The cabinet on Tuesday approved the much awaited Real Estate (Regulation and Development) Bill that proposes to make India’s largely unregulated and once booming real estate sector more transparent.
Ajay Maken, minister of housing & urban poverty alleviation, in a government statement said the bill provides for a uniform regulatory environment to protect consumer interests and ensure orderly growth of the real estate sector.
Going by stock returns, lenders have had a mixed year so far. The BSE banking sub-index has gained less than 1 percent, as compared to the benchmark Sensex’s return of nearly 3 percent. Big banks such as the State Bank of India have lost 13 percent while HDFC Bank has gained around 4 percent. Some smaller players have struggled, with IDBI and Bank of Baroda falling more than 20 percent.
Investors and policymakers will be closely watching India’s fourth-quarter and full fiscal year 2012/13 gross domestic product (GDP) growth figures on Friday.
The economy grew 4.5 percent in the December quarter, but a Reuters poll has shown that Asia’s third-largest economy will likely perform a little better and expand by 4.8 percent in the quarter that ended in March.
Reliance Industries, India’s third-biggest company by market capitalization, surged more than 5 percent on Monday, after the conglomerate and its partners said on Friday they had made a significant gas discovery in the KG-D6 block.
Niko, the Canadian oil and natural gas producer which partners with Reliance and BP, said the discovery is expected to add to gas resources in the block without revealing potential reserves.
The BSE Sensex ended above the 20,000 mark on Friday after gaining 2.6 percent in the last five trading sessions. The index has now risen for four straight weeks. Here are the top five Sensex gainers and losers of the week:
Tata Motors: The automaker’s stock surged 8.15 percent in the week ending May 10, making it the best Sensex performer. Though the stock is still flat in 2013, it has gained nearly 15 percent since April. However, Ambareesh Baliga of Edelweiss Financial Services advises caution: “Tata Motors’ overdependence on Jaguar Land Rover (JLR) to negate the Indian underperformance makes it a risky investment at this juncture especially in view of lower margins at JLR”
(Any opinions expressed here are those of the author, and not necessarily those of Thomson Reuters Corp)
Are they parliamentarians, or do they just play ones on TV? After pushing through proposals on foreign investment in the retail and the aviation sector late last year, India’s elected representatives apparently have decided to get as little done as possible during the current session.
NEW DELHI (Reuters) – India’s diversified stock mutual funds outperformed the broader market marginally in April, with high exposure to financial services stocks supporting unit values, data from fund tracker Lipper showed.
Hopes that India’s current account deficit would narrow after commodity prices eased in April boosted shares, with the BSE Sensex rising 3.5 percent to its highest close in 1-1/2 months.
NEW DELHI, May 2 (Reuters) – India’s diversified stock
mutual funds outperformed the broader market marginally in
April, with high exposure to financial services stocks
supporting unit values, data from fund tracker Lipper showed.
Hopes that India’s current account deficit would narrow
after commodity prices eased in April boosted Indian shares,
with the benchmark index rising 3.5 percent to its
highest close in 1-1/2 months.
I live in India’s rape capital where rape cases are as common as power cuts used to be a few years ago. Even reports of police misbehaviour have become routine.
NEW DELHI (Reuters) – India’s diversified stock funds posted their worst quarterly performance in over a year as fund managers’ bets on small- and mid-cap shares and sectors like capital goods dented unit values, data from fund tracker Lipper showed.
Such funds fell 7.5 percent on average during the three-month period that ended in March, underperforming the Sensex’s drop of 3 percent by a wide margin, and registering their worst quarterly show since Oct-Dec 2011. In March, the funds registered a drop of 1.34 percent.