"Handshake across the Himalayas"
India and China will study new ways to ease tensions along their ill-defined border, Chinese Premier Li Keqiang said on Monday in his first foreign trip since taking office, which comes just weeks after a military stand-off between the Asian giants in the Himalayas. Full Article | Slideshow
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Indian shares end up; auto makers gain, Reliance recovers
* BSE ends up 0.3 pct; NSE adds 0.45 pct * HSBC's India manufacturing PMI rose slightly in October * Reliance reverses losses after company buys back shares By Manoj Dharra MUMBAI, Nov 1 (Reuters) - Indian shares provisionally ended higher for a second session on Thursday, led by gains in auto shares on higher-than-expected October vehicle sales, while technology firm Wipro Ltd rose after saying it will separate its non-IT units to focus on outsourcing. Reliance Industries Ltd recovered from a steep fall to end up 0.2 percent after a heavy share buy-back by the company. It fell as much as 2.1 percent after an anti-corruption activist accused the energy conglomerate of hoarding natural gas and exerting pressure on the government to favour it. Shares also found support from an index of manufacturing activity. HSBC's India manufacturing purchasing managers' index (PMI) nudged up in October to 52.9 from September's 10-month low of 52.8, implying the sector was showing signs of stabilisation, with a pickup in orders. "The earnings season has been mixed till now and no clear trend has emerged," said Kaushik Dani, a fund manager at Peerless Mutual Fund. "So, for now, the market will take cues from global developments." India's BSE index rose 0.3 percent or 56.32 points to end at 18,561.70 points, The 50-share NSE index rose 0.45 percent or 25.35 points to 5,645.05. Markets will closely await the outcome of the U.S. October ADP national employment index, due at 1215 GMT (05:45 p.m. local time) and U.S. weekly initial jobless claims, for the week ended Oct. 27, due at 1230 GMT (6 p.m. local time). Wipro Ltd, India's No.3 software services provider, said on Thursday it will fold all its non-IT businesses into a new company and focus exclusively on information technology. Wipro shares ended up 3 percent, after the company's Chief Financial Officer Suresh Senapaty said profit margins are expected to improve after the demerger. Shares in Titan Industries surged 10 percent, a day after posting better-than-expected operating profit margins for the July-September quarter, although its net profit was in line with estimates. ICICI Securities said it expects Titan to post improved earnings in the second half of the fiscal year. Telecom operator Bharti Airtel's shares ended up 4.26 p ercent on hopes of a price increase and lower competition due to higher spectrum prices, said traders. Utility vehicle maker Mahindra & Mahindra gained 1.74 percent after reporting a rise in sales of 29 percent in October. Tata Motors shares closed up 5 percent after reporting lower-than-expected 6 percent rise in vehicle sales, excluding JLR sales, in October. Godrej Properties rose 3.8 percent, largely driven by a significantly higher EBITDA growth. The company's net profit in the September quarter surged up 67.51 percent at 325.8 million rupees, higher than what the market expected. [ID : nWNBS3379] Among shares that fell were ITC Ltd, which dropped 1.15 percent, while Hindustan Unilever Ltd declined 1.67 percent, on concerns the government might implement standard packaging regulation for consumer products that may impact margins, dealers said. FACTORS TO WATCH * Yen weakens towards four-month lows versus dollar * Oil dips on expectations of weak demand post Sandy * Earnings lift European shares, euro edges lower * Foreign institutional investor flows * For closing rates of Indian ADRs ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General Asia Macro data <ECONASIA (Editing by Prateek Chatterjee; firstname.lastname@example.org)
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