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Business News/ Money / Personal-finance/  Markets up 0.9%; ICICI leads gains
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Markets up 0.9%; ICICI leads gains

Markets up 0.9%; ICICI leads gains

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Mumbai: Indian shares were trading 0.9% higher on Monday morning, led by gains in ICICI Bank as its June quarter results met street view, while firm regional markets and robust factory data also boosted sentiment.

Top private lender ICICI Bank reported a 17% rise in quarterly net profit, and forecast 15% credit growth in the year to March 2011, as loan demand from corporate and mortgage borrowers remain strong.

Credit Suisse raised ICICI Bank to “outperform" from “neutral" and raised the 12-month target price to Rs1,079 from Rs826. The stock rose as much as 3.4% to Rs935.

By 12:10am, the 30-share BSE Index was trading up 0.94% at 18,036.77 points, with 26 of its components gaining.

India’s HSBC Markit Purchasing Managers’ Index bounced back in July, driven by new orders and stronger factory output, rising to 57.6 in July from 57.3 in June when it slipped from a multi-year high.

“Market is responding to the recent results. The factory output is in line and monsoon is picking up," said Nitin Rakesh, CEO of Motilal Oswal’s asset management business. “We are cautiously optimistic and expect a 15% to 20% returns on the market over the next 1 year.

Inflows from foreign funds into Indian equities so far in 2010 stood at $10.3 billion, adding to last year’s record $17.5 billion inflows which had helped fuel the index rally 81%.

Some of the inflows were absorbed by primary market issuance. The main stock index has gained 3.3% so far this year.

Top mobile operator Bharti Airtel was up 3.7%, as cheap valuations attracted investors, dealers said.

Energy giant Reliance Industries, which has the highest weight on the Sensex, climbed 0.8% to Rs1,017.35.

Auto stocks rallied on robust July sales. Vehicle maker Tata Motors raced 1.1% after it said its India July unit sales rose 41%, while leading car maker Maruti Suzuki rose 1% on a 29% jump in July sales. Bajaj Auto firmed 1.2% after the no. 2 motorcycle maker said on Sunday its July vehicle sales jumped 65%.

In the broader market, gainers were double the number of losers in a volume of 167 million shares.The 50-share NSE index was up nearly 1% at 5,418.95 points.

The MSCI’s measure of Asian markets other than Japan was up 1.6% while Japan’s Nikkei firmed 0.4%.

STOCKS

Adani Enterprises rose 4.4% to Rs607.75 as a source with the direct knowledge of the matter told Reuters the company was close to buying a coal asset from Australia’s Linc Energy for about A$1 billion.

BGR Energy rose as much as 7.3% to Rs783, after the energy equipment supplier said late Friday its June quarter net profit trebled.

The stock pared some gains and was up 5.5% at Rs769.80.

Top engineering and construction firm Larsen & Toubro was up 1% at Rs1,815 as it said it received an order worth $1.4 billion from Jaiprakash Group to help set up a power plant in northern India.

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Published: 02 Aug 2010, 12:01 PM IST
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