Connect with us

India

BSE index weakens as Tata Motors retreat

MUMBAI: Indian shares fell on Tuesday as Tata Motors retreated after monthly sales at unit Jaguar Land Rover disappointed, while Reliance Industries was pressured by profit-taking after quarterly earnings met forecasts.
 
After surging 7.7 percent in September, India’s benchmark BSE index has fallen 1 percent so far this month, signalling a period of consolidation following the government’s fiscal and economic reforms.
 
Investors now expect more details on how the government will implement these measures, while hoping the Reserve Bank of India will respond to the government measures by cutting interest rates at its policy review on Oct. 30.
 
Earnings will also be key, with HCL Technologies set to post results on Wednesday.
 
“Actual movement on reforms after so many committee reports is most important even compared to earnings or RBI policy,” said Vivek Mahajan, head of research at Aditya Birla Money.
 
“Q2 or FY13 earnings are more than discounted in the price and valuations look rich,” he said.
 
India’s BSE index fell 0.73 percent, or 135.85 points, to 18,577.70 points.
 
The 50-share NSE index lost 0.69 percent, or 39.25 points, to 5,648.00 points.
 
Reliance Industries shares fell 1.3 percent as investors booked profits after April-June earnings met forecasts following a rebound in refining margins.
 
HSBC cut Reliance to ‘underweight’…

Published

on

Indian shares fell on Tuesday as Tata Motors retreated after monthly sales at unit Jaguar Land Rover disappointed, while Reliance Industries was pressured by profit-taking after quarterly earnings met forecasts.
After surging 7.7 percent in September, India’s benchmark BSE index has fallen 1 percent so far this month, signalling a period of consolidation following the government’s fiscal and economic reforms.

Investors now expect more details on how the government will implement these measures, while hoping the Reserve Bank of India will respond to the government measures by cutting interest rates at its policy review on Oct. 30.

Earnings will also be key, with HCL Technologies set to post results on Wednesday.

“Actual movement on reforms after so many committee reports is most important even compared to earnings or RBI policy,” said Vivek Mahajan, head of research at Aditya Birla Money.

HSBC cut Reliance to ‘underweight’…

 

See the rest here:
Indian shares falter; Reliance, Tata Motors retreat

Click to comment

Leave a Reply

Asean

Opportunities for Indian Manufacturers in ASEAN

Indian exports largely mirror those of ASEAN states, such as rice, electrical equipment, and clothing and accessories. However, there are still sectors where Indian exporters can potentially exploit market needs – wheat exports, the digital economy, and healthcare.

Published

on

Opportunities for Indian Manufacturers in ASEAN

The economic partnership between India and the Association of Southeast Asian Nations (ASEAN) has continued to strengthen since the economic relationship began in 1992 and with the ASEAN-India Free Trade Agreement (AIFTA) coming into effect in 2009.

(more…)
Continue Reading

Asean

India, ASEAN Agree to Review FTA Scope, Address Uneven Market Access

Chief among India’s concerns is that Indian exporters have been denied a level playing field in the Southeast Asian market. Moreover, New Delhi believes that China has taken undue advantage of the ASEAN-India FTA (AIFTA) due to weak rules of origin.

Published

on

India, ASEAN Agree to Review FTA Scope, Address Uneven Market Access

The 8th East Asia Summit (Economic Ministers’ Meeting) was held virtually on Friday, followed by the 17th ASEAN-India Economic Ministers Consultations on August 29.

(more…)
Continue Reading