Bloomberg Nov13, 2009 India Stocks Gain, Led By Steel Authority On State Share Plan

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Information about Bloomberg Nov13, 2009 India Stocks Gain, Led By Steel Authority On State...
Economy & Finance

Published on November 17, 2009

Author: Jagannadham

Source: slideshare.net

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“The auto sector is a leading indicator and will benefit when the eventual economic recovery happens,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd.

India Stocks Gain, Led by Steel Authority on State Share Plan By Rajhkumar K Shaaw Nov. 13 (Bloomberg) -- Indian stocks advanced, led by Steel Authority of India Ltd. and Oil & Natural Gas Corp., after the government said it will sell shares in state-run companies and increase the price of gas. Steel Authority gained 3.4 percent after the finance ministry said it’s among 60 state-run companies eligible for share sales, increasing optimism the government will act on election promises this year to reduce control of the economy. Oil & Natural Gas climbed 3.1 percent after Bloomberg-UTV reported that the government proposed a 31 percent increase in the administered price of natural gas. “The government has the intention for reforms,” said Principal PNB Asset Management Co.’s Pankaj Tibrewal, manager of the country’s best-performing equity fund this year. “This is a step in the right direction, but still a lot needs to be done.” The Bombay Stock Exchange’s Sensitive Index, or Sensex, added 152.80, or 0.9 percent, to 16,848.83. The Sensex has risen 4.3 percent this week, extending its biggest annual rally in 18 years with a 75 percent climb so far in 2009. The S&P CNX Nifty Index on the National Stock Exchange gained 0.9 percent to 4,998.95. The BSE 200 Index climbed 0.7 percent to 2,091.21. Steel Authority advanced 3.4 percent to 182.3 rupees. The Ministry of Finance is in talks with the steel and coal ministries to sell stakes in Steel Authority and Coal India Ltd., Sunil Mitra, secretary for asset sales at the finance ministry, said in New Delhi today. Oil & Natural Gas, India’s largest state-owned oil explorer, rose 3.1 percent to 1,184.1 rupees. Oil India Ltd., the nation’s second-biggest state-owned energy explorer, climbed 1 percent to 1,194.45 rupees. Leading Indicator Hero Honda Ltd. rose 3.8 percent to 1,578.9 rupees on optimism an economic recovery will benefit India’s largest motorcycle maker and car manufacturers. India’s economy may grow 6.2 percent in the year ending March 31, the Centre for Monitoring Indian Economy, a Mumbai- based research group, said in a statement. The group had in October forecast expansion of 6 percent.

Maruti Suzuki India Ltd., the nation’s biggest carmaker, increased 3.9 percent to 1,478.35 rupees. “The auto sector is a leading indicator and will benefit when the eventual economic recovery happens,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd. in New Delhi. Tata Consultancy Services Ltd. climbed 2.3 percent to 670.15 rupees. India’s largest software- services provider will build a services center in Michigan as part of the accord with Dow Chemical Co., the largest U.S. chemical maker, the Mumbai- based company said in a filing to the Bombay Stock Exchange today. Golden Tobacco Golden Tobacco Ltd. jumped 5 percent to 114.85 rupees after the Economic Times said that the tobacco maker is the subject of a hostile takeover bid by investor Pramod Jain. Network 18 Media & Investments Ltd., an Indian holding company that includes a television shopping channel among its assets, soared 16 percent to 86.05 rupees. The shopping channel unit raised $23.5 million to expand its business, the company said in a statement to the Bombay Stock Exchange today. Overseas funds bought a net 9.73 billion rupees ($208.9 million) of Indian stocks Nov. 11, the Securities and Exchange Board of India said on its Web site. The funds have bought 711.6 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.

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