Mumbai: India's stocks rose for a fourth day as a report showed the nation's economic growth accelerated, fanning optimism company earnings will grow and mergers and acquisitions may increase.
Mahindra & Mahindra Ltd, a vehicle and tractor maker, climbed 4.9 per cent after saying it's interested in bidding for South Korea's Ssangyong Motor Co Oil & Natural Gas Corp, the largest state-owned oil explorer, added 3.2 per cent. The economy grew 8.6 per cent in the three months ended March 31 from a year earlier, the statistics office said in a statement yesterday.
"Considering the global environment, the number is quite respectable," said Navneet Munot, who oversees about $8.2 billion (Dh30.1 billion) as chief investment officer in Mumbai at SBI Funds Management Pvt. "The growth differential between India and the rest of the world is increasing. We believe investors will look at India more positively. Investors should bet on the long-term growth story of India."
The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 81.57, or 0.5 per cent, to 16,944.63. The measure lost 3.5 per cent this month, its first monthly drop since January.
The S&P CNX Nifty Index on the National Stock Exchange rose 0.4 per cent to 5,086.30. The BSE 200 Index increased 0.8 per cent to 2,152.21.
Mahindra climbed 4.9 per cent to Rs572.7. Ssangyong yesterday said seven companies have expressed interest in a takeover as it seeks to exit bankruptcy.
