India’s stock exchanges are stepping up pressure on listed companies to improve shareholder disclosures as foreign institutional investors boost holdings in Asia’s fifth-largest equity market to an all-time high.
India’s top opposition leader Narendra Modi promised voters cheaper goods and 100 “smart cities” in unveiling steps to boost Asia’s third-biggest economy as he seeks to unseat the ruling Congress party.
Reliance Industries Ltd., owner of the world’s biggest oil refining complex, reported an unexpected increase in profit as earnings from investments and lower finance costs compensated for a drop in operating income.
Indian phone carriers plunged after Credit Suisse Group AG downgraded Bharti Airtel Ltd., the No. 1 operator, and another company on concern competition from Reliance Industries Ltd. will erode earnings.
India’s benchmark stock index rose the most in seven weeks after factory output unexpectedly fell and U.S. jobs growth slowed, easing concern that the nations’ central banks will tighten monetary policy.