Updated from 6:36 p.m. EDT
Indian markets shook off early weakness and finished higher Wednesday led by a strong earnings report out of regional banking player YES Bank. Yes Bank reported better-than-expected fourth-quarter numbers and said the bank had no marked-to-market derivative exposure risk on its balance sheet.
Dealers in the region said short-sellers scrambled to cover bearish bets on the Indian equity market inspired by hopes that many Indian banks could be exposed to significant derivative risk. The Bombay Stock Exchange Sensitive Index rose 202.89 points, or 1.3%, to 15,829.59.
Leading Indian automaker Tata Motors (TTM Quote) announced it plans to set up a manufacturing center for trucks and buses in South Africa in an effort to expand into more global markets. The new plant will be located in Rossllyn, South Africa, according to managing director Ravi Kant. American depositary shares of Tata Motors closed down 1.5% at $15.44. ...
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