Indian Stocks Surge; Reliance Gains on Higher Product Prices
Bloomberg News
May 4, 1999, 4:17 a.m. PT
Indian Stocks Surge; Reliance Gains on Higher Product Prices
Mumbai, May 4 (Bloomberg) -- Indian stocks surged, as Reliance Industries Ltd., the country's biggest petrochemical maker, gained after it raised the price of petrochemical products for May.
The S&P CNX Nifty Index of 50 stocks at the National Stock Index jumped 36.90 points, or 3.8 percent, to 1007.65. The Nifty index had lost more than 7 percent since the government fell on April 17, forcing the president to call India's third national election in three years. The 30-stock Mumbai Stock Exchange Sensitive Index surged 124.55 points, or 3.7 percent, to 3502.95.That was its biggest one-day rise since April 16.
Investors, including many foreign mutual funds, bought shares of oil refiners, consumer goods, drugs and software makers which had declined to their lowest in years on hope they will be least hurt by political instability. The Election Commission,which conducts the poll, today said that the mid-term election will be held in September and October, as most analysts had predicted.
The following is a list of companies whose shares are active on the National Stock Exchange today. The stock symbol follows the company's name.
Reliance Industries Ltd. (NRIL IN ), India's biggest petrochemical maker, surged 8 percent -- the daily limit -- to 145.25 ($3.40) after it increased the price of most of its petrochemical products for May.
Burroughs Wellcome India Ltd. (NBW IN ), a drugmaker, rose 2.5 percent to 660.00, reversing an 8 percent drop yesterday. It reported a 55 million rupee profit for the quarter ended March 31. Chairman Deepak Parekh said the company postponed plans to merge with Glaxo India Ltd. because of labor problems, Financial Express daily reported.
Digital Equipment India Ltd. (NDEIL IN ), a computer software maker, surged 8 percent -- the daily limit -- for a fifth day to 480.05. Last week, the company said it sold its computer hardware business to Compaq Computer India Pvt. for 830 million rupees. Digital plans to focus on the software business.
Glaxo India Ltd. (NGLXO IN ), a drugmaker, rose 2.6 percent to 662.00 after it reported a 133.2 million rupee first- quarter profit.
Great Eastern Shipping Co. (NGESCO IN ), a shipping and real estate development company, slumped 12 percent to 17.00.After trading closed yesterday, it reported a 23 percent drop in fiscal 1999 profit.
Hindustan Petroleum Corp. (NHPCL IN ), an oil refiner, surged 5.9 percent to 199.00. It has gained 41 percent in the last five sessions on hope the company will give bonus shares as stock dividend. The stock had declined to a six-year low of 140.2 on April 23.
Housing Development and Finance Corp. (NHDFC IN ), the biggest mortgage lender, rose 4.6 percent to 2,111. Chairman Deepak Parekh said yesterday he expects loan disbursements to rise 25 percent and profit as much as 20 percent in the year through March 2000, as Indians borrow more to buy new homes. It reported yesterday a 14 percent rise in fiscal 1999 profit.
Mangalore Refinery and Petrochemicals Ltd. (NMRPL IN ), an oil refiner, rose 6.3 percent to 10.15 after the Business Standard daily reported that global oil companies, such as Exxon Corp. of the U.S. and Total SA of France, plan to buy a stake in Mangalore Refinery.
Tata Infotech Ltd. (NTUL IN ), a software developer,fell 6.1 percent to 1305.00 ahead of its earnings announcement today. It gained more than 14 percent in the previous three days after it said on Thursday its board will meet today to consider an offer of bonus shares to shareholders.
Wipro Ltd. (NWPRO IN ), India's biggest computer company by market capitalization, surged 8 percent -- the daily limit -- for a third day to 4312.05, after it reported a 58 percent rise in fiscal 1999 profit.
Zee Telefilms Ltd. (NZ IN ), a television software maker, surged 8 percent -- the daily limit -- for a fourth day to 1432.65. After trading closed Friday, it reported a 41 percent rise in fiscal 1999 profit. Ranjan Bakshi, a Zee spokesman, said the company plans to list its shares for trading in the U.S. in a year.
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