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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4585)	6/15/1999 8:12:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Indian Stocks Fall as Army Escalates Land War in Kashmir Bloomberg News June 15, 1999, 4:28 a.m. PT Mumbai, June 15 (Bloomberg) -- Indian stocks fell for a third day after its army escalated land battles to regain some key Himalayan peaks in Kashmir by flushing out rebel, extending three weeks of skirmishes with Pakistani troops. The 30-stock Mumbai Stock Exchange Sensitive Index fell 47.44, or 1.2 percent, to 3903.52. Of the 1,222 stocks traded on the exchange today, 702 stocks declined, 387 stocks gained while 133 shares were unchanged. Shares worth a total 16.91 billion rupees ($390 million) changed hands at the exchange today. The Mumbai index slumped 3.4 percent in the last seven sessions as India escalated air and land attacks to flush out what it called Pakistan-backed rebels in Kashmir. India told Pakistani Foreign Minister Sartaj Aziz in New Delhi this weekend its armed forces will continue with its attacks till it clears the area of the insurgents and alleged Pakistani troops. Pakistan denied its troops are in the Indian side of Kashmir. The following is a list of companies whose shares were active on the Mumbai Stock Exchange today. The stock symbol follows the company's name. Leading infrastructure-related companies declined on concern escalating tensions with Pakistan will divert the government's focus away from pulling the economy out of a three-year slump. Larsen & Toubro Ltd. (LT IN ), India's biggest construction company, fell 4.5 percent to 300. Associated Cement Cos. (ACC IN ), the biggest cement maker, fell 2.9 percent to 178.50. Mahanagar Telephone Nigam Ltd. (MTNL IN ), a telephone services provider to Mumbai and Delhi, fell 3.5 percent to 180.00. Banks fell on concern demand for loans may slow as escalating military tensions delay large infrastructure projects. State Bank of India (SBIN IN ), the nation's biggest commercial bank, fell 3.6 percent to 234.25. Industrial Development Bank of India (IDBI IN ), the biggest long- term lender, fell 3.7 percent to 30.25. Leading software developers declined on concern their growth will be capped in the current fiscal after the U.S. Immigration and Naturalization Service said it won't issue any more H1B visas to foreign professionals after total issues reached the 115,000 ceiling set for the year ending September 30. Indian software companies that send their staff on projects to the U.S. using H1B visas will have to wait out till October. HCL Infosystems Ltd.(HCLHP IN ) fell 8 percent to 348.70. ,Pentafour Software & Exports Ltd. (PFSW IN ) fell 8 percent to 946.70. NIIT Ltd. (NIIT IN ), a computer software training company, felLl 4 percent to 1675.00. Aptech Ltd. (APTH IN ), a software training company, fell 3.4 percent to 825.00. Satyam Computers Ltd. (SCS IN ), a computer software maker, fell 5.8 percent to 1166.00. Infosys Technologies Ltd. (INFO IN ), among India five best known software makers, fell 2 percent to 3074.00. Tata Infotech Ltd. (TUL IN ) fell 5.3 percent to 890.00. Zee Telefilms Ltd. (ZEE IN ), a television software maker, fell 4.9 percent to 1370.00. Hindalco Industries Ltd. (HNDL IN ), the country's second-biggest aluminum maker, rose 5.4 percent to 632 on hope profits will accelerate as global aluminum prices surge. Spot aluminum traded on the London Metal Exchange surged 6.4 percent in the last two weeks to $1329 per metric ton yesterday. Indian Oil Corp. (IOCL IN ), India's biggest oil refiner, rose 2.7 percent to 352.00 after it said its board meets tomorrow to consider giving free shares to shareholders as stock dividend. Indian Petrochemicals Corp. (IPCL IN ), India's second-biggest petrochemical maker, fell 2.9 percent to 101.90. The Economic Times cited Chairman K.G. Ramanathan saying General Electric International BV, unit of General Electric Co. of U.S., plans to buy out Indian Petrochemicals' 50 percent stake in their plastics joint venture GE Plastics India Ltd.