Mumbai: India's stocks rose, driving the benchmark index to the highest level in two weeks, as surging corporate earnings boosted the outlook for economic growth.
Sun Pharmaceutical Industries Ltd, the nation's biggest drugmaker by market value, gained to a record after its profit climbed 12 per cent on higher demand for generic medicines.
National Aluminium Co, the second-biggest producer of the metal, advanced 0.9 per cent after it posted a 41 per cent increase in net income. Mahindra & Mahindra Ltd, the largest maker of sport-utility vehicles and tractors, rose to the highest in at least 19 years after sales climbed in October.
"The results have largely been as per our expectations," said Swati Kulkarni, a fund manager at UTI Asset Management Co in Mumbai, which manages about $15.2 billion in assets.
"The continuing of growth is a heartening sign." The high share valuations needed the "growth support" and the companies have "delivered," she said.
Best performer
The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 323.29, or 1.6 per cent, to 20,355.63, the highest level since October 14.
The gauge has gained 27 per cent from a May 25 low and is the best performer this year among the world's 10 biggest stock markets.
The S&P CNX Nifty Index on the National Stock Exchange rose 1.7 per cent to 6,117.55. The BSE 200 Index increased 1.7 per cent to 2,583.69.
