India Insight

Reliance Industries posts biggest single-day gain since Sept 2012

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 blue-chip stock ended with gains of 5.3 percent at 828.30 rupees, posting its biggest single-day percentage gain since Sept 14, 2012. The stock, however, is still down around 13 percent from its 2013 high hit on Jan 21.

“The outlook looks quite positive,” said R K Gupta, managing director at Taurus Mutual Fund, adding that the stock could touch 1040 rupees if it manages to cross resistance at 870 rupees.

The oil ministry moved a cabinet note last week to raise the price of natural gas produced by firms such as Reliance to $6.7 from $4.2 per million metric British thermal unit presently. An increase in gas prices will be another trigger for the stock, Gupta said.

Tracking Sensex: Top five losers, gainers this week

By Sankalp Phartiyal and Aditya Kalra

It was a tough week for Indian shares as the BSE Sensex fell nearly 3 percent and the Nifty lost 3.3 percent as U.S. Federal Reserve chief Ben Bernanke’s suggestion that stimulus measures may be scaled back at one of their next few meetings dented sentiment.

Weak factory output data from China also spooked global markets, with the Nikkei plummeting more than 7 percent on Thursday.

Here are the top five Sensex gainers and losers for the week ending May 24:

LOSERS

State Bank of India (SBI): India’s largest lender was the worst Sensex performer this week with losses of 11.3 percent, taking a hit after posting its first quarterly net loss in two years on Thursday.

Tracking Sensex: Top five gainers, losers this week

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:

GAINERS

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”

Hindalco: Shares of India’s largest aluminium producer surged 8 percent this week. The stock extended gains throughout the week after rising 3.5 percent on Monday, on expectations of better realizations after copper prices rose more than 6 percent last Friday.

from Photographers' Blog:

India’s missing daughters

New Delhi, India

By Mansi Thapliyal

Atika, 10, woke up early one morning in August 2008 and was sent by her mother to buy a few items from a nearby shop. She returned and told her mother she would prepare tea for her father before quickly going to use a communal toilet close to her house. She never returned.

Ambika was a feisty 15-year-old high school student who took wrestling classes. Her mother returned home from work late in the night on October 10, 2010. She woke up the next morning and found her daughter missing.

Atika and Ambika are among the thousands of children who go missing from India's streets, schools and homes every year.

from Photographers' Blog:

Bollywood dreams

Mumbai, India

By Danish Siddiqui

The Hindi film industry or Bollywood can make a star, a household name out of anyone overnight. It can bring instant money, fame and the fan-following of millions from across continents.

Bollywood is an addiction for many that attracts thousands of aspirants to the breeding grounds, the city of Mumbai, everyday. I was keen to look at this other side of the glamour world. The side that entails the struggle to enter the world of aspiring dreamers and their struggles to become a star.

There is no time limit to becoming a nationwide sensation, a star in Bollywood. As one of the aspirants told me it's a gamble you take, forgetting all your worries about the results.

Updated: Delhi police helpline: if your stalking case is not urgent, please press 1

(Any opinions expressed here are those of the author, and not necessarily those of Thomson Reuters Corp.)

Citizens First: those are the two words at the top of the Delhi Police department’s website. An alternative could be: “first come, first served.”

I called the stalker line after receiving some text messages and telephone calls that made me feel unsafe. The upshot: a dispatcher routed my call to three police stations, none of which have a record of the complaint. Furthermore, it will take several days to get back to me with the results of any investigation. This is happening when the police are under intense criticism for not doing enough to prevent rape, harassment and assault, not to mention reports of their views on women. This latest incident was not an inspiring episode.

No consensus on sex, violence and censorship in Bollywood

(Any opinions expressed here are those of the author and not necessarily of Reuters)

Getting directors, producers and activists into a room to figure out Indian cinema’s connection to violence toward women, rape and crudeness in society can be like a family gathering. People shout, get angry and fail to solve fundamental problems because they can’t agree on anything.

The Siri Fort auditorium in New Delhi recently presented the latest forum for the debate. India’s Ministry of Information and Broadcasting held a six-day festival there to celebrate 100 years of moviemaking, and there was little agreement on how much responsibility Bollywood and the film industry bear for the poor attitude toward women that many people evince. It was perhaps a more pressing discussion than usual, given the name of the three-day workshop, “Cut-Uncut,” which dealt with official censorship in India, the role of sex and violence in movies and the influence of films on society.

Just another rape in India. Are we becoming numb?

(Any opinions expressed here are those of the author and not necessarily of Reuters)

A grim parlour game sometimes comes to mind when I read the latest story about someone raping a woman or a child in India. Is this the one that’s going to change everything? Is this the one that’s going to keep me up for days contributing to the news media’s coverage? Or is this just another rape?

There is no such thing as “just another rape” for a victim. Beyond the sexual violation, there is the torture. The physiotherapy student who was raped on a bus in New Delhi last December died as the result of injuries sustained by being penetrated with an iron rod. Everybody knows this, and everybody got angry, but anger runs out.

Book lovers in India lap up myths with a makeover

Mriganka Dadwal knows everything about the Ramayana, the ancient Hindu epic that tells the story of warrior-god Rama and the abduction of his wife Sita by the powerful demon king Ravana.

The journalist-turned-entrepreneur says she would love to read the epic from the point of view of the vanquished Ravana. And now she can.

With several mythological tales getting a modern makeover and imaginative retellings crowding bookshelves, Dadwal and millions of urban, educated Indians who prefer to read in English have more choices than ever before.

Samsung Galaxy S4 lands on Bangalore, hundreds get in line

By Sayantani Ghosh and Supantha Mukherjee

“I’m very excited. I’ve been waiting a couple of hours; I couldn’t get any sleep last night,” said Arif, an employee of UK retailer Tesco. He was near the front of the line of hundreds of people to line up at the UB City Mall in Bangalore to buy the new Galaxy S4 smartphone.

The phone went on sale at the Samsung store on Saturday, and Arif waited for about two hours for the privilege of spending 41,500 rupees, or about $763, on the new model, which comes with a 5-inch screen and 13-megapixel camera, and runs on Google’s Android platform.

Samsung is trying to increase its lead over Apple, a possibility for the South Korean company, considering the preference of many Indian shoppers for a good discount over products priced at the top of the line compared to their competitors. Both companies are now handing out discounts on some of their older models. The S4 also is competing with other phones on sale in India such as the HTC One and the BlackBerry Z10, not to mention Apple’s iPhone 5 — its primary rival.

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