Indian Stocks Rise on Earnings Optimism; TCS, Larsen Lead Gains
Indian stocks gained after earnings at some of the country’s biggest companies exceeded estimates, improving the outlook for corporate profitability.
The BSE India Sensitive Index (SENSEX), or Sensex, increased 0.6 percent to 18,790.11, according to preliminary closing prices at 3:30 p.m. in Mumbai. Tata Consultancy Services Ltd. (TCS), the largest software exporter, climbed the most since Aug. 28 after second- quarter profit jumped 44 percent, beating analysts’ forecast. Larsen & Toubro Ltd. (LT), India’s biggest builder of power networks and airports, jumped 2.3 percent after posting a better-than- estimated 43 percent increase in net income.
Profit at only one out of the eight Sensex firms that have reported earnings so far for the September quarter has trailed analyst forecasts, compared with 40 percent of the companies missing estimates in the June quarter and 30 percent in the March quarter, data compiled by Bloomberg show.
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