Indian stocks had a mixed week even though the Sensex reached another all-time high on the Bombay Stock Exchange [BSE]. The Indian GDP grew by 9.2% in Q2 (July - September), which was better than the 8.4% growth in the same period in 2005.
Key Highlights:
* There was talk about Rediff (Nasdaq: REDF) and Sify (Nasdaq: SIFY) being acquisition targets. I talked about Yahoo’s (Nasdaq: YHOO) potential targets in India back in May when Yahoo’s CEO Terry Semel was visiting India. Sify and Rediff closed the week down so the rumors could have been just speculation. There hasn’t any major acquisitions in the Indian Internet sector (except for eBay buying Baazee.com) but the market is just now maturing.
* JP Morgan initiated coverage on WNS Holding (NYSE: WNS) with an ‘overweight’ rating.
* Dr. Reddy’s (NYSE: RDY) announced the issuance of an additional 1,800,000 American Depositary Shares to the underwriters at a public offer price of U.S.$16.00.
* Tata Motors (NYSE: TTM) monthly sales number finally recovered in November.
* Wipro (NYSE: WIT) will be making bigger acquisitions in the future.
Disclosure: The author is long Sify.
