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Indian Stocks Drop to Lowest in Three Years; Infosys Falls
March 3 (Bloomberg) -- India's Sensitive index dropped, declining to its lowest level in more than three years. Infosys Technologies Ltd. led software exporters lower as American International Group Inc.'s record loss worsened investor confidence in the global economy.
Infosys, the nation's second-biggest software exporter, fell 1.8 percent on concern sales in the U.S., India's largest software market, will weaken. ICICI Bank Ltd., the country's second-biggest lender, fell 2.9 percent to its lowest level in more than four years.
The benchmark Bombay Stock Exchange's Sensitive Index, or Sensex, fell 179.79, or 2.1 percent, to 8,427.29, its lowest since Nov. 10, 2005. The S&P CNX Nifty Index on the National Stock Exchange fell 2 percent to 2,622.40. The BSE 200 Index slid 2 percent to 993.68. S&P Nifty futures for March delivery fell 2 percent to 2586.
"The negative global news continues," said Shashank Khade, who helps manage $400 million at Kotak Securities Ltd. in Mumbai. "India and the rest of Asia will drift lower as the U.S. and European markets remain weak."
Infosys slid 1.8 percent to 1,197.60 rupees. Tata Consultancy Services Ltd., India's largest software exporter, fell 3 percent to 446.20 rupees, the lowest level since its debut in 2004. Wipro Ltd., ranked third, dropped 1.2 percent to 200.90 rupees, the lowest since September 2003. India's software exporters derive more than half their revenue from the U.S.
State Bank of India, the nation's largest lender, fell 2 percent to 974.35 rupees. ICICI dropped 2.9 percent to 295.60 rupees, its lowest since October 2004.
AIG Loss
The Standard & Poor's 500 Index yesterday tumbled 4.7 percent to its lowest close since October 1996. AIG said its fourth-quarter loss widened to $61.7 billion from $5.29 billion a year earlier. The results brought AIG's annual loss to almost $100 billion, prompting the U.S. to offer a package of equity, new credit and lower interest rates on existing loans.
Overseas investors sold a net 2.7 billion rupees ($52 million) of Indian stocks on Feb. 27, according to the nation's market regulator.
The following shares were among the most active on the exchange.
Cement Producers: Ambuja Cements Ltd. (ACEM IN) gained 3.6 percent to 65.5 rupees. The unit of the world's second-largest cement maker Holcim Ltd. said sales last month rose 12 percent to 1.65 million metric tons.
Grasim Industries Ltd. (GRASIM IN) The Aditya Birla Group, which includes India's second-largest and third-biggest cement makers, said sales of the commodity last month rose 10.1 percent to 2.92 million tons. Grasim rose 3 percent to 1,363.30 rupees. UltraTech added 1.3 percent to 457.95 rupees.
Telecommunications Companies: India's top court directed the Karnataka state tax appellate authority to decide whether value- added tax should be levied on Internet broadband services provided by Bharti Airtel Ltd. (BHARTI IN) and other companies.
The state government of Karnataka had demanded 256 million rupees ($5 million) in taxes from Bharti Airtel, the country's largest mobile-phone operator, for the transmission of data and voice. The lower court had upheld a Karnataka government order asking Bharti to pay the amount, saying that the transmission of data and voice through the Internet from one point to another amounted to the sale of goods, not services.
Bharti fell 2.5 percent to 601.15 rupees. Reliance Communications Ltd. (RCOM IN) declined 4.6 percent to 138.80 rupees. Idea Cellular Ltd. (IDEA IN) slid 2.5 percent to 45 rupees.
Aurobindo Pharma Ltd. (ARBP IN) rose 6.2 percent to 156.40 rupees. Pfizer Inc. agreed to a licensing deal with the Indian generic drugmaker. Pfizer is buying the rights from Aurobindo to sell 75 generic pills and 12 injectable treatments in the U.S. and Europe, New York-based Pfizer said today in a statement.
Orissa Sponge Iron & Steel Ltd. (OSSI IN) rose by the 5 percent limit to 342.85 rupees. The stock had 5.7 percent of its equity change hands in five block trades on the Bombay Stock Exchange today. The buyers and sellers were not immediately available.
To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net .
Indian Stocks Drop to Lowest in Three Years; Infosys Falls
March 3 (Bloomberg) -- India's Sensitive index dropped, declining to its lowest level in more than three years. Infosys Technologies Ltd. led software exporters lower as American International Group Inc.'s record loss worsened investor confidence in the global economy.
Infosys, the nation's second-biggest software exporter, fell 1.8 percent on concern sales in the U.S., India's largest software market, will weaken. ICICI Bank Ltd., the country's second-biggest lender, fell 2.9 percent to its lowest level in more than four years.
The benchmark Bombay Stock Exchange's Sensitive Index, or Sensex, fell 179.79, or 2.1 percent, to 8,427.29, its lowest since Nov. 10, 2005. The S&P CNX Nifty Index on the National Stock Exchange fell 2 percent to 2,622.40. The BSE 200 Index slid 2 percent to 993.68. S&P Nifty futures for March delivery fell 2 percent to 2586.
"The negative global news continues," said Shashank Khade, who helps manage $400 million at Kotak Securities Ltd. in Mumbai. "India and the rest of Asia will drift lower as the U.S. and European markets remain weak."
Infosys slid 1.8 percent to 1,197.60 rupees. Tata Consultancy Services Ltd., India's largest software exporter, fell 3 percent to 446.20 rupees, the lowest level since its debut in 2004. Wipro Ltd., ranked third, dropped 1.2 percent to 200.90 rupees, the lowest since September 2003. India's software exporters derive more than half their revenue from the U.S.
State Bank of India, the nation's largest lender, fell 2 percent to 974.35 rupees. ICICI dropped 2.9 percent to 295.60 rupees, its lowest since October 2004.
AIG Loss
The Standard & Poor's 500 Index yesterday tumbled 4.7 percent to its lowest close since October 1996. AIG said its fourth-quarter loss widened to $61.7 billion from $5.29 billion a year earlier. The results brought AIG's annual loss to almost $100 billion, prompting the U.S. to offer a package of equity, new credit and lower interest rates on existing loans.
Overseas investors sold a net 2.7 billion rupees ($52 million) of Indian stocks on Feb. 27, according to the nation's market regulator.
The following shares were among the most active on the exchange.
Cement Producers: Ambuja Cements Ltd. (ACEM IN) gained 3.6 percent to 65.5 rupees. The unit of the world's second-largest cement maker Holcim Ltd. said sales last month rose 12 percent to 1.65 million metric tons.
Grasim Industries Ltd. (GRASIM IN) The Aditya Birla Group, which includes India's second-largest and third-biggest cement makers, said sales of the commodity last month rose 10.1 percent to 2.92 million tons. Grasim rose 3 percent to 1,363.30 rupees. UltraTech added 1.3 percent to 457.95 rupees.
Telecommunications Companies: India's top court directed the Karnataka state tax appellate authority to decide whether value- added tax should be levied on Internet broadband services provided by Bharti Airtel Ltd. (BHARTI IN) and other companies.
The state government of Karnataka had demanded 256 million rupees ($5 million) in taxes from Bharti Airtel, the country's largest mobile-phone operator, for the transmission of data and voice. The lower court had upheld a Karnataka government order asking Bharti to pay the amount, saying that the transmission of data and voice through the Internet from one point to another amounted to the sale of goods, not services.
Bharti fell 2.5 percent to 601.15 rupees. Reliance Communications Ltd. (RCOM IN) declined 4.6 percent to 138.80 rupees. Idea Cellular Ltd. (IDEA IN) slid 2.5 percent to 45 rupees.
Aurobindo Pharma Ltd. (ARBP IN) rose 6.2 percent to 156.40 rupees. Pfizer Inc. agreed to a licensing deal with the Indian generic drugmaker. Pfizer is buying the rights from Aurobindo to sell 75 generic pills and 12 injectable treatments in the U.S. and Europe, New York-based Pfizer said today in a statement.
Orissa Sponge Iron & Steel Ltd. (OSSI IN) rose by the 5 percent limit to 342.85 rupees. The stock had 5.7 percent of its equity change hands in five block trades on the Bombay Stock Exchange today. The buyers and sellers were not immediately available.
To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net .
Jagruti Fadia .
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