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Mumbai: Indian shares hit their 12th record high in 15 days yesterday, led by gains posted by Larsen & Toubro and telecoms firms, but Satyam Computer Services fell after its results missed expectations.
The benchmark 30-share BSE index ended up 0.10 per cent, or 15.42 points, at a record close of 15,565.55, although 17 components fell on the day.
The index hit a record high of 15,683.03 during trade, its 12th so far in July. It rose 1.9 per cent over the week, a sixth straight weekly gain, and is up 6.3 per cent this month.
Second-ranked mobile operator Reliance Communications, which on Thursday said its mobile phone tower business was worth $6.75 billion and that it had sold a five per cent stake in it, rose 0.7 per cent to a record close of Rs583.60.
Bharti Airtel up
Top mobile services firm Bharti Airtel rose three per cent to a record close of Rs922.95 as analysts raised their valuations for its tower business after the Reliance deal.
"If Reliance Telecom Infrastructure valuation were to be used as a benchmark, then even under conservative assumptions Bharti Infratel would be worth at least $10 billion in equity value," JP Morgan said in a report. Morgan Stanley valued Bharti's tower business at $8 billion.
Top construction and engineering firm Larsen & Toubro rose 4.15 per cent to a record close of Rs2,475.30, taking its gains for the year to 71.5 per cent, as it extended its rally on Thursday's news its June quarter net profit had more than doubled.
The capital goods sector has been riding a boom in Indian infrastructure, as money flows in projects such as airports, power plants, highways and housing. Shares in Satyam Computer Services, India's fourth-largest software services exporter, fell 1.8 per cent.
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