Indian shares gain; Bharti Airtel leads
* BSE up 0.23 pct; NSE ended 0.1 pct higher * Bharti Airtel raises call charges in India * Corporate earnings of blue-chip cos eyed By Manoj Dharra MUMBAI, Jan 23 (Reuters) - Indian shares rose on Wednesday, led by gains in Bharti Airtel after the top Indian mobile carrier raised its call charges, but sentiments remain constrained ahead of key company results and a critical central bank decision on interest rates next week. The federal government is taking a series of steps to maintain confidence in the economy, assuring investors it is committed to fiscal prudence in the coming budget and brushing aside threats of a downgrade, as it eyes growth of 5.7 percent in the current fiscal year. Larsen & Toubro earnings will be on investors' radar on Thursday. The earnings are expected to remain subdued but management commentary on order guidance will be important. Maruti Suzuki earnings on Friday and central banks' rate meeting next week are the next big events being watched. "Earnings so far have been better than expectations, so there is a positive bias which would continue to drive markets," said Phani Sekhar, Fund Manager-PMS, Angel Broking. The benchmark BSE index rose 0.23 percent, or 45.04 points, to end at 20,026. The broader NSE index rose 0.1 percent, or 5.8 points, to end at 6,054.30. Shares in Bharti Airtel Ltd gained 4.46 percent after the company raised its voice call charges to account for rising costs, a move that is likely to boost its fourth-quarter earnings. ZEE Entertainment shares gained 5.51 percent after the company reported higher-than-expected margins and net profit, which stood at 1.93 billion rupees in the December quarter, led by higher subscription revenues. Blue chip companies that have reported better earnings so far also gained. ITC Ltd shares rose 1.25 percent while Reliance Industries Ltd gained 0.33 percent. Sun TV shares rose 3.56 percent after the company reported a higher-than-estimated December-quarter net profit at 1.9 billion rupees. Shares of FMCG major Hindustan Unilever (HUL) tumbled 4.34 percent, extending Tuesday's 2.8 percent loss, after the company said it decided to increase the rate of royalty payment to parent Unilever Plc. A number of brokerages downgraded the stock after the company's statement . Tata Motors shares fell 1.73 percent, with traders citing concerns over December-quarter earnings. However, shares in India's Housing Development & Infrastructure Ltd (HDIL) fell 14.4 percent after its Vice Chairman and Managing Director Sarang Wadhawan sold a partial stake in the company. HDIL said on Tuesday Wadhawan sold 5 million shares worth 570 million rupees ($10.59 million) in secondary markets, reducing his stake to 0.99 percent from 2.19 percent. Syndicate Bank shares fell 5.36 percent after its adjusted profits missed estimates. FACTORS TO WATCH * Yen extends gains after BOJ, support seen for euro * Oil holds firm before US stockpile data * Shares gains capped as corporate earnings eyed * 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 (Additional Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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U.S. President Barack Obama ended a landmark day in India on Monday with a pledge of $4 billion in investments and loans, seeking to release what he called the "untapped potential" of a business and strategic partnership between the world's largest democracies. Full Article | Slideshow