Money on the markets
A maturing market amid the mayhem
The BSE Banking index closed 2 percent higher on Thursday while the broader market ended 1.6 pct marginally over the 17,000 mark.
HDFC Bank ended 2.7 pct higher, Axis Bank gained 3.4 pct while SBI shares rose 1.2 pct up.
The Reserve Bank of India (RBI) may still raise interest rates before a scheduled policy review in July, HSBC had said, after data showed on Monday the economy grew an expected 8.6 percent in the final quarter of fiscal 2009/10.
Do you think the expected tightening in monetary policy may weigh on banking shares?
Shares in Reliance Communications jumped 11 percent on Wednesday following a newspaper report that UAE’s Etisalat was in advanced talks to buy a quarter of the Indian firm for 180 billion rupees.
Etisalat confirmed it is looking to buy a stake in an Indian mobile operator.
A stake sale could mean a change in strategy for Reliance Comm owner Anil Ambani, who has made several smaller acquisitions to expand his firm overseas.
Shares in Piramal Healthcare ended 11.8 percent lower at 502 rupees on Friday, after an announcement that pharmaceutical major Abbott will acquire Piramal Healthcare’s pharmaceutical solutions business for $3.72 billion.
Piramal Healthcare on Wednesday had denied reports that the founders were selling a stake in the drug maker, pushing its shares down more than 8 percent.
Shares in leading engineering and construction firm L&T continued their climb and closed 3.26 percent higher on Tuesday, after a good set of quarterly numbers declared on Monday.
The firm had said it was upbeat on outlook, which helped the stock reach its best closing level in four months.
Shares in ABB surged 23.4 percent to 831 rupees on Monday after promoter ABB Asea Brown Boveri Ltd sought to buy up to 22.9 percent in the firm at 900 rupees a share.
The offer was at about 34 percent premium to Friday’s closing price. Shares in ABB ended trade with volumes of 1.17 million shares.
Shares of personal products maker Godrej Consumer Products vaulted nearly 14 percent on Thursday to the top of the BSE Mid-cap index with volumes of 0.65 million shares.
On Wednesday, U.S.-based Sara Lee Corp had announced it would sell its 51 percent stake in Godrej Sara Lee Ltd joint venture to Godrej Consumer Products for $233.7 million. Godrej on Thursday said its revenues would rise 86 percent in FY11 following the buyout.
Metal stocks felt the heat on Tuesday after surging in the previous session, pulling the BSE Metals Index down 2.57 percent as copper prices dropped in London on euro zone worries.
The longer-term demand outlook in Europe and China also weighed on metal stocks and the sectoral index closed as the worst performer.
Shares in Cipla fell more than 6 percent on Monday to close at 319 rupees, even as the BSE Sensex surged 561 points.
Shares of the drugmaker tumbled as its March quarter net profit, announced on Friday, were below estimates.