2/14/2012 11:46 PM ET
(RTTNews) – Indian shares rallied on Wednesday, tracking positive Asian cues on optimism Greece will commit to austerity measures. EU finance ministers will hold a conference call later in the day to discuss whether Greece is eligible for a 130 billion euro bailout. Across Asia, South Korea’s Kospi average is rising a percent, Hong Kong’s Hang Seng index is up 2 percent and Japan’s Nikkei average is climbing 2.2 percent.
Closer home, the benchmark 30-share Sensex is currently up 224 points or 1.26 percent at 18,073, while the broader Nifty index is at 5,485, up 69 points or 1.28 percent from its previous close.
Tata Motors is climbing 6.6 percent on posting robust quarterly results. Sterlite Industries is adding 2.4 percent after Grupo Mexico SAB’s Asarco reportedly won a lawsuit against the copper producer over a failed deal to buy Asarco out of bankruptcy. ONGC is up 0.8 percent and BHEL is gaining 1.8 percent on divestment reports.
Unitech is rallying 3.4 percent despite the company reporting a 50 percent fall in December quarter net profit. Reliance Infrastructure is moving up 1.9 percent after an update on a share buyback.
Max India is up 4.3 percent on a report that New York Life Insurance may sell its stake in a joint-venture with the healthcare and life insurance company.
Essar Oil is rising 1.5 percent after the company postponed a board meeting to declare quarterly results. Nestle India is gaining half a percent on reporting a 13 percent rise in quarterly net profit. HCL Technologies is up 0.3 percent after the IT company unveiled plans to rejig its operations at Armagh in Northern Ireland.
Reliance Industries is down 0.6 percent on reports that its output from D6 gas fields off the country’s east coast may fall by about 10 percent by April. IVRCL Assets & Holdings is losing a percent on disappointing results.
India’s benchmark index Sensex rose around half a percent to a six-month high on Tuesday after government data showed inflation, as represented by the wholesale price index, dipped to 6.55 percent in January, its lowest level in more than two years, strengthening the case for further monetary easing.
by RTT Staff Writer
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