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Indian shares fall for 2nd day; Tata Motors, Lupin hit by earnings
August 7, 2013 / 11:50 AM / 4 years ago

Indian shares fall for 2nd day; Tata Motors, Lupin hit by earnings

* BSE falls 0.36 pct; NSE ends 0.42 pct down

* Lupin drops as domestic sales falter

* Fed tapering scare adds to rupee woes

By Himank Sharma

MUMBAI, Aug 7 (Reuters) - Indian shares retreated for a second straight session on Wednesday as drugmaker Lupin slumped after domestic revenue fell, while Tata Motors was hit after reporting a 23 percent drop in quarterly profit.

Weaker Asian shares also weighed after the Chicago Federal Reserve Bank President, Charles Evans, said the U.S. central bank could scale back bond buying later this year and, depending on data, could do so next month.

Indian stocks have fallen in 10 of the last 11 trading sessions, as investors turn wary of slowing growth and the rupee that tumbled to a record low on Tuesday despite the central bank’s cash-draining measures.

“We need to see what sort of policy measures the government will take to build confidence around the currency at this point, and there’s some nervousness in the market about that,” said Neelesh Surana, equities head at Mirae Asset Management.

The benchmark BSE index fell 0.36 percent, while the broader NSE index dropped 0.42 percent.

Drugmaker Lupin dropped 6.68 percent after April-June domestic revenue fell 5 percent from a year earlier, with sales slowing at home as well as in Japan.

Tata Motors Ltd slid 3.01 percent after April-June net profit fell 23 percent from a year earlier, missing estimates.

Information technology companies fell as investors booked profits on recent gains from the weak rupee. HCL Technologies Ltd fell 4.01 percent, while Tata Consultancy Services Ltd dropped 2.53 percent and Infosys Ltd closed down 0.8 percent.

However, recent heavy losers such as Yes Bank Ltd, Bharat Heavy Electricals Ltd and Coal India Ltd gained on value-buying by some investors.

State-run Oil and Natural Gas Corp Ltd ended 2.02 percent higher after Credit Suisse and Barclays upgraded the stock, citing valuations and upside to earnings.

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FACTORS TO WATCH * Dollar slips but Fed tapering likely to support it * Oil falls below $108 as supply worries ease * Fed tapering fears spark share selloff * Foreign institutional investor flows * For closing rates of Indian ADRs

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Editing by Subhranshu Sahu

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