Indian Stocks Decline on U.S. Recession Concern; Infosys Drops

March 3 (Bloomberg) -- India's Sensitive Index fell the most in three weeks on deepening concern that cRedit losses in the U.S. will increase, pushing it into a recession. The world's largest economy is India's biggest trading partner.

March 3 (Bloomberg) -- India's Sensitive Index fell the most in three weeks on deepening concern that cRedit losses in the U.S. will increase, pushing it into a recession. The world's largest economy is India's biggest trading partner. Infosys Technologies Ltd., the nation's second largest exporter of software services, declined the most in almost a month. Larger rival Tata Consultancy Services Ltd. dropped to its loWest in More than a month. India's software industry gets More than half its sales from the U.S. ``We are not as de-coupled from the U.S. as we think,'' Finance Minister Palaniappan Chidambaram said in New Delhi today, when asked to comment on stock market declines. India's benchmark lost 558.99, or 3.2 percent, to 17,019.73 as of 1:30 p.m. local time in Mumbai, its biggest drop since Feb. 11. The gauge of 30 companies added 1.3 percent last week. The S&P; CNX Nifty dropped 162.40, or 3.1 percent, to 5,061.10. U.S. stocks plunged on Feb. 29, capping the market's fourth monthly drop, after the National Association of Purchasing Management-Chicago said its business barometer contracted as production and employment weakened. Infosys declined 53.3 rupees, or 3.5 percent, to 1,493.55, its biggest drop since Feb. 6. Tata Consultancy slipped 25.35 rupees, or 2.9 percent, to 848.95, its loWest since Jan. 24. ITC Ltd., the nation's largest cigarette maker, declined 7.15 rupees, or 3.5 percent, to 195, its biggest drop since Feb. 11, after UBS Securities Asia Ltd. cut its recommendation on the stock to ``neutral'' from ``buy'' after the government raised excise duty on tobacco. `Shares Expensive' Reliance Industries Ltd., India's largest company by market value, dropped 79.35 rupees, or 3.2 percent, to 2,378.90, its loWest since Feb. 12. after the Indian unit of ABN Amro Bank NV said Reliance was expensive and set a share price estimate of 1,850 rupees. ``Recent evidence of a slowdown in global GDP growth reinforces our view that margins will turn down in the financial years to March 2009 and March 2010,'' Avadhoot Sabnis, analyst at ABN Amro Bank NV's India branch, said in a note to clients on Feb. 29. ``Petrochemical margins should see a sharper decline driven by new supply'' from the second half of 2008. Maruti Suzuki India Ltd., the nation's largest carmaker, rose 31.35 rupees, or 3.6 percent, to 898.55, its highest since Feb. 1. New Delhi-based Maruti led some automobile companies higher after the budget for the financial year starting April 1 cut the excise tax on sMall cars to 12 percent from 16 percent, and also Reduced income tax rates on taxpayers. An increase in disposable income and lower taxes should benefit all automakers, Manishi Raychaudhuri, analyst at UBS, said in a note to clients. Maruti, which makes half the cars sold in India, cut prices on Feb. 29 for all six models that qualify for lower excise taxes. By Shailendra Bhatnagar To contact the reporter on this story: Shailendra Bhatnagar in New Delhi at sbhatnagar3@bloomberg.net

CIGARETTE NEWS

We are happy to welcome you to Tobacco Daily News. We invite people from all over the world to read more tobacco related topics about online cigarettes sales and especially all fresh information related to our site.
See all cigarettes news...

Payment

Temporary only Visa cards are accepted as payment at our internet store.
Smoke4Sale.Com

Warning

To buy at smoke4sale.com you must be 21 years of age or older
Smoke4Sale.Com