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| Indian stocks outperform London markets |
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Indian companies are continuing to stamp their mark on London's stock exchanges with average share price performances that are outperforming both the AIM All-Share and FTSE 100 indices. In the year to date, an index of Indian companies tracked by business advisors Grant Thornton, has soared by 153% boosted by a 44% rise in the third quarter. Indeed, in the first three quarters, the India Watch index rose almost three times higher than the AIM All-Share and nearly ten times higher than the FTSE 100, which had risen by 55% and 16% respectively since January 2009. The best performing stocks in India Watch included Naya Bharat Property, OPG Power Ventures and Vedanta Resources with stock market gains of 298%, 284% and 211% respectively. Despite being compatriots, the three companies has vastly different market caps, with Vedanta worth around £5.2 billion, OPG Power Ventures in the mid range at £234 million and Naya Bharat Property at the lower end of the spectrum at £14.6 million. Anuj Chande, the head of South Asia Group at Grant Thornton, reckons the interest in AIM-listed Indian stocks parallels the ever increasing inflows by foreign institutional investors into the Indian stock markets, which have crossed US$11 billion in the year to date. Chande added: "Obviously late Monsoons with weaker rainfall provide challenges both for the agricultural sector and India's hydroelectric power supply. At the same time, the outlook brightens against the backdrop of a global economic recovery as well as clear election results providing a strong government mandate in India." - Agencies Related Articles:
Last update: 08-10-2009 18:32
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