Sensex posts 1st gain in four weeks, climbs 8.6%

Sensex posts 1st gain in four weeks, climbs 8.6%
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First Published: Fri, Jan 30 2009. 10 35 PM IST
Updated: Fri, Jan 30 2009. 10 35 PM IST
Mumbai: India’s benchmark stock index rose on Friday, posting its first weekly gain in four.
Larsen and Toubro Ltd (L&T) climbed after third quarter (Q3) profit more than tripled. Hindalco Industries Ltd advanced after reporting better-than- expected earnings.
L&T gained 4.4% as it built more roads and factories and sold its ready-mix concrete business. Hindalco added 6.3%, the most in more than two months.
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The Bombay Stock Exchange’s (BSE) Sensex added 187.96 points, or 2%, to 9,424.24. The index climbed 8.6% this week, paring a monthly loss to 2.3%. The S&P CNX Nifty index on the National Stock Exchange (NSE) rose 50.85 points, or 1.8%, to 2,874.80.
L&T added 4.4% to Rs690.25. Net income in the three months ended 31 December rose to Rs1,520 crore. Analysts had predicted a median estimate of Rs568 crore.
Hindalco advanced 6.3% to Rs48.95, the most since 10 November. Net income, excluding earnings from unit Novelis Inc., was Rs545 crore. That beat the Rs310 crore median estimate of analysts in a Bloomberg survey.
Akruti City Ltd fell Rs72.45, or 8.1%, to Rs819.40, the most since 26 September, after its Q3 profit declined 79% to Rs21.70 crore, on lower sales.
Bharat Heavy Electricals Ltd fell Rs37.45, or 2.8%, to Rs1,320.80 after reporting Q3 profit that missed analyst estimates. Net income rose 2.5% to Rs791 crore, below the Rs882 crore median estimate in a Bloomberg survey of five analysts.
Cairn India Ltd gained Rs4.35, or 2.7%, to Rs164.65 after the company reported a profit of Rs240 crore in the fourth quarter, compared with a loss of Rs13.91 crore a year earlier.
Jindal Steel and Power Ltd jumped Rs116.20, or 13%, to Rs1,032.75, the most since 10 November after the company said Q3 profit rose 2% to Rs325 crore.
Spice Communications Ltd jumped Rs19.35, or 73%, to Rs45.85, the most on record. The phone services operator in which Idea Cellular Ltd bought a controlling stake last year, had 26 times its six month daily average volume traded on Friday.
United Spirits Ltd rose Rs67.10, or 13%, to Rs593.40. The company will soon announce terms of the sale of a minority stake to Britain’s Diageo Plc., according to Ravi Nedungadi, chief financial officer of the UB Group, the Indian distiller’s parent company. Talks with Diageo have progressed well, Nedungadi said by phone on Thursday.
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First Published: Fri, Jan 30 2009. 10 35 PM IST
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