Indian Shares Marginally Higher Ahead Of IIP Data
(RTTNews.com) – Indian shares rose on Tuesday, mirroring firm Asian cues after Japan’s Economy Minister Akira Amari said share prices are too cheap and the government would make efforts to push up domestic share prices. The Nikkei average, which resumed trading after a three-day weekend, is currently up 2.4 percent. Closer home, investors await industrial output data for direction.
According to a Bloomberg survey of economists, industrial production may have risen 1 percent in December year-over-year as against a 0.1 percent contraction in the previous month.
The benchmark BSE Sensex is currently up 17 points or 0.1 percent at 19,478, while the broader Nifty index is at 5,899, up 2 points or 0.03 percent from its previous close.
ONGC is rallying 2.6 percent after reporting forecast-beating Q3 results. NALCO is adding a percent on disinvestment reports. Arvind is gaining half a percent after its unit Arvind Lifestyle Brands bought the India operations of U.S.-based Hanesbrands Inc.
Tata Power is down 0.9 percent as it posted a consolidated net loss of Rs 329 crore for the quarter ended December as against profit of Rs.298 crore in the year-ago period. Punj Lloyd is losing 2 percent on disappointing results.
Britannia Industries is adding 1.3 percent after the FMCG player reported an 11 percent rise in quarterly net profit, helped by solid growth in revenues. Syndicate Bank and Allahabad Bank are up about a percent each after reducing their lending rates.
Apollo Hospitals Enterprise is moving up 0.7 percent after private equity firm Apax Partners offloaded 63.85 lakh shares of the company at an average price of Rs 830 a share in a deal worth about Rs 530 crore.
Indian Hotels Company is rising 1.5 percent after the hotel chain operator reported a 28 percent rise in net profit for the quarter ended December on a modest 4 percent rise in sales.
Reliance Industries is trading flat after it scheduled a planned maintenance turnaround of a crude distillation unit at its Jamnagar refinery complex in Gujarat for four weeks starting February 18. Unitech is plunging 16 percent on allegations its MD Sanjay Chandra has spoken to the prosecutor out of court in the 2G case.
Indian shares swung between gains and losses before ending modestly lower on Monday, dragged down by capital goods, IT and FMCG stocks. The benchmark BSE Sensex ended the session down 24 points or 0.12 percent at 19,461, while the broader Nifty index fell by 6 points or 0.1 percent to 5.898.
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