Business | Markets
Benchmark keeps surging on record overseas inflow
Adani Power, SpiceJet, Sun Pharma gain
- Bloomberg
- Published: 00:00 September 9, 2010
Mumbai: India's Bombay Stock Exchange Sensitive Index, or Sensex, rose 21.65, or 0.1 per cent, to 18,666.71 at close Wednesday, its highest in more than two-and-a-half years.
Adani Power Ltd climbed 2.2 per cent to Rs140.45, the most since August 10. The power generation arm of India's biggest coal importer was raised to "neutral" from "underperform" by Amish Shah, an analyst at Credit Suisse Group AG.
SpiceJet Ltd. advanced 1.7 per cent to Rs7.45, its highest close in more than two-and-a-half years. The discount carrier will start international flights from next month, the company said in a statement.
Sun Pharmaceutical Industries Ltd. increased 1.8 per cent to Rs1,753.85. India biggest drugmaker by market value may be able to increase its stake in Taro Pharmaceutical Industries Ltd. to 48 per cent after Israel's Supreme Court ruled it could proceed with a takeover bid.
Suven Life Sciences Ltd, a drugmaker, gained 9.4 per cent to Rs32, its steepest climb in more than five months. The company said it got patents to sell products in Australia and Mexico.
Inflows from overseas reached a record Rs834.2 billion (Dh66.2 billion) in 2009, exceeding the high set two years ago in local currency terms, as the biggest advance in 18 years lured foreign funds. They sold a record Rs529.9 billion of shares in 2008.
India's rupee was little changed, after yesterday sliding the most in four weeks, on concern investment inflows will falter as confidence in the global economic recovery recedes.
More from Markets
More from Business
Business Editor's choice
-
DFSA chief to step down in September
Executive has been at post since 2008
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
