REFILE-Indian shares end flat; Reliance gains

Wed Feb 20, 2013 5:08pm IST

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(Corrects paragraph 10 to insert dropped word "rose"; deletes
extraneous words "However, shares that fell" in paragraph 15)
    * BSE ends 0.04 pct up; NSE gains 0.06 pct
    * India to miss 2012/13 export target - commerce minister
    * BP and Reliance to invest $5 bln in Indian gas field

    By Manoj Dharra
    MUMBAI, Feb 20 (Reuters) - Indian shares eked out small
gains for the third straight session on Wednesday, helped by
Reliance Industries which rose after announcing investment in
its key natural gas block and  property developer DLF extending
gains on hopes of better earnings.
    The focus will be on the federal budget with foreign
investors closely monitoring whether the government will put
fiscal discipline ahead of election largesse.
    Concerns also remain on the macroeconomic front. The
government is unlikely to achieve its $350 billion export target
in the current fiscal year that ends in March, Commerce and
Industry Minister Anand Sharma said on Wednesday.
 
    "Containing fiscal deficit and managing it would be the
major thrust and challenge," said K K Mital, head of portfolio
management at Globe Capital.
    "Fiscal discipline is the most important area to woo foreign
investors."      
    The BSE index rose 0.04 percent, or 7.03 points, to
end at 19,642.75.  
    The 50-share NSE index rose 0.06 percent, or 3.35
points, to 5,943.05.
     Shares in Reliance Industries ended 3.11 percent
higher, the biggest single-day gain since Jan. 17, after the
company said it, along with UK partner BP, would invest
over $5 billion in the next three to five years to boost
declining output at a key natural gas field off India's east
coast.   
     DLF shares gained 3.6 percent to close at Rs
279.85, their highest level since Jan. 11, 2011, on continued
expectations of an earnings recovery and on a CLSA upgrade. The
property developer had gained 8.6 percent in the previous two
sessions.
    Ambuja Cements Ltd rose 3.26 percent and ACC Ltd
 gained 0.9 percent, for a second day after shareholders
at each of the cement makers separately approved paying
technology fees to controlling stakeholder Holcim Ltd 
of 1 percent of net annual sales.    
    Oil marketing companies ended higher, with traders saying
oil and gas stocks were likely to benefit from government
reforms in the sector.
    Indian Oil Corp rose 1.1 percent, Bharat Petroleum
Corp gained 2.9 percent and Hindustan Petroleum Corp
 rose 2.07 percent.
    Shares in Steel Authority of India ended 0.45
percent higher after gaining 5 percent in intra-day trading,
following a report by CNBC-TV18 news channel that the company
board would consider a buy-back of equity shares on Feb. 25.
 
    A SAIL spokeswoman declined to comment immediately.
    Jaiprakash Power Ventures ended 6.7 percent lower
after the company announced the opening of qualified
institutional placement to raise up to 35 billion rupees at
31.93 per share. 
    Unitech fell 2.75 percent on concerns over the 2G
case. Last week the Central Bureau of Investigation said it is
looking into whether a prosecutor for the agency discussed a
probe into alleged corruption in the allocation of mobile phone
airwaves five years ago with one of the people being
investigated. 
    Welspun Corp fell 4.64 percent after the National
Stock Exchange excluded the company's shares from trading in the
futures and options segment from April 26, without giving a
reason.  

 (Editing by Subhranshu Sahu)
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