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Dr Reddy’s touches 52-wk high after results

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MARKETS-SOUTHASIA-STOCKS/

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 in Dr Reddy’s closed 1.3 percent higher at 1638 rupees.

The drugmaker said domestic sales jumped 25 percent in the quarter, helping boost profits.

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Indiabulls Fin rises after results

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INDIA-BUDGET/

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

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MARKETS-SOUTHASIA-STOCKS/

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.

Nirma hits 32-month high on delisting

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MARKETS-SOUTHASIA-STOCKS/

Shares of detergent maker Nirma Ltd jumped 18 percent after the company said its board had approved a proposal by the promoters to acquire all outstanding shares of the company at 235 rupees per share and delist from the BSE and the NSE.

The counter rose to 264.85 rupees, its highest in 32 months before closing 7.1 percent higher at 240 rupees on the BSE with volumes of over 1 million shares.

Mahindra Satyam dives after results

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SATYAM/

Shares in Mahindra Satyam ended 8.7 percent lower at 90.25 rupees on Thursday after the company reported a net loss for 2009 and 2010 after market hours the previous day.

For the year ended March 2010, Satyam posted a net loss of 1.25 billion rupees on revenue of 54.8 billion rupees. For fiscal 2009, it had a loss of 81.77 billion, wiping out most of the revenue of 88.13 billion rupees.

Reliance Industries gains

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RELIANCE-OIL/Shares in Sensex heavyweight Reliance Industries rose over 2 percent in trade on news that was in talks with U.S.-based Chesapeake Energy to buy a stake in Eagle Ford shale gas project.

Reliance Industries closed 2.5 percent higher at 1026 rupees, having led the gainers list on the Sensex which ended at a fresh 32-month high at 19594.

BSE Realty Index gains

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INDIA

The BSE Realty Index closed 1.2 percent higher on Thursday while the broader market remained volatile and closed 0.4 percent lower at 19417.

Shares that boosted the sectoral index were DLF (up 2.6 percent), Unitech (up 1.5 percent) and Ansal Properties (up 2.1 percent). However, Omaxe dropped over 2 percent.

BSE IT index gains

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MARKETS-SOUTHASIA-STOCKS/

The BSE IT Index soared 2.49 percent in a broader market that closed 0.8 percent higher at 19,502 after U.S. retail sales data boosted optimism over recovery in the world’s largest economy.

Stocks which led the index rise were Oracle Finance (up 5.3 percent), Infosys (up 2.49 percent) and TCS (up 2.1 percent).

Tata Motors rises to all-time high

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AUTOS INDIA TATAMOTORS

Tata Motors rose to an all-time high on Tuesday, climbing nearly 4 percent on the back of strong investor confidence in a broader market that touched a 32-month high for the third consecutive session.

The scrip opened on a strong note and hit a life-time high of 1,067.50 rupees on the BSE before closing 2.7 percent up at 1054 rupees with volumes of 1.2 million shares.

Idea Cellular gains on Etisalat interest

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VIRGIN-TATATELESERVICES/Idea Cellular rose nearly 4 percent after Emirates Telecommunication Corp, the Arab world’s second-largest telecom operator by market value, said it had not ruled out investing in the company.

However, the Abu Dhabi-based operator said that it does not expect a deal with Reliance Communications in 2010.

Reliance Communication
is the only major local cellular carrier without a foreign strategic investor in the world’s fastest-growing mobile market.

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