Money on the markets
A maturing market amid the mayhem
Banking index gains
The BSE Banking index rose 2.12 percent on Thursday as investors were optimistic about longer-term loan demand outlook in the economy.
Leading the index was IDBI Bank, which gained 5.2 percent, closely followed by SBI which ended 4.98 percent higher. Private sector lender ICICI gained 2 percent.
Only two stocks in the index – Union Bank and Yes Bank – ended in the red.
The banking sector index has risen close to 50 percent so far in 2010. Will you invest in this sector now?
Reliance Industries shares fall
Shares in Reliance Industries slipped 1.7 percent on Tuesday even as the broader market ended flat.
Shares in RIL, India’s top listed firm which reported forecast-beating results on Saturday, ended at 1074.35 rupees.
Bank stocks rise ahead of RBI review
The BSE Banking index rose 3.38 percent on Monday, with India’s top private bank, ICICI, posting smart gains.
IndusInd Bank ended as the top sectoral gainer, adding more than 8 percent, while ICICI Bank ended nearly6 percent higher at 1231 rupees.
Metal Index drops
The BSE Metal index fell 1.3 percent on Friday and aluminium maker Hindalco Industries slipped more than 5 percent in intra-day trade, largely tracking a fall in international metal prices.
Base metals fell an average 1.9 percent, with copper reversing the previous session’s gains ahead of U.S. GDP data and next week’s pivotal FOMC meeting.
Tech Mahindra drops after results
Shares of Tech Mahindra fell sharply on the first day of trade after the company declared a drop in Q2 profits after market hours on Tuesday.
Tech Mahindra said second-quarter net profit fell more than 10 percent as the IT services firm booked a charge related to its shareholding in Mahindra Satyam.
Idea Cellular down on weak Q2 results
Shares of Idea Cellular fell nearly 4 percent after the company’s quarterly net profit slipped to 1.80 billion rupees from 2.20 billion rupees a year ago.
Idea Cellular lagged market estimates as quarterly profit fell on lower call prices, but the firm said improving economic conditions and 3G services would boost revenue in future quarters.
Dr Reddy’s touches 52-wk high after results
Shares in Dr Reddy’s Lab soared to their 52-week high of 1667 rupees on the first day of trade after the company declared quarterly results.
Dr Reddy’s Laboratories Ltd, India’s No. 2 drugmaker by sales, on Saturday reported a 32 percent jump in net profit for the quarter ending September, topping estimates.
Indiabulls Fin rises after results
Shares of Indiabulls Financial Services rose more than 11 percent to a 52-week high after the company said its net profit for the September quarter more than doubled.
Indiabulls Financial Services’ net profit more than doubled to 1,726.8 million rupees in June-Sept quarter from 711.3 million rupees a year ago. The company is likely to post a compounded annual growth rate (GAGR) of 25 percent over three years, its top official said.
Indiabulls Real Estate rises
Shares in Indiabulls Real Estate rose over 2 percent on its plans to restructure its power and infrastructure business to help raise its net worth and meet funding requirement.
The move will also allow investors to diversify their portfolio into separate entities focused on real estate and power or infrastructure.
Weak day for metal stocks
The BSE Metals index ended down more than 2 perncent on Wednesday with stocks like Sterlite Industries and Sesa Goa slipping more than 3 percent. Tata Steel fell 2.7 percent.
Such stocks declined as base metals prices fell in London and Shanghai following a sell-off in the international market on Tuesday after China’s first rate rise since 2007.
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- Strong demand from FIIs for government debt quotas
- Rupee weakens to 2-1/2 month low; key support to be tested
- RIL restarts crude unit after brief shutdown
- Silver falls; gold heads for longest slide in four years
The Wall
