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

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(Additional Reporting by Abhishek Vishnoi; Editing by Anupama
Dwivedi)