Tata Motors Ltd. (TTMT), owner of Jaguar Land Rover, climbed after sales rose 22 percent in December. Tata Consultancy Services Ltd. (TCS) and Infosys Ltd. (INFO), the two biggest software exporters, climbed at least 1.5 percent. Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, rebounded from its lowest level since March 2009.
The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.4 percent to 15,517.92 at the 3:30 p.m. close in Mumbai, its first gain in five days. The measure swung between gains and losses at least 22 times earlier in the day.
The Reserve Bank of India may reverse its record pace of rate increases to stimulate economic growth as inflation shows signs of easing, the British Broadcasting Corp. cited Governor Duvvuri Subbarao. The bank’s approach to managing inflation and growth will be different in 2012, Subbarao was cited as saying in an interview posted on its website today.
“One major thing that needs to be done is to start cutting interest rates aggressively,” Sunil Singhania, head of equities at Reliance Capital Asset Management Ltd., India’s second- biggest money manager with $17 billion in assets, told Bloomberg UTV today. “Hopefully, the Reserve Bank will face some heat from industrialists who have been asking for it. Even government departments have started asking for it.”
Worst Performer
The Sensex plunged 25 percent in 2011 and was the worst performer among the world’s biggest markets in dollar terms on concern a weak rupee, high inflation and record interest-rate increases would compound the effects of Europe’s debt crisis on earnings. The 30-stock gauge (SENSEX) trades at 13.5 times estimated profits, down from 21.5 times in March 2010. The MSCI Emerging Markets Index (MXEF) is valued at 10.1 times, after the measure dropped 20 percent last year.
Tata Motors, the maker of the world’s cheapest car, the Nano, surged 2.9 percent to 183.95 rupees. The stock plunged 32 percent last year. Maruti Suzuki India Ltd. (MSIL), the biggest carmaker, increased 2.2 percent to 938.9 rupees, halting a five- day 5.9 percent drop. Its sales have rebounded in November and December after plunging 53 percent in October due to labor unrest, according to company data.
Bajaj Auto Ltd. (BJAUT), the second-largest motorcycle maker, tumbled 7.3 percent to 1,475.5 rupees, its steepest slide since August 2009, leading a decline among peers after two-wheeler sales in December grew at the slowest pace in at least six months. Hero MotoCorp Ltd., the biggest, slid 3.5 percent to 1,838.85 rupees. TVS Motor Company Ltd. plunged 7.1 percent to 48.3 rupees, its biggest fall since December 2010. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment