Indian Equities Advance as Consumer Goods Companies Pace GainsBy
Indian shares advanced, pushing the benchmark to a record high for a third successive session, as consumer goods companies gained.
The S&P BSE Sensex climbed 0.3 percent to 31,109.28 in Mumbai, as the index for fast-moving consumer goods rose to a record. ITC Ltd. and Hindustan Unilever Ltd. were among the top performers on the gauge and also closed at all-time highs.
ITC extended gains made on Friday, when it posted a record quarterly profit. The stock is likely to benefit as the rates decided under the goods and services tax was deemed by analysts to be favorable for the company, with Credit Suisse saying the 2018 outlook is “strong.”
Drugmaker Sun Pharmaceutical was the worst performer on the Sensex, declining to its lowest level since August 2013 after it warned investors of lower sales in the coming year. A gauge of health care companies dropped 2.8 percent to its lowest level since at least August 2014.
Shares and bonds of billionaire Anil Ambani’s Reliance Communications Ltd. tumbled, extending their declines from last week, amid mounting concerns about the Indian phone carrier’s debts. The stock plunged 20 percent and was the day’s worst performer on S&P BSE500 index.
- Adani Power Ltd. -7.6%, dropping to a six-month low after posting loss in 4Q
- The Indian Hotels Company Ltd. -4.2%, slips to two-week low after earnings declined y/y
- Tech Mahindra Ltd. down 12% after 4Q net misses lowest estimate