Money on the markets

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HPCL, BPCL shares rise

Shares in oil marketing firms like BPCL and HPCL posted decent gains on Wednesday on hopes of a fuel price hike.

Oil Secretary told reporters India will soon take a decision on raising diesel prices, in an effort to lower the government’s subsidy bill and boost the financial health of oil marketing firms.

HPCL gained 3.4 perncet, BPCL rose 2.1 percent while IOC shares ended 0.75 percent up.

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Unitech shares rise

Shares in Unitech, one of India’s top listed realty firm, gained 5 percent on Tuesday even as other stocks in the realty index ended weak.

The BSE Realty index ended down nearly 1 percent, with stocks like Indiabulls Real Estate and DB Realty ending down around 5 percent.

Banking index falls more than 2 pct

It was not a great start to the week for banking counters, as the BSE Banking index dropped 2.3 percent on fears margins could be hit.

India’s top lender State Bank of India said it will raise deposit rates by between 50 and 150 basis points for various maturities, with effect from Dec. 7.

Murli Ind, Welspun, Ackruti and Brushman India slip on SEBI order

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Shares of Murli Industries, Ackruti City Ltd, Welspun Corp and Brushman India closed lower a day after SEBI (Securities and Exchange Board of India) said the firms had indulged in “fraudulent and unfair trade practices”.

SEBI on Thursday evening said the four firms had raised funds through a qualified institutional placement or foreign currency convertible bonds during 2007-2009 and the Dangi group was observed to be trading substantially in the shares of these firms around the same period.

Real estate index rises

Stocks of real estate firms posted decent gains on Thursday, with HDIL standing out with a 9 percent jump.

The realty index closed 2.2 percent higher, topping the BSE sectoral indices table.

IOC shares surge

Shares in Indian Oil Corporation ended 10.96 percent higher on Wednesday. Its chairman said the firm aims to raise $4.4 billion in January through a FPO and that the pricing for offer was likely to be at 450 rupees apiece.

Shares were up as much as 14 percent during trade.

The Indian government is selling a 10 percent stake, while the company will offer an equal number of new shares to raise 20 billion rupees, making the sale the biggest-ever share offering in the Indian market.

BSE realty index rises

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The BSE Realty Index pared early losses and closed 5.6 percent higher in a volatile Tuesday session.

Government data showed infrastructure sector output grew 7.0 percent in October from a year earlier, faster than an upwardly revised annual growth of 2.7 percent in September.

Reliance Industries gains

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Reliance Industries gained 3.7 percent on Monday, recovering from the recent underperformance.

Shares in India’s top listed firm closed at 998.2 rupees after helping the benchmark index gain more than 200 points.

Shares in real estate firms drop

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A labourer works at a construction site in the northern Indian city Lucknow February 7, 2006. REUTERS/Pawan Kumar/Files

Shares of real estate developers came under pressure on Thursday following the arrest of top public sector bankers the previous evening on corruption charges.

The CBI on Wednesday arrested five officials from state-run listed companies, including the chief executive of LIC Housing Finance, for taking bribes to facilitate large corporate loans.

Bank index falls on probe report

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The banking index ended 2.9 percent lower on reports pointing to a probe into loans issued by some financial institutions, adding to investor nervousness.

After market hours, the CBI arrested eight top officials from banks and financial firms on charges of taking bribes to grant corporate loans.

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