broking, said
the profit was tad below expectation as interest and
depreciation costs weighed.

Financials were mixed as near-term monetary tightening
fears weighed, but the demand for loan outlook was seen higher
on the back of robust economic growth.

A Reuters poll showed the central bank was likely to raise
rates more aggressively in the rest of the fiscal year, after
tightening policy more than expected on Tuesday.
[ID:nBMA008098]

Top lender State Bank of India (SBI.BO) dropped 1.2 percent
while rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) were
up 0.1 percent and 0.2 percent respectively.

Foreign funds have invested $9.2 billion in Indian equities
so far this year and has helped the benchmark index gain 2.6
percent in the period.

In the broader market, gainers and losers were almost equal
in number on volume of 113 million shares.

The 50-share NSE index .NSEI was down 0.2 percent at
5,387.25.

Elsewhere, the MSCI’s measure of Asian markets other than
Japan .MIAPJ0000PUS was barely changed while Japan’s Nikkei
.N225 was down 0.7 percent.

STOCKS ON THE MOVE

* HCL Technologies (HCLT.BO) was up 2.8 percent at 383.25
rupees after the software services firm said quarterly net
income rose marginally as demand for outsourcing increased.
[ID:nSGE66R0DZ]

* Hexaware Technologies (HEXT.BO) dropped 1.5 percent to
83.40 rupees as its April-June net profit slumped 63.5 percent.
[ID:nBMB011147]

MAIN TOP THREE BY VOLUME

* Aster Silicates (ASTS.BO) on 9.5 million shares

* Karuturi Global (KART.BO) on 4.2 million shares

* Shree Ashtavinayak (SACV.BO) on 2.3 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Euro dips vs yen on Japan exporter selling
[FRX/]
* Oil steady near $77 after sharp US petroleum stocks gain
[O/R]
* Asia shares retreat from highs, dollar dips
[MKTS/GLOB]
* Wall St falls on economic outlook
[.N]
* For closing rates of Indian ADRs

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares flat; cbank review in focus

July 28, 2010 By Leave a Comment

MUMBAI, July 27 (Reuters) – Indian shares were trading
barely changed on Tuesday as investors were cautious ahead of
the central bank’s quarterly policy review announcement
expected at 0600 GMT.

A Reuters poll last week showed majority of economists
expect the Reserve Bank of India (RBI) to raise interest rates
by 25 basis points (bps) and tighten policy further in coming
quarters. [ID:nBMA008035]

By 10:47 a.m. (0517 GMT), the 30-share BSE index was
trading up 0.02 percent at 18,023.02 points, with two-thirds of
its components advancing.

“People are just nervous before the (central bank) policy,”
said Arun Kejriwal, director of research firm KRIS.

Kejriwal expects a 25 bps hike in key interest rates and a
hawkish stance from the central bank.

“Monsoon is improving which is good. But looking at the
recent earnings, we are seeing input cost pressures. For banks,
asset quality is getting to be a worry.”

Total rainfall since June 1, the start of the vital,
four-month monsoon season was 16 percent below normal on July
19, but the seasonal deficit narrowed to 7 percent on Monday,
data from the India Meteorological Department showed.
[ID:nSGE66P0IS]

The benchmark index is up 3.2 percent year to date.

Foreign funds have poured in $9 billion in Indian equities
so far in 2010, a portion of which was invested in primary
market.

Financials were mixed ahead of the central bank policy
announcement.

Leading lender State Bank of India (SBI.BO) rose 0.1
percent while rival ICICI Bank (ICBK.BO) dropped 1.3 percent.

Mortgage lender Housing Development Finance Corp (HDFC.BO)
was trading 0.1 percent lower.

Energy giant Reliance Industries (RELI.BO) led the gains
ahead of its quarterly earnings announcement.

Reliance Industries, which has the highest weight on the
main index, was up 0.5 percent. According to a Reuters poll,
Reliance may report a net profit of 48.3 billion rupees.
[ID:nSGE66M09E]

Top power producer NTPC (NTPC.BO) declined 0.9 percent as
it reported a 16-percent drop in its June quarter net profit,
after market hours on Monday. [ID:nBMA008082]

Top engineering and construction firm Larsen & Toubro
(LART.BO) was down 2.6 percent, as it details its June-quarter
earnings later in the day, while Hindustan Unilever HUL.BO,
which also declares its quarterly numbers, firmed 0.9 percent.

In the broader market, gainers led losers in a ratio of
1.1:1 in a volume of 82 million shares.

The 50-share NSE index was barely changed at
5,415.70 points.

STOCKS ON THE MOVE

* Software firm Tech Mahindra (TEML.BO) was down 3.4
percent at 712.50 rupees after it reported a 9.1-percent rise
in its June-quarter net profit which did not meet expectations,
dealers said. [ID:nBMA008081]

JPMorgan downgraded the stock to “neutral” from
“overweight”, while BNP Paribas cut its rating to “hold” from
“buy”.

* Mahindra Holidays (MAHH.BO) dropped 4.9 percent to 518.55
rupees, after the hospitality services provider said its June-
quarter net profit declined 61 percent.[ID:nBMB011070]

* Motorcycle maker Hero Honda (HROH.BO) bounced back 3.1
percent to 1,868.70 rupees, after it had dropped 7.5 percent in
the previous session.

MAIN TOP THREE BY VOLUME

* IFCI (IFCI.BO) on 2.8 million shares

* Shree Ashtavinayak (SACV.BO) on 1.4 million shares

* Resurgere Mines (RESU.BO) on 1.1 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Euro stalls near 2-month peak, meets resistance
[FRX/]
* Oil steady near $79; U.S. inventories seen mixed
[O/R]
* Asian stocks rise on US data, euro inches up
[MKTS/GLOB]
* Wall St gains on FedEx outlook, new home sales data
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares hit 2-½ year high; Wipro gains

July 24, 2010 By Leave a Comment

MUMBAI, July 23 (Reuters) – Indian shares rose to their
highest level in two-and-a-half years on Friday, bouyed by a
rally in world equities and better-than-expected quarterly
earnings by outsourcer Wipro (WIPR.BO).

Export-driven software services companies were among the
gainers after Wipro posted a 31 percent rise in quarterly
profit said it was seeing strong business environment.
[ID:nSGE66K09K]

Wipro rose as much as 4.2 percent to 433 rupees. If it
rises past 451.80, it would be the highest level in a decade,
data from Thomson Reuters showed.

“For the IT sector, demand environment is good. Also,
pricing scene is stable and improving,” said Deven Choksey,
managing director and CEO of KR Choksey Shares.

He expects a 15-20 percent upside for tier-I IT stocks.

Bigger rivals Tata Consultancy Services (TCS.BO) rose as
much as 0.9 percent to a record high of 850 rupees, while
Infosys Technologies (INFY.BO) was up 0.6 percent.

By 11:12 a.m. (0542 GMT), the 30-share BSE index .BSESN
was trading up 0.32 percent at 18,171 points — after hitting
18,237.56, its highest level since February 2008.

Eighteen of its components were trading in the green.

In the broader market, gainers led losers in a ratio of
1.3:1 on volume of 139 million shares.

Foreign funds have poured $8.8 billion into Indian equities
this year, driving the benchmark index up more than 4 percent.
In 2009, they had bought a record $17.5 billion of stocks and
helped power an 81 percent rally.

Asian stocks rose as strong earnings from economic
bellwethers such as Caterpillar (CAT.N) tempered concerns about
a global slowdown. [MKTS/GLOB]

“Global cues will remain uncertain for a while. But a lot
of corrective measures which are taken, will prevent the
economies from going down under,” said Choksey.

The 50-share NSE index was up 0.3 percent at
5,459.35.

Brokerage Sharekhan said the hourly momentum indicator
showed an upside was gaining strength.

Top-listed biotechnology firm Biocon (BION.BO) slipped 1.3
percent after it reported a lower-than-expected 33 percent
rise
quarterly profit.

Energy giant Reliance Industries (RELI.BO), which has the
highest weight on the Sensex, climbed 0.3 percent to 1,062
rupees.

Cigarette-to-hotel group ITC (ITC.BO) added 0.7 percent
after rising 1.6 percent on Thursday following a 22 percent
rise in quarterly profit. [ID:nBMA008051]

STOCKS ON THE MOVE

* Credit rating firm Crisil (CRSL.BO) was down 2.8 percent
at 5,700 rupees, after the unit of Standard & Poor’s Corp said
late on Thursday its net profit fell 13 percent. [ID:nWNBS0573]

* Dr Reddy’s Laboratories (REDY.BO) shed 1.3 percent to
1,363.10 rupees, extending losses after the drugmaker said on
Thursday consolidated quarterly profit fell a
more-than-expected 14.3 percent following a drop in sales in
its key U.S. market. [ID:nSGE66L0K3]

* JSW Steel (JSTL.BO) was up nearly 1 percent at 1,213
rupees, after a report said JFE Holdings Inc (5411.T), Japan’s
second-biggest steelmaker, plans to invest about $1 billion in
the Indian firm. [ID:nTOE66M038]

MAIN TOP THREE BY VOLUME

* NHPC (NHPC.BO) on 4.7 million shares

* Shree Ashtavinayak (SACV.BO) on 4.7 million shares

* IFCI (IFCI.BO) on 3.3 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Euro steadies vs dollar before stress test results
[FRX/]
* Oil slips from 11-week high on demand uncertainty
[O/R]
* Asia stocks up, euro firm, eyes stress tests
[MKTS/GLOB]
* Earnings lift Wall St, but Amazon.com plunges
[.N]
* For closing rates of Indian ADRs
INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares up 0.3 pct; Reliance, L&T rise

July 21, 2010 By Leave a Comment

MUMBAI, July 20 (Reuters) – Indian shares rose 0.3 percent
on Tuesday led by gains in energy major Reliance Industries
(RELI.BO) and construction conglomerate Larsen & Toubro
(LART.BO), with mostly firmer Asian markets helping.

However, investors were cautious with a drop in U.S.
housing data showing cracks in the recovery of the world’s
largest economy.

Traders were watching foreign funds, who have moved $8.6
billion into Indian equities this year, for direction amid
concern a slower than expected global recovery could affect the
inflows.
By 11:11 a.m. (0541 GMT), the 30-share BSE index .BSESN was
trading up 0.34 percent at 17,989.12, with 19 of its components
gaining.

In the broader market, gainers were almost double the
number losers while 131 million shares changed hands.

“We are trading higher today looking at the strength in
Asian stocks,” said Kunal Sukhani, manager of institutional
equities at Asian Markets Securities.

The MSCI’s measure of Asian markets other than Japan
.MIAPJ0000PUS was up 1.3 percent, while Japan’s Nikkei
.N225 shed 1.2 percent.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a video on Asian stocks' performance, view show:

link.reuters.com/kap48m

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

The BSE index is up 3 percent so far this year on the back
of rebounding domestic economy, while most of its emerging
market peers have dropped.

Reliance Industries, which has the highest weight on the
main index .BSESN, climbed 0.6 percent to 1,062.50 rupees,
while Larsen & Toubro rose 1.1 percent to 1,912.80 rupees.

Sukhani said quarterly earnings would be the key driver for
the market in the near term.

HDFC Bank (HDBK.BO) was up 0.2 percent at 2,055.25 rupees,
a day after the private-sector lender reported its strongest
profit growth in more than a year and highlighted more gains
for the booming industry on robust loan demand. [ID:nSGE66I0EL]

“Quality of earnings continues to improve on the back of
margin expansion, loan book growth, and provisioning pressure,”
Edelweiss said in a note.

“We continue to like the bank’s attractive franchisee and
overall improvement in metrics.”

The stock is just 2.6 percent of its record high hit last
week.

Iron ore exporter Sesa Goa (SESA.BO) rose 1.6 percent after
its consolidated net profit for the June quarter trebled.
[ID:nSGE66J05M]

The share was also helped after a senior government
official told Reuters on Monday India had no plans to curb iron
ore exports. [ID:nSGE66I0EY]

Tata Steel (TISC.BO), the world’s seventh-largest producer
of the alloy, and rose non-ferrous metals producer Sterlite
Industries (STRL.BO) rose 1.1 percent each, while aluminium
maker Hindalco (HALC.BO) gained 0.9 percent.

The sector was supported by gains in regional peers. The
resources index for Asian shares other than Japan
.MIAPJMT00PUS was up nearly 2 percent.

The 50-share NSE index , or Nifty, was up 0.3
percent at 5,402.40.

“We see Nifty to be rangebound between 5,300-5,450 in the
near term due to mixed cues from overseas,” Sukhani said.

STOCKS ON THE MOVE

* MindTree (MINT.BO) shed 5.2 percent to 539 rupees after
its quarterly results disappointed investors, dealers said.
[ID:nWNBS0515]

* Cairn India (CAIL.BO), a unit of Cairn Energy (CNE.L),
was up 0.3 percent at 316.15 rupees as crude oil prices rose
toward $77 a barrel.

MAIN TOP THREE BY VOLUME

* IFCI (IFCI.BO) on 3.3 million shares

* Ramsarup Industries (RASW.BO) on 1.6 million shares

* Unitech (UNTE.BO) on 1.6 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report [INR/]
* Indian bond report [IN/]
* Dollar hovers near lows, eyes on Japan policymakers [FRX/]
* Oil gains towards $77 on expected U.S. inventory drop [O/R]
* Asia shares rise, yen strength in focus [MKTS/GLOB]
* Wall St up on tech, but IBM, TI fall after the bell [.N]
* For closing rates of Indian ADRs INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares recover; Reliance Comm rallies

July 20, 2010 By Leave a Comment

MUMBAI, July 19 (Reuters) – Indian shares clawed back from
a shaky start on Monday as hopes for strong domestic economic
growth and earnings helped overcome weak global sentiment
caused by subdued U.S. economic data.

Reliance Communications (RLCM.BO) rallied as much as 3.9
percent after Financials Times reported Emirates
Telecommunications Corp ETEL.AD (Etisalat) was close to
buying a 26 percent stake in the No. 2 Indian telecoms firm.
[ID:nSGE66I05B]

Private-sector lender HDFC Bank (HDBK.BO) was up 0.7
percent ahead of its quarterly earnings.

By 11:03 a.m. (0533 GMT), the 30-share BSE index .BSESN
was trading up 0.22 percent at 17,994.71, with 17 of its
components gaining. The benchmark had fallen as much as 0.6
percent in early trade.

In comparison, the MSCI’s broader measure of Asian markers
other than Japan .MIAPJ0000PUS and world equities
.MIWD00000PUS were down 1.1 percent and 0.3 percent
respectively.

“India is definitely a better bet versus other investment
targets,” said Rajen Shah, chief investment officer at Angel
Broking.

“The economic growth in our country is robust. Also, we are
not so export-dependent as other emerging economies. Earnings
optimism is also helping,” he said.

The BSE index is up 3 percent in the year to date. Its
emerging market peers China’s Shanghai Composite Index .SSEC
and Brazil’s Bovespa .BVSP have fallen 25 percent and 9.1
percent since the start of 2010.

The rise in Indian shares has been powered by foreign
portfolio inflows of $8.4 billion so far in 2010, adding to
last year’s record purchases of $17.5 billion.

Export-driven software majors dropped on concerns
disappointing economic data from the United States, their
biggest market, could affect outsourcing orders.

Sector leader Tata Consultancy Services (TCS.BO) was down
0.9 percent, while rivals Infosys Technologies (INFY.BO) and
Wipro (WIPR.BO) shed 0.8 percent and 0.2 percent respectively.

Energy giant Reliance Industries (RELI.BO), which has the
highest weight on the Sensex, was up 0.2 percent.

The Daily News & Analysis newspaper reported Reliance was
in talks with Texas-based Quicksilver Resources (KWK.N),
including for a possible buyout of the U.S. firm that develops
shale gas and coal-bed methane. [ID:nSGE66I03L]

In the broader market, gainers outnumbered losers in a
ratio of 1.7:1 on volume of 112 million shares.

The 50-share NSE index was up 0.2 percent at 5,407.

STOCKS ON THE MOVE

* Steelmaker Tata Steel (TISC.BO) was up 0.4 percent at
511.40 rupees as UBS upgraded the stock to “buy” from “neutral”
over the weekend.

* Sun Pharmaceutical (SUN.BO) was down 1.5 percent at
1,713.05 rupees after the drugmaker said a U.S. court had
denied its motion to reverse a jury verdict of infringement
against the Indian firm on Pfizer’s (PFE.N) Protonix acid
reflux drug patent that the jury had said was valid.
[ID:nSGE66I057]

MAIN TOP THREE BY VOLUME

* IFCI (IFCI.BO) on 4.5 million shares

* Development Credit Bank (DCBA.BO) on 3.5 million shares

* Shree Ashtavinayak (SACV.BO) on 2.5 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report [INR/]
* Indian bond report [IN/]
* Euro dips, pulls away from 2-month high [FRX/]
* Oil falls below $76 as poor U.S. data fans econ fears [O/R]
* Asia stocks slide as US growth fears escalate [MKTS/GLOB]
* Wall St dives on weak consumer sentiment and revenues [.N]
* For closing rates of Indian ADRs INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares turn positive on earnings optimism

July 20, 2010 By Leave a Comment

July 19 (Reuters) – Indian shares recovered from early lows on Monday morning, on optimism over quarterly earnings and a newspaper report Etisalat was close to buying a stake in Reliance Communications (RLCM.BO), the no. 2 mobile operator.

At 10:20 a.m. (0450 GMT), the 30-share BSE index .BSESN was up 0.03 percent at 17,961.03 points, with 16 components advancing. It had declined as much as 0.6 percent early.

The 50-share NSE index was barely changed at 5,394.10.

Reliance Communications was up 2.2 percent at 191.30 rupees after a Financial Times report Emirates Telecommunications (ETEL.AD) (Etisalat) was close to buying 26 percent stake in the Indian firm. [ID:nSGE66I05B] (Reporting by Ami Shah)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , ,

Indian shares flip-flop; banks down, Infosys up

July 16, 2010 By Leave a Comment

MUMBAI, July 15 (Reuters) – Indian shares were choppy on
Thursday as investors adjusted their positions after a sharp
rally, and subdued Asian markets cast a long shadow.

The Federal Reserve’s suggestion that additional measures
may be needed if an already softening U.S. economic outlook
took a turn for the worse and slower growth in China also put
the brakes on stocks buying.

China’s annual economic growth slowed to 10.3 percent in
the second quarter from 11.9 percent in the first quarter, a
touch weaker than expected, in response to credit curbs and the
fading of fiscal stimulus. [ID:nTOE66D06L]

Financials led the losers with the banking sector index
.BSEBANK dropping 0.1 percent after gaining 5.2 percent over
past five sessions.

Mortgage lender Housing Development Finance Corp (HDFC.BO)
was down 0.8 percent at 3,051 rupees. Top lender State Bank of
India (SBI.BO) dropped 0.5 percent while rival HDFC Bank
(HDBK.BO) shed 1.1 percent.

By 11:09 a.m. (0539 GMT), the 30-share BSE index .BSESN
was trading up 0.11 percent at 17,957.55 points, with 13 of its
components gaining.

“The market is just consolidating,” said R.K. Gupta,
managing director of Taurus Mutual Fund. “The sentiment is
cautious, but not worrying.”

The benchmark, which had climbed to its highest in nearly
two-and-a-half years on Wednesday, is up 2.8 percent so far
this year outperforming the broader MSCI’s measure of Asian
shares other than Japan .MIAPJ0000PUS which has dipped nearly
4 percent in the year to date.

Foreign funds who have been chasing domestic plays have
poured $8.2 billion into Indian equities this year, data from
the exchange regulator showed.

India has taken in 59 percent of the net foreign buying
seen so far in 2010 in emerging Asia, excluding China and
Malaysia. Credit Suisse said.

Reliance Communications (RLCM.BO) was down 0.9 percent
after the Economic Times reported the telecom operator may have
to lower the value of its tower assets being sold to GTL
Infrastructure (GTLI.BO). [ID:nSGE66E03H]

Top software exporter Tata Consultancy Services (TCS.BO)
was down 0.7 percent ahead of its results scheduled after
market hours. A Reuters poll showed analysts expect TCS to
report a 15.6 percent rise in net profit. [ID:nSGE668050]

IT bellwether Infosys Technologies (INFY.BO) rose 0.4
percent after disappointing quarterly result had sent the stock
down 5.3 percent over two sessions.

In the broader market, gainers led losers in a ratio of
1.5:1 on volume of 110 million shares.

The 50-share NSE index was up 0.1 percent at
5,389.05.

The MSCI’s measure of Asian shares other than Japan was
down 0.4 percent while Japan’s Nikkei .N225 shed 1 percent.

STOCKS ON THE MOVE

* State-run refiner Hindustan Petroleum Corp (HPCL.BO)
dropped 2.8 percent to 460.85 rupee, after Goldman Sachs cut
its rating to “neutral” from “buy”. [ID:nBMA008000]

Rival Bharat Petroleum Corp (BPCL.BO) dropped 2.4 percent
to 682.40 rupees after the brokerage removed the stock from its
conviction list, but retained a “buy”.

* Religare Enterprises (RELG.BO) was up 3.1 percent at
422.70 rupees after the Economic Times reported the financial
services firm had agreed to buy a part of Citigroup’s (C.N)
home loan portfolio in India for nearly 5 billion rupees
[ID:nSGE66E04X]

MAIN TOP THREE BY VOLUME

* Reliance Natural Resources (RENR.BO) on 1.6 million
shares

* Suzlon Energy (SUZL.BO) on 1.2 million shares

* BF Utilities (BFUT.BO) on 1.1 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report [INR/]
* Indian bond report [IN/]
* Aussie, euro pare losses after China data [FRX/]
* Oil falls for 2nd day on China slowdown, Fed minutes [O/R]
* Asian stocks under pressure; China data helps [MKTS/GLOB]
* S&P breaks 6-day streak, Fed policy minutes weigh [.N]
* For closing rates of Indian ADRs INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares near 2-½ yr high; HDFC up

July 15, 2010 By Leave a Comment

MUMBAI, July 14 (Reuters) – Indian shares rallied to their
highest in nearly two-and-a-half years on Wednesday, with
mortgage lender Housing Development Finance Corp (HDFC.BO)
leading the gains ahead of its quarterly result.

Earnings optimism after upbeat results from Intel Corp
(INTC.O) has underpinned world markets, but traders said
investors needed to be choosy after a sharp rally in the
domestic market.

“We have significantly outperformed the world markets so
far this year. It is time to be little cautious and more
disciplined in stock picking now,” said Rajen Shah, chief
investment officer of Angel Broking.

By 11:18 a.m. (0548 GMT), the 30-share BSE index .BSESN
was trading up 0.53 percent at 18,081.93.63, with 26 of its
components gaining. It had risen to 18,167.22 early, its
highest level since February 2008.

The benchmark is up 3.5 percent so far this year,
outperforming the broader MSCI’s measure of Asian markets other
than Japan .MIAPJ0000PUS which has dipped 5.3 percent.

Investors have gone significantly overweight Indian
equities for the first time in over a year as a shaky global
outlook lures cash to domestic demand plays, a BofA Merrill
Lynch survey showed on Tuesday. [ID:nLDE66C1KJ]

Foreign funds have pumped $8 billion into Indian stocks so
far in 2010, after a record $17.5 billion investment in 2009.

Lenders advanced ahead of June inflation data which was due
by 0630 GMT.

HDFC, the country’s biggest home loan financier, was
trading 2.2 percent higher at 3,130.90 rupees.

Top lender State Bank of India (SBI.BO) was up 1.7 percent
while leading private sector rivals ICICI Bank (ICBK.BO) and
HDFC Bank (HDBK.BO) climbed 0.6 percent and 1.9 percent
respectively.

Export-focused outsourcers fell for a second day after
Infosys Technologies (INFY.BO) posted disappointing results and
said a weak European economy could curb new orders.
[ID:nSGE6680B5]

Shares in Infosys, which had shed 3.4 percent in their
worst fall in more than a year on Tuesday, dropped 0.4 percent.

Wipro (WIPR.BO) was down 0.1 percent and the sector index
.BSEIT dropped 0.2 percent. Sector leader Tata Consultancy
Services (TCS.BO), which reports earnings on Thursday, bucked
the trend and rose 0.7 percent.

Energy major Reliance Industries (RELI.BO), which has the
highest weight on the Sensex, climbed 0.4 percent to 1,078.50
rupees on newspaper reports it was close to acquiring a stake
in a shale gas asset in North America. [ID:nSGE66D02Y]

In the broader market, gainers led losers in the ratio of
1.6:1 on volume of 204 million shares.

The 50-share NSE index was up 0.5 percent at
5,427.40.

STOCKS ON THE MOVE

* Exide Industries (EXID.BO) was up 4.3 percent at 141.55
rupees, as the industrial and automotive batteries maker
reported a 35 percent rise in April-June net profit on Tuesday
helped by higher sales and better margins, and bea analysts
expectations. [ID:nSGE66C0FY]

* Oil explorer Cairn India (CAIL.BO) was up 1.4 percent at
320.80 rupees as crude oil prices steadied near two-week high.

MAIN TOP THREE BY VOLUME

* IFCI (IFCI.BO) on 3.1 million shares

* Unitech (UNTE.BO) on 2.2 million shares

* Suzlon Energy (SUZL.BO) on 1.9 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report [INR/]
* Indian bond report [IN/]
* Euro hovers near 2-mth high; Aussie holds firm [FRX/]
* Oil steadies near two-week high on earnings optimism [O/R]
* Asia stocks powered by Intel; euro steady [MKTS/GLOB]
* Wall St rallies on profits; Intel gains late [.N]
* For closing rates of Indian ADRs INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares drag as Infosys disappoints

July 14, 2010 By Leave a Comment

MUMBAI, July 13 (Reuters) – Indian shares were trading 0.1 percent lower on Tuesday, led by technology stocks, as investors ignored a guidance upgrade by Infosys Technologies (INFY.BO) and concentrated on a rare drop in its June quarter earnings.

Weak Asian shares also added to the negative sentiment, led by Chinese stocks which fell 2 percent on reports Beijing will not ease tougher property measures any time soon. [MKTS/GLOB]

Shares in Infosys, which scaled new peaks in the last two sessions, were down 3.1 percent, after it said net profit in the June quarter fell to 14.9 billion rupees ($318 million) from 15.3 billion rupees a year ago. [ID:nSGE6680B5]

“People will now adjust their expectations for other IT majors like TCS and Wipro,” said Tejas Doshi, head of research at Sushil Finance.

“The share prices of IT companies had run up on a lot of expectations … probably more than what was warranted.”

By 11:14 a.m. (0544 GMT), the 30-share BSE Index .BSESN was trading down 0.12 percent at 17,915.33 points with 13 of its components declining.

The benchmark which had rallied 81 percent in 2009, is up 2.6 percent so far in 2010.

Investors will watch out corporate earnings for April-June for cues in the near term.

“We expect a 22 percent to 25 percent growth in earnings for Sensex companies for the June quarter,” said Deven Choksey, managing director and CEO of KR Choksey Shares.

“The direction for guidance is also likely to be positive.”

Foreign funds have invested $7.1 billion in Indian equities so far in 2010, after a record inflow of $17.5 billion in 2009.

Other software majors Tata Consultancy Services (TCS.BO) and Wipro (WIPR.BO) were down 2.4 percent and 1.7 percent respectively.

Leading mobile operators Bharti Airtel (BRTI.BO) and Reliance Communications dragged lower on continued concerns of margin erosion due to lower tariffs and growing competition.

The stocks were down 1.7 percent and 1 percent respectively.

Lenders continued to gain on expectations of better loan demand as the economy grows.

Late last week, Trade Minister Anand Sharma told Reuters India’s gross domestic product growth is expected to return to “9 percent plus” this year, led by strong corporate performance and rising savings levels. [ID:nSGE6680FV]

Top lender State Bank of India (SBI.BO) was up nearly 1 percent while private sector rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) rose 0.5 percent each.

Mortgage lender Housing Development Finance Corp (HDFC.BO) climbed 1.7 percent.

In the broader market, gainers outnumbered losers in a ratio of 1.4:1 in a volume of 130 million shares.

The 50-share NSE index was down 0.1 percent at 5,377.20 points.

STOCKS ON THE MOVE

* CMC (CMC.BO), which offers customer services like IT solutions and system integration, was up 2.4 percent at 1,520.05 rupees as it reported late Monday its June-quarter consolidated net profit was 464.5 million rupees [ID:nSGE66B0H6].

* Unichem Laboratories (UNLB.BO) rose 2.3 percent to 480 rupees after the drugmaker said on Monday said it will consider a stock split at its board meeting scheduled on July 22. [ID:nWNBS0473]

MAIN TOP THREE BY VOLUME

* Suzlon Energy (SUZL.BO) on nearly 5 million shares

* Idea Cellular (IDEA.BO) on 1.7 million shares

* IFCI (IFCI.BO) on 1.5 million shares

FACTORS TO WATCH * For technical analysis double click on www.reutersindia.net * Indian rupee report [INR/] * Indian bond report [IN/] * Euro steady after retreat, Greek auction eyed [FRX/] * Oil slides with equities;U.S. inventories seen mixed [O/R] * China stocks slide on property, weigh on Asia [MKTS/GLOB] * Wall St ekes out gain as caution rules before results [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares up 0.9 pct; Infosys hits all-time high

July 13, 2010 By Leave a Comment

MUMBAI, July 12 (Reuters) – Indian shares climbed to their
highest in more than three months on Monday, with Infosys
Technologies (INFY.BO) racing to an all-time high for the
second session ahead of its earnings.

Firmer Asian markets, expectations for robust factory
output growth due around 11 a.m. (0530 GMT) and hopes for
upbeat quarterly earnings bolstered investor confidence.

“There is good momentum with earnings season round the
corner. People are optimistic about June quarter results,” said
Kunal Sukhani, manager of institutional equities at Asian
Markets Securities.

Infosys, the second-largest software exporter, rose as much
as 1.4 percent to 2,911.55 rupees, its highest, on expectations
it would raise its dollar revenue forecast for the full year
when it unveils results on Tuesday. [ID:nSGE668050]

Rivals Tata Consultancy Services (TCS.BO) and Wipro
(WIPR.BO) rose 1.3 percent and 0.8 percent respectively.

By 10:51 a.m. (0521 GMT), the 30-share BSE index .BSESN
was trading up 0.87 percent at 17,998.47, with 25 of its
components gaining. It rose to 18,010.07 early, its highest is
more than three months.

The benchmark is up 2.9 percent so far in 2010, with
foreign funds investing a net of $6.8 billion in Indian
equities. In 2009, foreigners had bought a record $17.5 billion
of stocks and powered the index up 81 percent.

Factory output in May probably rose 16 percent from a year
earlier, lower than an annual growth of 17.6 percent in April,
a Reuters poll showed. [ID:nSGE66707T]

Trade Minister Anand Sharma said on Friday India’s gross
domestic product growth is expected to return to “9 percent
plus” this year, led by strong corporate performance and rising
savings levels, is also expected to support sentiment.
[ID:nSGE6680FV]

Financials led the gainers on expectations of a pick up in
loan demand. Top lender State Bank of India (SBI.BO) rose 0.5
percent while rivals ICICI Bank (ICBK.BO) and HDFC Bank
(HDBK.BO) were up 1.2 percent and 1.8 percent respectively.

Mortgage lender Housing Development Finance Corp (HDFC.BO)
climbed 1.5 percent.

In the broader market, gainers were thrice the number of
losers with 123 million shares changing hands on the BSE.

The 50-share NSE index was up 0.8 percent at
5,392.55.

STOCKS ON THE MOVE

* Bharti Airtel (BRTI.BO) was up 0.2 percent at 208.95
rupees, after the top mobile operator said it would invest $150
million in Kenya to help boost network and capacity
distribution. [ID:nLDE6680W3]

* Vehicle maker Ashok Leyland (ASOK.BO) rose 0.9 percent to
70.10 rupees as Goldman Sachs started coverage on the stock
with a “buy” rating.

* Wind turbine maker Suzlon Energy (SUZL.BO) gained 0.9
percent to 59.20 rupees after it said it had received an order
from India’s Malpani Group to set up, operate and maintain two
wind power projects of 19.8 megawatt capacity. [ID:nSGE66B03T]

MAIN TOP THREE BY VOLUME

* Shree Ashtavinayak (SACV.BO) on 2.8 million shares

* Idea Cellular IDEA on 2.1 million shares

* IPCA (IPCA.BO) on 1.9 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report [INR/]
* Indian bond report [IN/]
* Yen dips, longs shed on Japan ruling party woes [FRX/]
* Oil hovers at $76 after China trade data [O/R]
* Japan’s Nikkei rises, brushes aside election [MKTS/GLOB]
* Wall St marks best week in a year; earnings on tap [.N]
* For closing rates of Indian ADRs INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares rise as telcos soar on stocks upgrade

July 10, 2010 By Leave a Comment

MUMBAI, July 9 (Reuters) – Indian shares rose 1.1 percent on Friday, with telecom stocks cheering an upgrade by Credit Suisse, and Infosys Technologies (INFY.BO) testing new high on better earnings expectations ahead of its quarterly results next week.

Top mobile operator Bharti Airtel (BRTI.BO) soared as much as 10.4 percent, while rivals Reliance Communications (RLCM.BO) and Idea Cellular (IDEA.BO) climbed as much as 3.9 percent and 14.7 percent respectively.

Credit Suisse upgraded Bharti to “outperform” from “neutral”, Reliance Communications to “neutral” from “underperform”, and Idea Cellular (IDEA.BO) to “outperform” from “underperform”.

“We believe that concerns on competition, regulation, 3G auction fee and RIL’s entry have been overstated,” Credit Suisse said in a note on Thursday.

By 11:59 a.m. (0629 GMT), the 30-share BSE Index .BSESN was trading up 1.05 percent at 17,836.50 points, with 25 of its components in the green.

“There are expectations built that IT and telecom stocks may surprise market on the positive side at June-quarter results,” said Deven Choksey, managing director and CEO of KR Choksey Shares.

“As far as telecom stocks are concerned, the valuations are cheap. All negatives are priced in, and prices cannot dip from here.”

The benchmark is up 2.2 percent so far this week. It has gained 0.8 percent this month on the back of around 107 million inflows from foreign funds.

IT bellwether Infosys, which unveils its quarterly earnings on June 13, rose as much as 1.9 percent to a record high of 2,879.90 rupees. Its earnings are often dubbed as a trendsetter for the sectoral peers.

“We expect robust results from Tier 1 IT vendors to demonstrate the underlying demand strength,” Macquarie said in a note. It expects Infosys to raise fiscal year 2011 U.S. dollar revenue growth guidance to 17-19 percent from 16-18 percent.

Its peers Tata Consultancy Services (TCS.BO) and Wipro (WIPR.BO) rose 0.1 percent and 0.9 percent respectively.

Lenders continued to rise on expectations that credit demand would pick up on the back of robust economic growth.

The country’s top lender State Bank of India (SBI.BO) was up 0.8 percent while leading private-sector rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) gained 0.8 percent and 1.6 percent respectively.

Bajaj Auto (BAJA.BO) rose 0.5 percent after the auto player signed an agreement with Renault-Nissan alliance (RENA.PA) (7201.T) to manufacture an ultra low-cost car to be sold in India and other emerging markets, which would be a rival to Tata Motors’ (TAMO.BO) Nano. [ID:nSGE6670H5]

In the broader market, gainers were nearly double the losers in a volume of 191 million shares.

The 50-share NSE index was up 1 percent at 5,351.95 points.

STOCKS ON THE MOVE

* Pratibha Industries (PRTI.BO) was up 1.1 percent at 415 rupees as the construction firm said it has won a project from National Highways Authority of India for two-laning of a section of NH-86. [ID:nWNBS0455]

* KPIT Cummins Infosystems (KPIT.BO) rose after the software firm said on Thursday it is considering buying a German automotive product company with revenue earnings below $5 million at its board meeting scheduled on July 13. [ID:nWNBS0452]

MAIN TOP THREE BY VOLUME

* Idea Cellular on 8.5 million shares

* Bharti Airtel on 5.7 million shares

* Shree Ashtavinayak (SACV.BO) on 2.3 million shares

FACTORS TO WATCH * For technical analysis double click on www.reutersindia.net * Indian rupee report [INR/] * Indian bond report [IN/] * Euro holds near 2-mth highs, high-yielders firm [FRX/] * Oil set for 5 pct weekly gain on U.S. demand [O/R] * Asian stocks lifted by US data; euro holds gains[MKTS/GLOB] * Wall St up for 3rd day on data, retail sales [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares rise 1 pct; telecoms, techs lead

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Indian shares extended gains to 1 percent on Friday morning, with telecom stocks and IT firms leading the gains.

Infosys Technologies (INFY.BO) rose as much as 1.9 percent to a record high of 2,879 rupees ahead of its quarterly earnings on Tuesday.

Leading telecom firms Bharti Airtel (BRTI.BO) and Reliance Communications (RLCM.BO) rallied as much as 8.2 percent and 2.8 percent respectively, after Credit Suisse upgraded Bharti to “outperform” from “neutral” and Reliance Communications to “neutral” from “underperform”.

At 10:01 a.m. (0431 GMT), the 30-share BSE index .BSESN was up 1.04 percent at 17,834.45 points, with 28 components advancing.

The 50-share NSE index was up nearly 1 percent at 5,348.60. (Reporting by Ami Shah)

Filed Under: International News Tagged With: , , , , , , , , , , , , , ,

Indian shares up 0.5 pct; IT companies lead

July 7, 2010 By Leave a Comment

MUMBAI, July 6 (Reuters) – Indian shares were trading 0.5 percent higher on Tuesday, with software outsourcing firms leading the gains, as Asian markets bounced back from early losses and as the revival of monsoon boosted sentiment.

Software majors rose on expectations of good volume growth at its June quarter results, to be unveiled later this month.

“We expect the big three to report strong 5.1 percent to 6.5 percent surge in volumes quarter-on-quarter,” brokerage Edelweiss said in a note, referring to Tata Consultancy Services (TCS.BO), Infosys Technologies (INFY.BO) and Wipro (WIPR.BO).

By 11:10 a.m. (0540 GMT), the 30-share BSE Index .BSESN was trading up 0.52 percent at 17,532.65 points, with 25 of its components gaining.

A revival of June-September monsoon rains, the main source of water for India’s summer-sown crops, also boosted sentiment.

Monsoon rains advanced into its key grain-producing states of Punjab and Haryana, narrowing the shortfall since June 1 to 13 percent from 16 percent earlier. [ID:nSGE6640CS]

“Recovery in rainfall is a key positive. Monsoon and June quarter earnings will be closely watched for further cues,” said Neeraj Dewan, director of Quantum Securities.

Edelweiss expects June-quarter earnings growth for Sensex to come at 6.1 percent on a year-on-year basis.

Foreign funds have poured in $6.8 billion so far this year after pumping in a record $17.5 billion in 2009, which had fuelled a rally of 81 percent.

Top IT firm TCS was up 1.9 percent while rivals Infosys and Wipro rose 0.9 percent and 1.4 percent respectively.

Energy giant Reliance Industries (RELI.BO), which has the highest weight on the main index, climbed 0.5 percent to 1,073.60 rupees.

Lenders shrugged off a hawkish interest-rate outlook and advanced on hopes that a strong economic growth would boost demand for loans.

A Reuters poll forecast the central bank is likely to raise interest rates again in its quarterly review on July 27, topping up its last Friday’s quarter-point rate hike. [ID:nBMA007957]

Top lender State Bank of India (SBI.BO) was up 0.8 percent while leading private-sector rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) climbed 0.7 percent and 0.6 percent respectively.

In the broader market, gainers led losers in a ratio of 1.7:1 in a volume of 147 million shares.

The 50-share NSE index was up 0.5 percent at 5,263.90 points.

STOCKS ON THE MOVE

* Eicher Motors (EICH.BO) was up 2.5 percent at 954.20 rupees, after VE Commercial Vehicles, the joint venture between the company and Sweden’s Volvo (VOLVb.ST) said its trucks and buses sales jumped 43 percent in June. [ID:nBMB010925]

* Network18 (NEFI.BO) rose 3.1 percent to 161.35 rupees, after it said late Monday it will consider selling its stake in London-listed Indian Film Company Ltd (JS6.L) to Viacom 18, a joint venture between its unit IBN18 Broadcast (IBN.BO) and U.S.-based Viacom Inc (VIA.N). [ID:nSGE6640ER]

TOP THREE BY VOLUME

* Spicejet (SPJT.BO) on 29.7 million shares

* Jindal Cotex (JICL.BO) on 2.8 million shares

* IFCI (IFCI.BO) on 2.7 million shares

FACTORS TO WATCH * For technical analysis double click on www.reutersindia.net * Indian rupee report [INR/] * Indian bond report [IN/] * Dollar and yen gain on renewed caution, Aussie down [FRX/] * Oil extends drop to 4-week low on economic pessimism [O/R] * Asia stocks fall on growth worry; yen climbs [MKTS/GLOB] * Wall St dips on jobs data, worst week in 2 mths [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares choppy after rate rise; RENR tumbles

July 6, 2010 By Leave a Comment

NEW DELHI, July 5 (Reuters) – Indian shares seesawed on
Monday after an earlier-than-expected rate rise by the central
bank, while disappointing U.S. jobs data added to fears of a
sharp global slowdown in the second half of the year.

Reliance Natural (RENR) (RENR.BO) shed more than a quarter
of its value after a deal to fold into sister firm Reliance
Power (RPOL.BO) valued the company at $1.5 billion, lower than
its market capitalisation on Friday. [ID:nSGE66406S]
[ID:nSGE663015]

Shares in lenders such as State Bank of India (SBI.BO) and
ICICI Bank (ICBK.BO) were slightly positive after falling in
early deals. The banking sector index .BSEBANK was trading
0.3 percent up after falling as much as 0.5 percent early.

The real estate sector index .BSEREAL was down 0.1
percent.

The Reserve Bank of India raised interest rates late on
Friday, almost a month earlier than expected, and analysts said
it would likely follow up the quarter point hike with another
move on July 27, due to concerns about inflation above 10
percent. [ID:nSGE6610I8]

At 10:39 a.m. (0509 GMT), the main 30-share BSE index
.BSESN was up 0.06 percent at 17,472.48, with 11 of the
components falling. The index opened higher before turning
negative.

The benchmark had dropped 0.6 percent last week, its first
weekly loss in three.

“Global cues are not great and the markets are not cheap at
this level,” said Gajendra Nagpal, Chief Executive at New Delhi
brokerage Unicon Financial Intermediaries.

“But the positive thing is the market seems to have taken
the interest rate increase in its stride and is willing to move
on,” he said.

India’s services sector expanded at its fastest clip in two
years last month, led by increases in business expectations and
new orders, a survey showed. [ID:nLDE66117J]

After dipping slightly in May, the HSBC Markit Business
Activity Index, based on a survey of 400 firms, rose to 64.0 in
June from 58.2 last month, pointing to a substantial rate of
growth. Any figure above 50 indicates expansion.

Macquarie analysts wrote in a note rising interest rates
may not immediately translate into higher lending rates due to
large differential between deposit growth and credit growth,
and would likely curb margins of lenders.

High risk sectors like real estate and retail loans could
be the first ones to see an increase in rates, they said.

Shares in Reliance Natural were down 26 percent at 46.85
rupees, after falling to 45.50, their lowest level since May
21. Reliance Power shares were up 3.1 percent at 180.65 rupees,
after climbing to 189.80, their highest in more than a year.

Reliance Natural Resources shareholders will receive one
Reliance Power share for every four they hold, the firms, both
controlled by billionaire Anil Ambani, said on Sunday.

In the broader market, 1,475 gainers were ahead of 931
losers on moderate volume of about 89 million shares.

The 50-share NSE index was up 0.12 percent.

STOCKS ON THE MOVE

* Ashok Leyland (ASOK.BO) rose 2.5 percent after the firm
reported late on Friday its June commercial vehicle sales more
than doubled from a year earlier. [ID:nSGE6610JR]

* Power Grid Corp of India (PGRD.BO) were down 1.3 percent
after the company said its board approved a follow-on public
offer of 20 percent of existing equity. [ID:nBMB010915]

* Ankit Metal & Power (AMPL.BO) rose by the 10 percent
upper limit on news the company would consider an issue of
rights shares. [ID:nBSE9lzM4W]

* Media firms Television Eighteen India Ltd (TVET.BO),
IBN18 Broadcast (IBN.BO) and Network18 Media (NEFI.BO) rose
after the companies said their boards would meet on July 7 to
consider a restructuring proposal. [ID:nSGE6610HN]

TOP THREE BY VOLUME

* Reliance Natural Resources on 8.4 mln shares

* Reliance Power on 4.5 mln shares

* B.A.G. Films (BAGF.BO) on 1.4 mln shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee flip-flops tracking shares; dlr eyed
[INR/]
* Indian bond yields, swaps rates jump on rate hike
[IN/]
* FOREX-Dollar soft on recovery question, euro pauses
[FRX/]
* NYMEX-Oil rebounds from 3-week low, stays above $72
[O/R]
* Asia stocks inch up but outlook uncertain
[MKTS/GLOB]
* US STOCKS-Wall St dips on jobs data, worst week in 2 mths
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Devidutta Tripathy; Editing by Ranjit
Gangadharan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares drop 1.1 pct; Maruti falls, Fortis up

July 2, 2010 By Leave a Comment

MUMBAI, July 1 (Reuters) – Indian shares got off to a shaky start to the new quarter, falling 1.1 percent on Thursday as doubts resurfaced about the global economic recovery and a slower manufacturing growth at home.

A survey showed Indian manufacturing growth cooled in June from a surge in activity the prior month, mainly due to slowing production and rapidly easing input price pressures. [ID:nBMA007940]

Leading car maker Maruti Suzuki (MRTI.BO) fell as much as 3.1 percent after sales growth in June slowed from the previous month, partly due to a 6-day shutdown of its plants for maintenance work. [ID:nSGE660080]

Asian stocks dropped as manufacturing data showed China’s rapid economic growth was slowing and as fresh worries about Europe’s fiscal health hit risk appetite.

“The scene is not looking good in the near term. We have some or the other bad news coming in from Europe every other day,” said Kunal Sukhani, manager of institutional equities at brokerage Asian Markets Securities.

Shares in Fortis Healthcare (FOHE.BO) swung widely after the company launched a bid valuing Singapore hospital operator Parkway Holdings (PARM.SI) at $3.1 billion, topping a bid by rival suitor Malaysian state fund Khazanah. [ID:nSGE66002F]

By 11:17 a.m. (0547 GMT), the 30-share BSE index .BSESN was trading down 1.07 percent at 17,512.18, with 27 of its components declining.

Fortis was trading 1.5 percent higher after falling as much as 3.4 percent.

Financials dropped ahead of food and fuel price data due around 0630 GMT.

Top lender State Bank of India (SBI.BO) was down 1.1 percent while rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) dropped 2.4 percent and 0.7 percent respectively.

In the broader market, gainers and losers were almost equal in number on volume of 169 million shares.

The 50-share NSE index was down 1.2 percent at 5,250.25.

The BSE index rose 4.5 percent in June, posting its best monthly gain since March. The rise was powered by foreign funds who pumped in $2.1 billion June 1-29, reversing withdrawal of $2 billion in May when the benchmark fell 3.5 percent.

For April-June, the index rose 1 percent, climbing for the sixth straight quarter in its longest run in at least 20 years.

STOCKS ON THE MOVE

* TVS Motor Co (TVSM.BO) was up 1.6 percent at 121.15 rupees as June two-wheeler sales of the No. 3 motorcycle maker rose 36 percent from the same period a year earlier. [ID:nBMB010904]

* Drug maker Parabolic Drugs (PARB.BO) (PARB.NS) debuted on the BSE at 76.8 rupees, up 2.4 percent from its issue price of 75 rupees. [ID:nSGE660056]

The stock erased all gains and was trading lower at 66.95 rupees.

MAIN TOP 3 BY VOLUME

* Redington (REDI.BO) on 11.5 million shares

* IFCI (IFCI.BO) on 6.4 million shares

* Parabolic Drugs on 3.9 million shares

FACTORS TO WATCH * For technical analysis double click on www.reutersindia.net * Indian rupee report [INR/] * Indian bond report [IN/] * Euro hits record low vs Swiss franc, Aussie down [FRX/] * Oil tumbles 4th day on China economic growth worries [O/R] * Stocks, commodities fall on China slowdown [MKTS/GLOB] * Wall St tumbles to worst quarter since Lehman fall [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; Editing by Ranjit Gangadharan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares extend losses to 1 pct on weak Asia

July 1, 2010 By Leave a Comment

June 29 (Reuters) – Indian shares extended losses to 1 percent on late Tuesday morning, with financials leading the decline, hurt by weak Asian stock markets.

Financials

At 11:52 a.m. (0622 GMT), the 30-share BSE index .BSESN was down 1.09 percent at 17,685.60 points, with 28 components declining.

The 50-share NSE index was down 1.2 percent at 5,272.20 points. (Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , ,

Indian shrs down 0.6 pct; financials, Reliance drop

July 1, 2010 By Leave a Comment

MUMBAI, June 29 (Reuters) – Indian shares dropped 0.6 percent on Tuesday, with energy giant Reliance Industries (RELI.BO) and financials leading the decline, tailing the losses in Asian equities.

Top-listed Reliance Industries, which has the highest weight on the Sensex, was down nearly 1 percent at 1,077.45 rupees. It had rallied 3.5 percent over the two previous sessions.

By 11:17 a.m. (0547 GMT), the 30-share BSE Index .BSESN was trading down 0.64 percent at 17,660.56 points, with 23 of its components declining.

It has gained 4.3 percent so far this month and is on track to post its best monthly performance since March.

“Valuations do look stretched for now. Earnings should provide more cues,” said Prakash Diwan, head of institutional business at Networth Stock Broking.

“We expect some profit-booking over the next 7-10 days.” The benchmark is up 0.8 percent so far this quarter, outperforming the MSCI’s broadest index of Asia-Pacific shares outside Japan .MSAPJ0000PUS, which is down 6.7 percent this quarter, and may post its biggest quarterly drop since the post-Lehman selloff in 2008.

For the year-to-date, Sensex is up 1.2 percent powered by inflows of $6.5 billion from foreign funds.

State Bank of India (SBI.BO), India’s largest lender, recouped some of the early losses, after it set a lower-than-expected base rate of 7.5 percent. ID:nBMA007918]

The stock was up 0.4 percent.

The central bank introduced the new lending rate system or the base rate, to ensure that larger borrowers do not bargain for cheaper rates from banks, distorting their asset-liability management.

“The tone of central bank seems to be hawkish for now. It is also clear that we can see unexpected moves any time by the central bank,” said Diwan. Leading private-sector rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) dropped 1.1 percent and 1.2 percent respectively.

Vehicles maker Tata Motors (TAMO.BO) shed 0.8 percent on fears of equity dilution and lower earnings per share after it approved raising $1 billion through equity and convertible bonds to reduce debt and for expansion. [ID:nSGE65S03Z]

State-run oil explorer Oil & Natural Gas Corp (ONGC.BO) was down 1.2 percent, after gaining 9.2 percent in last two sessions following India’s decision to ease price controls on gasoline and raise other fuel rates.

In the broader market, gainers led losers in a ratio of 1.2:1 in a volume of 175 million shares.

The 50-share NSE index was down 0.7 percent at 5,295.05 points.

STOCKS ON THE MOVE

* AstraZeneca Pharma India (ASTR.BO) jumped 20 percent to 1,207.05 rupees on a voluntary delisting plan. It said on Tuesday its board has approved a proposal to voluntarily delist the shares of the company from stock exchanges. [ID:nBMB010888]

* Maytas Infra (MAIL.BO) was down nearly 2 percent at 212.80 rupees, after the construction firm said its FY10 sales slipped by more than a third to 10.98 billion rupees. [ID:nSGE63J06Y]

* State-run oil marketing companies Hindustan Petroleum Corp (HPCL.BO), Bharat Petroleum Corp (BPCL.BO) and Indian Oil Corp (IOC.BO) dropped between 1.1 and 1.8 percent as traders booked profits after the recent rally in the pack, dealers said.

MAIN TOP 3 BY VOLUME

* Reliance Natural Resources (RENR.BO) on 3.7 million shares

* NHPC (NHPC.BO) on 3.5 million shares

* GTL Infrastructure (GTLI.BO)on 3 million shares

FACTORS TO WATCH * For technical analysis double click on www.reutersindia.net * Indian rupee report [INR/] * Indian bond report [IN/] * Euro extends drops vs yen on funding jitters [FRX/] * Oil falls below $78 as Alex may skirt U.S. production [O/R] * Asia shares slip; debt puts euro on defensive [MKTS/GLOB] * Wall St slips as energy offsets consumer gains [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; editing by Malini Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares drop 0.5 pct; financials fall

June 26, 2010 By Leave a Comment

MUMBAI, June 25 (Reuters) – Indian shares fell on Friday
with financials leading the losses in tandem with world markets
on expectations of tighter financial regulation ahead of the
weekend G20 meeting and uncertainty about the global economic
recovery.

By 11:21 a.m. (0551 GMT), the 30-share BSE Index .BSESN
was trading down 0.5 percent at 17,641.47 points, with
two-thirds of its components declining.

“The state of affairs overseas are pretty confusing. We do
not know if the worst is over for Europe,” Manish Sonthalia,
who manages $200 million of assets at brokerage Motilal Oswal.

Foreign funds have invested around $1.7 billion so far in
June and helped the BSE index rise 4 percent in the period, but
traders were wary about the outlook because of uncertainties in
the euro zone and elsewhere.

In May, foreigners had pulled out $2 billion in the wake of
fiscal troubles in Europe.

Differences among G20 leaders ahead of a summit in Toronto
over how to secure the economic recovery caused investor
concern, particularly with leading indicators reflecting a
slowdown ahead. [ID:nN24260273]

Leading lender State Bank of India (SBI.BO) dropped 0.9
percent, while rivals ICICI Bank (ICBK.BO) and HDFC Bank
(HDBK.BO) were down 1.7 percent each.

The financials were also weighed down after data on
Thursday showed food inflation in Asia’s third-largest economy
accelerated in mid-June, maintaining pressure on the central
bank to tighten monetary policy at a faster pace.
[ID:nSGE65N07G]

Energy giant Reliance Industries (RELI.BO), which has the
highest weight on the Sensex, was down 0.4 percent at 1,046.90
rupees.

IT bellwether Infosys Technologies (INFY.BO) shed 1.1
percent after rising 1.8 percent over two previous sessions.

Metal makers were trading lower as London copper futures
MCU3=LX fell.

Non-ferrous metals producer Sterlite Industries (STRL.BO)
and aluminium maker Hindalco (HALC.BO) dropped 2.2 percent and
0.9 percent respectively.

Tata Steel (TISC.BO), the world’s eighth-largest steelmaker
by output, declined 0.9 percent.

“On the domestic front, the situation is not worrying.
Monsoon is a bit below normal but hopefully things should
improve,” Sonthalia said.

Monsoon rains, vital to India’s trillion-dollar economy,
were 21 percent below normal in the week to June 23, reflecting
slow progress since the season began in June. [ID:nSGE65N03X]

Still, market participants are upbeat on the outlook for
the rest of the year because of a pick-up in economic growth.

The BSE index should gain 7 percent to 19,000 points by the
end of 2010 from Thursday’s close, the median estimate in a
Reuters poll of 20 market participants showed, while 17
forecast it rising over 18 percent by the end of June 2011 to
21,000. [ID:nSGE65L0GF]

In the broader market, losers almost equalled the number of
gainers on volume of 154 million shares.

The 50-share NSE index down 0.6 percent at
5,291.10.

STOCKS ON THE MOVE

* Bharti Airtel (BRTI.BO) rose 0.6 percent to 264.75 rupees
after India’s top mobile operator said it would spend $150
million to improve its network in Zambia, as it challenges MTN
Group (MTNJ.J) for dominance in fast-growing Africa.
[ID:nLDE65N1YE]

* Suzlon Energy (SUZL.BO) was up 0.6 percent at 58.05
rupees after the wind turbine maker said it had received a
48.3-megawatt order from a Chinese wind power producer.
[ID:nBMA007896]

MAIN TOP 3 BY VOLUME

* Reliance Natural Resources (RENR.BO) on 5 million shares

* GTL Infrastructure (GTLI.BO) on 4.6 million shares

* Mahindra Satyam (SATY.BO) on 2.2 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Yen near 1-month high vs dollar on quarter flows
[FRX/]
* Oil falls with equities; Caribbean storm brews
[O/R]
* Asia stocks dip ahead of G20, dollar steady
[MKTS/GLOB]
* Market sinks on fragile recovery fears
[.N]
* For closing rates of Indian ADRs
INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares up 0.3 pct; metals, Reliance up

June 25, 2010 By Leave a Comment

MUMBAI, June 24 (Reuters) – Metal makers led Indian shares
0.3 percent higher on Thursday, helped by a jump in base metal
prices in London and rising domestic demand. Firmer Asian
equities also underpinned the market.

A strong pick-up in foreign fund buying spurred
short-sellers to cover their positions in monthly derivatives
on the National Stock Exchange that expire on Thursday, traders
said.

Reliance Industries (RELI.BO), which has the heaviest
weight in the main index, was trading up 0.4 percent at
1,063.25 rupees after it struck a $1.36 billion deal to develop
shale assets of Pioneer Natural Resources (PXD.N), boosting its
presence in the U.S. shale gas sector. [ID:nSGE65N06C]

By 11:26 a.m. (0556 GMT), the 30-share BSE index .BSESN
was trading up 0.27 percent at 17,803.44, with 21 of its
components gaining.

“There is short-covering due to expiry. Rollovers have been
good,” said Gajendra Nagpal, CEO of Unicon Financial. He said
with foreign funds turning net buyers the outlook had improved.

Foreigners have bought around $1.7 billion of India
equities so far this month, and helped the benchmark index rise
more than 5 percent in the period.

In May, they had dumped shares worth $2 billion as euro
zone’s fiscal troubles rattled investors.

Tata Steel (TISC.BO), which ranks eighth amongst global
steel makers, was trading up 1 percent, while non-ferrous
metals producer Sterlite Industries (STRL.BO) rose 1.4 percent
on firming metal prices.

London copper jumped aided by strong Japan output data and
technical factors as it chases a peak touched earlier this
week. [ID:nSGE65N00T]

Engineering and construction conglomerate Larsen & Toubro
(LART.BO) was up 1.5 percent, after dropping more than 4
percent over two previous sessions.

Auto companies advanced on expectations for robust sales
for June, dealers said.

Tata Motors (TAMO.BO) was up 0.5 percent, while Mahindra
and Mahindra (MAHM.BO) and Hero Honda (HROH.BO) rose 0.6
percent and 0.4 percent respectively.

In the broader market, gainers beat losers in a ratio of
2.6:1 on volume of 159 million shares.

The 50-share NSE index was up 0.3 percent at
5,338.85.

STOCKS ON THE MOVE

* Kotak Mahindra Bank (KTKM.BO) shed 2.2 percent to 766
rupees as Dutch financial services group ING (ING.AS) sold its
3.1 percent holding in the bank. [ID:nWEA7349] [ID:nSGE65N057]

* Edelweiss Capital (EDEL.BO) was up 1.6 percent at 523.10
rupees after the company said its board approved a one-for-one
bonus and five-for-one stock split.

* IT services firm HCL Technologies (HCLT.BO) was down 4.4
percent at 357 rupees, after 16.9 million shares or 2.5 percent
of equity changed hands through a series of block deals on
Bombay Stock Exchange at an average price of 357.83 per share.

MAIN TOP 3 BY VOLUME

* HCL Technologies on 25.9 million shares

* Suzlon Energy (SUZL.BO) on 3.4 million shares

* Mahindra Satyam (SATY.BO) on 2.7 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Dollar dips; Aussie inches up on new PM
[FRX/]
* Oil steadies; Fed, equity gains soothe
[O/R]
* Asian stocks gain on miners, dollar down
[MKTS/GLOB]
* S&P, Nasdaq dip, Dow up after Fed comments, home sales
[.N]
* For closing rates of Indian ADRs
INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Indian shares drop 0.4 pct; Infosys, Sterlite down

June 23, 2010 By Leave a Comment

MUMBAI, June 22 (Reuters) – Indian shares eased 0.4 percent
on Tuesday as investors took a breather after a 5.5 percent
rally over three weeks. Infosys Technologies (INFY.BO) and
Sterlite Industries (STRL.BO) led the decline.

“Investors are booking profits after the recent rally,”
said Kunal Sukhani, manager of institutional equities at
brokerage Asian Markets Securities.

“The trend should continue ahead of expiry on Thursday,” he
said, referring to the monthly derivative contracts on the
National Stock Exchange.

By 10:28 a.m. (0458 GMT), the 30-share BSE index .BSESN
was trading down 0.42 percent at 17,801.47 points, after rising
to a 2-½ month closing high in the previous session.

Two-third of its components were trading in the red.

Traders said the market was following the trend in other
Asian bourses that retreated as investors took profits from a
rally spurred by China’s weekend decision to give its currency
more flexibility.

Foreign funds have bought shares worth $1 billion so far in
June, after withdrawing $2 billion last month.

Infosys, the country’s No. 2 software services firm, was
down 0.9 percent after rising 2.4 percent over previous four
sessions. Tata Consultancy Services (TCS.BO) and Wipro
(WIPR.BO) were down 1.1 percent and 1.3 percent respectively.

Metals stocks pulled back after the bounce on Monday.
Non-ferrous metals producer Sterlite Industries and aluminium
maker Hindalco (HALC.BO) dropped 2.5 percent and 2.5 percent
respectively.

Tata Steel (TISC.BO), the world’s eighth largest
steelmaker, was down 1.4 percent.

The BSE metal index .BSEMET shed 1.6 percent after
jumping 5.2 percent on Monday.

In the broader market, gainers and losers were almost equal
in number on volume of 130 million shares.

The 50-share NSE index was down 0.4 percent at
5,332.85.

STOCKS ON THE MOVE

* Yes Bank (YESB.BO) was down 3.1 percent at 273.10 rupees,
after a source told Reuters Dutch lender Rabobank [RABO.UL]
sold about 11 percent in the private sector bank.
[ID:nSGE65L05H]

* MTNL (MTNL.BO) was up 2.8 percent at 65.50 rupees after
the Financial Express said Reliance Industries (RELI.BO) was in
initial talks with the state-run telecom firm to market its 3G
services as a franchisee. [ID:nSGE65L03K]

* Cox and Kings India (COKI.BO) rose 2.7 percent to 508.60
rupees after a senior official said the travel operator was
seeking shareholder approval to raise up to 20 billion rupees
via equity and debt to fuel its growth plans including domestic
and overseas acquisitions. [ID:nBMB010848]

MAIN TOP 3 BY VOLUME

* Yes Bank on 38.5 million shares

* Hindustan Motors (HMTR.BO) on 5.6 million shares

* IFCI (IFCI.BO) on 3.8 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Euro, Aussie pare post-yuan fixing gains
[FRX/]
* Oil falls as yuan impact on China imports seen limited
[O/R]
* Asia stocks fall as yuan euphoria fades
[MKTS/GLOB]
* Wall St ends lower as China yuan euphoria fades
[.N]
* For closing rates of Indian ADRs
INADR

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,
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