Manish Sonthalia News
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Shares of Wipro Ltd., India’s third- largest software exporter, are poised for their biggest daily gain in almost two months after the company agreed to separate its consumer care and lighting businesses.
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Indian stocks fell, with the benchmark index snapping five weeks of gains that took it close to a record high.
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Indian stocks dropped the most among major indexes in the world after rate increases by the nation’s central bank exceeded economists’ estimates. The nation’s stocks listed in the U.S. also declined more than its BRIC peers.
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Coal India Ltd. may sell as much as 151.5 billion rupees ($3.4 billion) of stock in the nation’s biggest initial share sale as investors bet surging energy demand will override environmental delays for new mines.
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India’s stocks advanced, driving the benchmark index to a three-week high, as Bharti Airtel Ltd. and other telecom companies surged after they were upgraded by Credit Suisse Group AG.
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India’s benchmark stock index rose to the highest level in a week after a report showed factory output grew at close to a record pace, fanning speculation company earnings will benefit.
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India’s benchmark stock index rose for the third day, extending the biggest rally in four months, as a drop in oil outweighed concern an increase in local fuel prices will stoke inflation.
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Manish Sonthalia, who manages $300 million in equities at Motilal Oswal Asset Management Co. in Mumbai, comments on the impact of a fuel-price increase on India’s stocks. He spoke today in a phone interview.
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Infosys Ltd., India’s second-largest software exporter, cut its full-year sales forecast in dollar terms for a second time because of weaker economic growth in markets including Europe. The stock slumped.
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India’s stocks fell the most in two weeks after Prime Minister Manmohan Singh expressed concern about the strength of global recovery and amid speculation interest rates will be raised before a scheduled meeting.
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