India’s Nifty Futures Rise After Reliance Earnings Beat Forecast

Indian stock-index futures rose after Reliance Industries Ltd., the country’s third-biggest company by market capitalization, reported its largest quarterly profit in almost six years.

SGX CNX Nifty Index futures for October delivery rose 0.5 percent to 7,945.5 at 9:49 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) gained 0.3 percent to 7,884.25 yesterday. The S&P BSE Sensex (SENSEX) also climbed 0.3 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 1.1 percent.

Reliance, operator of the world’s biggest refinery complex, reported net income of 57.4 billion rupees ($ 939 million) for the three months ended Sept. 30, compared with the median estimate of 56.2 billion rupees in a Bloomberg survey of analysts. Official data today may show wholesale prices rose 3.24 percent from a year earlier in September, the slowest pace since October 2009, according to a Bloomberg survey.

“Inflation and Reliance (RIL) results will set the tone for the day,” Jayant Manglik, president of retail distribution at Religare Securities Ltd., wrote in an e-mail.

Data yesterday showed retail inflation slowed more than economists had estimated in September after central bank Governor Raghuram Rajan held one of Asia’s highest interest rates for a fourth straight meeting.

The Sensex has increased 25 percent this year, the best performer among the world’s 10 biggest markets, and is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.7.

International investors sold a net $ 106 million of Indian stocks on Oct. 10, paring this year’s inflow to $ 13.6 billion, still the most among eight Asian markets tracked by Bloomberg.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at

To contact the editors responsible for this story: Michael Patterson at Matthew Oakley, Chan Tien Hin

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