Indian shares rose for the second day to close 0.2 percent higher on Tuesday, tracking small rise in world stocks, with financials leading the charge. Leading private lender ICICI Bank, topped the gainers and further rose 2.4 percent to 962.10 rupees, its best close in more than 3 months. It had gained 3.9 percent on Monday, following an in-line 17-percent rise in quarterly net profit and a 15-percent credit growth forecast in 2010/11.
The 30-share BSE Index closed 0.19 percent or 33.62 points higher at 18,114.83, with 14 of its components advancing. The benchmark index is only around 123 points away from testing a new 2-1/2 year high. It is up 3.7 percent so far in 2010, fuelled by foreign fund inflows of $10.5 billion, of which a portion was absorbed by primary market issuances.
SKS Microfinance's $353 million initial public offering was 13.55 times covered late Monday, as investors bet on its business model of lending to poorer borrowers in Asia's third-largest economy. The 50-share NSE index climbed 0.2 percent to 5,439.55 points. Gainers outpaced losers in a ratio of 1.1:1, while a relatively moderate volume of 383 million shares changed hands on the BSE. Maruti Suzuki firmed 0.4 percent as the leading car maker raised prices across models by 1 percent to 1.5 percent citing a sharp rise in input costs.
Adani Enterprises rose as much as 3.9 percent to 633.40 rupees, as Australia's Linc Energy agreed to sell its Galilee coal tenement in a cash-and-royalty deal worth $2.7 billion to the Indian firm, marking the largest single mine investment by an Indian firm into Australia.
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