Sensitive Index Climbs to One-Week High as Corporate Tax Collections Rise

India’s benchmark stock index climbed to its highest in a week after Finance Minister Pranab Mukherjee said taxes paid by companies increased, fueling speculation earnings may rise.

Jaiprakash Associates Ltd., a construction company that also makes cement, gained the most in more than two months after August sales increased. India’s corporate tax collections grew 21 percent in the April-July period from a year earlier, Mukherjee said yesterday. Sterlite Industries (India) Ltd., the nation’s biggest copper and zinc producer, advanced for a second day as metal prices rose.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 16.29, or 0.1 percent, to 18,222.16, according to preliminary closing prices. The S&P CNX Nifty Index on the National Stock Exchange rose 0.2 percent to 5,481.05. The BSE 200 Index increased 0.3 percent to 2,341.22.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.

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