EMERGING MARKETS REPORT
Indian shares rally on growth forecast of 9.2%
But analysts, fund managers concerned that outlook is too optimistic
Last Update: 2:20 PM ET Feb 7, 2007
NEW YORK (MarketWatch) -- Shares of U.S.-listed Indian companies rallied in New York on Wednesday, following a record close on the Bombay stock market, after the government there said the economy will grow by 9.2% this fiscal year, beating expectations and last year's growth rate.
In Bombay, the benchmark Sensex set a new record, closing up 1.14%, or 164.94 points, to 14,643.13. The Bank of New York India ADR Index was last up 2.55%, or 29.44 points, at 1,184.67.
On Wednesday, India's Central Statistical Office changed its gross domestic product estimate for fiscal year 2007, which ends in March, to 9.2%.
The government recently revised its GDP estimate for fiscal year 2006 to 9% from 8.4%.
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