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LUPIN - Lupin News Story

₹1189.35 10.9  0.9%

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Sector
Healthcare
Size
Large Cap
Market Cap £5.18bn
Enterprise Value £5.26bn
Revenue £1.47bn
Position in Universe 82nd / 3111

Indian shares hit 2-1/2 month low as foreign investors sell

Mon 3rd February, 2014 11:15am
* BSE index falls 1.48 pct; NSE ends 1.44 pct lower 
    * India's steelmakers fall on weak China factory PMI 
    * Profits of Holcim's Indian units may lag estimates - 
StarMine 
 
    By Abhishek Vishnoi 
    MUMBAI, Feb 3 (Reuters) - India's benchmark BSE index fell 
1.5 percent on Monday to its lowest close in nearly 2-1/2 months 
as foreign investors continued to sell as part of a slump in 
emerging markets, hitting blue chips such as ICICI Bank. 
    Although India is seen in a better position than other 
countries such as Turkey due to its improved current account 
deficit and foreign exchange reserves, the country is being hit 
nonetheless. 
    Foreign institutional investors sold shares worth a net $93 
million on Friday, taking the total sales to $523 million in six 
sessions, regulatory data showed. 
    Indian markets will thus continue to be beholden to global 
risk factors, including concerns about the Federal Reserve's 
withdrawal in monetary stimulus and an economic slowdown in 
China.  MKTS/GLOB  
    Fund investors worldwide pulled $6.4 billion out of emerging 
market stock funds in the week ended Jan. 29, marking their 
biggest outflows since August 2011, data from a Bank of America 
Merrill Lynch report showed on Friday.  ID:nL2N0L50S6  
    "I think this EM-led risk aversion could last till 
March-end. Probably after that the market would focus on the 
political alliances and upcoming elections," said G 
Chokkalingam, founder of research and fund advisory company 
Equinomics. 
    The benchmark BSE index  .BSESN  fell 1.48 percent, or 
304.59 points, to 20,209.26, closing at its lowest since Nov. 
13. 
    The broader NSE index  .NSEI  lost 1.44 percent, or 87.70 
points, to 6,001.80, ending at its lowest since Nov. 22. 
    Both indexes posted their sixth fall in seven sessions.  
    Shares weakened even as a survey on Monday showed Indian 
factories started 2014 on a high note, with activity growing at 
its fastest pace in nearly a year as domestic and overseas 
orders increased.  ID:nS7N0DG013  
    Blue chips, which are most vulnerable to foreign selling, 
led declines. 
    ICICI Bank  ICBK.NS  fell 2.5 percent, while Tata Motors Ltd 
 TAMO.NS  slumped 3.8 percent.  
    Infosys Ltd  INFY.NS  fell 1.9 percent and ITC Ltd  ITC.NS  
lost 1.5 percent. 
    Wireless services providers fell on fears of heightened 
competition in the mobile spectrum auction. 
    Bharti Airtel Ltd  BRTI.NS  fell 2.9 percent, while Idea 
Cellular Ltd  IDEA.NS  ended 2.3 percent lower.  
    Indian units of Swiss cement company Holcim  HOLN.VX  fell 
ahead of their quarterly-results later in the week. ACC Ltd 
 ACC.NS  fell 0.7 percent, while Ambuja Cements  ABUJ.NS  
declined 2.5 percent.  ID:nL3N0L81GM  
    Steelmakers fell on weak China factory Purchasing Managers' 
Index (PMI) numbers, which edged down to 50.5 in January from 
December's 51, the National Bureau of Statistics said on 
Saturday.  ID:nL3N0L81VO  
    JSW Steel  JSTL.NS  slumped 7 percent, while Tata Steel 
 TISC.NS  declined 3.6 percent. 
    However, among stocks that gained, United Spirits Ltd 
 UNSP.NS  rose 3.2 percent after Relay B.V., an indirect wholly 
owned subsidiary of Diageo Plc  DGE.L , increased its stake in 
the company to 28.77 percent from 26.37 percent on Friday, 
exchange data showed.  ID:nL3N0L813L  
    Lupin Ltd  LUPN.NS  surged 4.5 percent after its December 
quarter profit grew by 42 percent to 4.76 billion rupees, 
beating analysts estimates.  ID:nWNBS00B0Y  
     
   For additional stocks on the move double click  MEYE          
      
   FACTORS TO WATCH                                              
* Euro rises to 6-1/2 month high against yen              FRX/   
* Oil gains on unresolved Gaza conflict                    O/R   
* Shares, euro fall as Greek deal proves elusive     MKTS/GLOB   
* Foreign institutional investor flows         INFII   INFII01   
* For closing rates of Indian ADRs                       INADR   
                        
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Eurostocks Week Ahead  .EU/O                                     
                          
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