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Indian shares close 0.43% up
June, 13th 2008

Indian shares closed up 0.43 percent on Thursday in volatile trade, shedding early losses on improved industrial data and firm European markets, dealers said.

The benchmark Mumbai 30-share Sensex index rose 64.88 points to 15,250.2, recovering from the days low of 14,747.99, after Indias central bank hiked a key interest rate.

The markets were negative on the repo rate hike but recovered as positive industrial production data come through, said Advait Date, a dealer at brokerage BHH Securities. Indias industrial output rose 7.0 percent in April from a year earlier, official data showed, above analysts expectations of six percent to 6.5 percent growth.

On Wednesday, Indias central bank raised a key short-term borrowing rate by a quarter percentage point to 8.0 percent to battle inflation that analysts say may be headed to double-digit levels.

The Reserve Bank of India said it was raising its repo rate, at which commercial banks borrow funds from the central bank, from 7.75 percent effective immediately.

Indias drug firm Ranbaxy Laboratories fell 17.3 rupees or 3.08 percent to 543.5 after Japanese pharmaceutical group Daiichi Sankyo Co on Wednesday said it had agreed to buy a majority stake in Ranbaxy for up to 4.6 billion dollars.

Gainers led losers 1,430 to 1,109 on volume of 62.09 billion rupees ($1.45 billion). The rupee rose against the dollar to 42.81 from 42.89 and it firmed against the euro to 66.1 from 66.45.

State-run engineering firm Bharat Heavy Electricals rose 37.35 rupees or 2.52 percent to 1,518.8 while Reliance Infrastructure climbed 24.55 rupees or 2.4 percent to 1,046.5. Indias largest bank State Bank of India gained 30.2 rupees or 2.31 percent to 1,339.7. afp

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