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India’s Sensex Gains as Factory Output Climbs, Pares Weekly Loss

Indian Property IPOs May Stall After Probe
India’s busiest quarter for real estate share sales in three years may falter after a corruption probe into loans to developers triggered a slide in stocks, the nation’s top arranger for initial offerings said. Photographer: Prashanth Vishwanathan/Bloomberg

Dec. 10 (Bloomberg) -- India’s benchmark stock index rose for the first time in four days, paring its weekly slide, as some investors judged recent losses as excessive after industrial production grew faster than estimated by economists.

ICICI Bank Ltd., the largest non-state lender, jumped 5.6 percent, after dropping 10 percent in the previous four days. Jaiprakash Associates Ltd., a builder of dams, climbed the most in two months. Factory output rose 10.8 percent in October from a year earlier, beating the 8.4 percent median estimate of 29 economists surveyed by Bloomberg, a government report showed today. Foreign funds have been net sellers of Indian stocks for three days, the longest streak in a month, taking average estimated profit of companies on the key stock gauge to the lowest level in two weeks yesterday.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 253.82, or 1.3 percent, to 19,496.18, according to preliminary closing prices as of 3:30 p.m. in Mumbai. The gauge, which extended gains after the factory output report, slid 2.4 percent this week, its steepest weekly slide since Nov. 19, amid speculation a series of graft probes will be widened. Companies on the benchmark index are valued at an average 18.5 times estimated profit.

To contact the reporter on this story: Shikhar Balwani in Mumbai sbalwani@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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