Money on the markets
A maturing market amid the mayhem
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?
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.
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.
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.
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.
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.
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.
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.
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.