Indian Stocks Rise; Reliance Industries, Ambuja Cements Advance

Aug. 23: ( Bloomberg) Indian stocks rose, mirroring gains in global markets as concern eased that a credit crisis triggered by losses on U.S. home loans will derail global economic growth. Reliance Industries Ltd. led the advance.

``Worries easing on the U.S. loan front has sparked a global rally and India is participating in it,'' said Jayesh Shroff, who helps manage the equivalent of about $5 billion of assets at SBI Funds Management in Mumbai.

Ambuja Cements Ltd., the country's fourth biggest cement maker, gained after Holcim Ltd., the world's second-largest cement maker, said it plans to raise its stake in Ambuja. Read More