Mumbai, April 25
Rising for the fourth day, the BSE benchmark Sensex today jumped by 227.49 points to end at six-week high of 19,406.85 on good buying in auto, metal, banking and power scrips amid hopes of at least 0.25 per cent interest rate cut by RBI and a rating upgrade by agencies.

The 30-share Sensex opened higher at 19,192.11 on positive cues from Asian markets and firmed up further to a high of 19,434.85 as FIIs bought shares in rate-sensitive sectors on hopes of RBI slashing interest rates on May 3 and talks of global agencies upgrading India's sovereign rating.

Sensex finally closed at 19,406.85, a net rise of 227.49 points or 1.19 per cent from its last close. Today's closing was the index's highest closing since 19,427.56 on March 15.

In the last four sessions, it has gained over 675 points.

Similarly, the NSE 50-share Nifty also rose by 79.40 points or 1.36 per cent to finish at 5,916.30 today.

HDFC, RIL, Tata Motors, ICICI Bank and ITC mainly drove benchmark indices higher. Dr Reddy's, Gail, Tata Motors, NTPC, Maruti Suzuki, Hero Motorcorp and M&M also shot up sharply.

Across the market, over 1,200 scrips rose helping investor wealth soar by Rs 59,000 crore to Rs 66.13 lakh crore.

Talking to reporters after a meeting with representatives of rating agency S&P, Economic Affairs secretary Arvind Mayaram in Delhi said: "I think there is a case for an upgrade because we have taken the kind of decisions that most of countries in the world have not been able to take." Similar meeting has taken place with Fitch on April 12.

S&P currently rates India as 'BBB-', lowest in the investment grade, with a negative outlook.

"Hopes of at least 0.25 per cent rate cut is helping markets rise. A rating upgrade cannot also be ruled out," said Gautam Sinha Roy, VP-Equities, Motilal Oswal Securities.

In monthly derivatives expiry, dealers said April series witnessed strong up-move led by the banking but IT and metal stocks remained under pressure.

Outside of benchmark indices, aviation stocks saw good rise with SpiceJet surging 18.2 per cent and Jet jumping 11 per cent. — PTI 

New Delhi, April 25
After completing four days of gains, gold prices spurted here by Rs 400 today to regain the psychological level of Rs 28,000 per 10 gram on sustained seasonal buying amid a firming global trend.

Silver also recovered by Rs 500 to Rs 45,500 per kg on increased offtake by industrial units and coin makers.

Traders said buying activity picked up as gold climbed to the highest level since April 15 in overseas markets, as rising central bank and physical purchases countered tumbling assets in exchange-traded products.

Gold in London, which normally set price trend on the domestic front, rose by 1.1 per cent to $1,448.28 an ounce. In addition, persistent buying by stockists to meet the ongoing marriage season demand and a firming trend at futures trade further fuelled the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 400 each to Rs 28,000 and Rs 27,800 per 10 gm, respectively.

The yellow metal had gained Rs 1,250 in the previous four sessions. — PTI

New Delhi, April 25
The government today pitched for a rating upgrade for India with global rating agency Standard & Poor’s (S&P) on the back of recent decisions on economic reforms.

Economic Affairs Secretary Arvind Mayaram said there was no case of rating downgrading as the government has taken bold and tough decisions like reducing subsidies on petroleum products.

"I think there is a case for an upgrade because we have taken the kind of decisions that most countries in the world have not been able to take. This country has shown its determination to put the economy back on track. We believe it will happen and there is no doubt about it," he said.

The government told S&P that it had resolved to check the fiscal deficit and speed up mega projects, including by the Cabinet Committee on Infrastructure. CCI has cleared projects worth billions of dollars in the recent weeks.

"We have spoken to them convincingly. We have shown that the reforms are on track," he added. Similar meeting has taken place with Fitch on April 12. Earlier, S&P and Fitch had threatened to downgrade India's credit rating.

After the presentation of Union Budget, the two agencies had said India's sovereign rating is unaffected but had warned that policy execution and controlling subsidies would be the key risks to look out for during the year.

S&P currently rates India as 'BBB-', lowest in the investment grade, with a negative outlook. Referring to the food security proposal, the Secretary said "Wwe are very confident that we are on the right track".

On investments, Mayaram also said there is an uptick since October on capital goods.

In the recent months, the government has undertaken several reforms initiative like liberalising FDI norms for various sectors, including multi-brand retail, to promote growth and investment.

London, April 25
The UK economy avoided a triple-dip recession as the GDP grew at a faster-than-expected 0.3 per cent rate in the first quarter of 2013, powered by its service sector.

The Office for National Statistics (ONS) said today Britain's GDP rose 0.3 per cent in the first quarter of 2013, more than the 0.1 per cent increase forecast by experts.

The growth in GDP would mean the economy avoided two consecutive quarters of contraction. There had been fears the UK would enter recession for the third time in five years, a so-called triple-dip recession.

"Today's figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress. The deficit is down by a third, businesses have created over a million and a quarter new jobs, and interest rates are at record lows," Chancellor George Osborne said.

The growth, which is seen as a minor victory for Osborne and his tough austerity measures, was powered by a relatively robust performance from the UK's services sector that expanded by 0.6 per cent in the previous quarter.

"We all know there are no easy answers to problems built up over many years, and I can't promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future," the Chancellor said.

However, business secretary Vince Cable sounded a note of caution amid the general feeling of relief.

"Today's figures are modestly encouraging and taken alongside other indicators such as employment figures, suggest that things are going in the right direction,” he said. — PTI

New York/London, April 25
Verizon Communications has hired advisers to prepare a possible $100 billion cash and stock bid to take full control of Verizon Wireless from its partner Vodafone, two people familiar with the matter said.

Verizon, which already owns 55 per cent of the company, which is the biggest US wireless carrier, has not put a proposal to Vodafone yet but it has hired both banking and legal advisers for a possible bid, the sources said.

Verizon, which has made little secret of its wish to buy out its British joint venture partner, has ramped up the pressure in recent months, and London-based analysts and investors interpreted the latest move as an attempt to force Vodafone in to serious talks.

The two sides have previously held high-level talks to discuss possible options for their holding, another person familiar with the situation said. The sources said Verizon was now ready to push aggressively for a deal. It hopes to start discussions with Vodafone soon for a friendly agreement but is prepared to take a bid public if the British company does not engage, one of the sources added. — Reuters

BRIEFLY

Re up 16 paise
Mumbai: Rising for the first time in three sessions, the rupee on Thursday appreciated by 16 paise to close at 54.22 on renewed dollar selling by banks and exporters and strong capital inflows amid hopes of a rating upgrade. Weakening of the US currency overseas and firm local equities also boosted the rupee sentiment. — PTI

IDBI net dips 28%
New Delhi: IDBI Bank on Thursday posted 28 per cent decline in net profit at Rs 554.45 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans. Total income of the bank rose to Rs 7,543.78 crore in January-March quarter as compared to Rs 6,865.97 crore in the same period previous fiscal. — PTI

ONGC m-cap
Mumbai: ONGC on Thursday reclaimed the status of the country's most-valued company, pushing IT giant TCS to second slot. At the end of trade, ONGC commanded market value of Rs 2,79,208 crore, Rs 4,787 crore more than TCS's m-cap of Rs 2,74,421 crore. — PTI

Idea net up 29%
New Delhi: Idea Cellular on Thursday reported a jump of nearly 29 per cent in consolidated net profit at Rs 308.18 crore for the Q4 ended March 31. Total revenue during the quarter rose by 12.88 per cent at Rs 6,061.38 crore from Rs 5,369.69 crore in the corresponding period last fiscal. — PTI