Money on the markets

Mutual fund investors rewarded for patience

Aditya Kalra

Oct 30, 2009 12:34 UTC

Equity fund investors had a lot to cheer about in the last seven months.

Stock market enthusiasts had almost given up hope after losing an average 52 percent in 2008, when the benchmark Sensex recorded its first annual fall after six years of gains. But a rally since the start of March has bought the smiles back.

By September 30, as many as 10 equity funds more than doubled their net asset values as fund managers bought into the global panic, data from global fund tracker Lipper, a Thomson Reuters company, showed. During the same period 145 Indian equity funds outperformed the 30-share Sensex, which returned 73 percent.

Domestic tax saving funds, which manage nearly 200 billion rupees ($4.3 billion dollars), also rose with the tide. The nation’s largest such fund, SBI Magnum Tax Gain, surged 83 percent.

Tax funds provide investors with an avenue to save up to 33,000 rupees in Income Tax, although the invested amount remains locked in for a period of three years.

M&M stock rises in weak market

Aditya Kalra

Oct 29, 2009 13:28 UTC

Shares in Mahindra & Mahindra rose nearly 4 percent to 928 rupees and ended as the top Sensex gainer, even as the benchmark index dropped over 200 points.

The company reported its quarterly numbers on Wednesday and said net profit nearly trebled, helped by cost cuts and strong sales.

Banking index drops after RBI move

Kshitij Anand

Oct 28, 2009 12:08 UTC

The BSE banking index slid more than 1.8 percent on concerns bank profits would be hit after the RBI raised the provision ratio for bad debts on Tuesday.

The RBI on Tuesday asked banks to increase the minimum provision ratio for bad debts to 70 percent from 10 percent by September 2010.

Realty index dives

Kshitij Anand

Oct 27, 2009 11:31 UTC

The BSE Realty Index slid nearly 8 percent to a two-month low on Tuesday after the Reserve Bank of India (RBI) withdraws some liquidity measures.

The BSE Realty Index ended 6.2 pct down, with the main losers being Puravankara (down 9.9 percent), Omaxe (down 9.6 percent), HDIL (down 8.6 percent) and Unitech (down 7.6 percent).

RBI Policy Review

Aditya Kalra

Oct 27, 2009 03:43 UTC

Reuters India brings to you breaking news on the Reserve Bank of India’s quarterly policy review.

Punj Lloyd dives

Kshitij Anand

Oct 26, 2009 13:40 UTC

Shares in Punj Lloyd shed over 16 percent on Monday after the engineering and construction firm reported September quarter net profit fell 63 percent to 0.53 billion rupees from 1.44 billion in the same period a year ago.

The stock ended 16.47 percent down at 217 rupees in a broader market which closed 0.4 percent lower.

It was among the top traded stocks on the BSE with volumes of over 6 million, its highest since May 21, 2009.

FMCG stocks outperform market

Aditya Kalra

Oct 23, 2009 13:18 UTC

The BSE FMCG index gained over 3 percent on Friday and ended as the top sectoral performer, even as the markets closed just 21 points up.

All stocks in the index, except Marico, closed in the green, led by Dabur India which rose 5.8 percent and ITC which gained nearly 5 percent.

Infosys shines in weak market

Aditya Kalra

Oct 22, 2009 12:31 UTC

Shares in Infosys gained over 2.1 percent on Thursday in a broader market that slipped over 200 points.

Gains in Infosys helped the BSE IT index close 0.8 percent higher. Eleven of 16 stocks in the IT index however closed in the red.

Banking index drops

Kshitij Anand

Oct 21, 2009 11:50 UTC

The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.

The benchmark 30-share Sensex has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.

Weak day for oil & gas stocks

Aditya Kalra

Oct 20, 2009 12:38 UTC

The BSE Oil & Gas index dropped 1.7 percent on Tuesday, ending as the top sectoral loser of the day as shares of Reliance Industries and ONGC slipped.

Essar Oil was the top loser in the index, closing down 4 percent. ONGC too came under pressure and slipped 2.4 percent.