India & Pakistan News
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Steel Authority of India Ltd., the nation’s second-biggest producer, reported a worse-than-expected 55 percent drop in second-quarter profit after paying higher coking coal prices and incurring foreign-exchange losses.
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Satish Ramanathan, whose Indian mid- cap fund has beaten 90 percent of its peers in the past three years, is adding shares of consumer-goods makers, drug companies and software exporters on optimism their earnings will be better shielded from rising interest rates and the global slowdown.
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Indian stocks climbed for the first time this week, tracking European shares that advanced before the Group of 20 leaders discuss the region’s debt crisis at a summit later today.
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Coal India Ltd., facing a drop in output for the first time in more than a decade, is accelerating its search for overseas assets after talks with Massey Energy Co. and Peabody Energy Corp. failed.