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Business News 2009
Business News->IIndian stocks soar despite market slowdown
Indian stocks soar despite market slowdown

12 July 2009

Fiona Owen, Head of Capital Markets South Asia Group at Grant ThorntonIndian companies listed on the London Stock Exchange (LSE) are significantly outperforming both the FTSE 100 and AIM 100 markets, according to new quarterly figures released today by leading business and financial adviser Grant Thornton. The Grant Thornton India Index has risen 76 per cent since the start of the year and 72 per cent since the beginning of April*. This compares with a decline of 4 per cent for the FTSE 100 since the start of the year and a slight rise of 7 per cent since the beginning of April. The AIM 100 has risen 34 per cent since the start of the year and 28 per cent since the beginning of April.

"Indian stocks have gone from strength to strength since the start of the year, outperforming both AIM and the Main Market. This reflects to an extent the continuation of Indian economic growth, albeit at lower levels," says Anuj Chande, Head of South Asia Group at Grant Thornton.

The firm's quarterly India Watch, launched in conjunction with the London Stock Exchange, monitors the UK/India business relationship through both cross border M&A between India and the UK and the performance of Indian firms listed on the LSE, with a tracker that focuses on the performance of the Main Market and AIM versus listed Indian firms since 1 January 2007.

Particularly strong performers include companies listed on AIM including India Hospitality Corp, KSK Power Ventur Plc and OPG Power Ventures Plc . "The outstanding performance of these stocks illustrates that the downturn has not undermined the positive outlook for Indian companies," says Fiona Owen, Head of Capital Markets South Asia Group at Grant Thornton.

"Furthermore, India is now the second-largest source of foreign direct investment into the UK up from seventh last year. Indian investments into the UK climbed 44 per cent to 108**. At the same time the UK has become the biggest foreign investor into India. These rapidly growing streams of investment are a clear indication that India and the UK are continuing to forge ever-stronger ties," Owen continued.

*Data sourced from Thomson Reuters. **UK Trade and Investment

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