India Awaits Rate Decision Tomorrow

Mayank Mehta
19 Apr, 2010
New York City

Stocks in Mumbai decline ahead of the interest rate decision tomorrow by the Reserve Bank of India. IndusInd Bank rose after net surged 89%. Shree Digvijay Cement Co. Ltd declined 6% after quarterly net declined 15% and sales dropped 6%.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai decline ahead of the interest rate decision tomorrow by the Reserve Bank of India. IndusInd Bank rose after net surged 89%. Shree Digvijay Cement Co. Ltd declined 6% after quarterly net declined 15% and sales dropped 6%.[/R]

The Sensex index in India decreased 190.50 or 1.08% to 17,400.68 and CNX Nifty index fell 58.95 or 1.12% to 5,203.65. Among the Sensex 30 stocks, 6 rose and 24 fell.

On BSE trading, 950 stocks advanced, 1,953 declined and 118 were unchanged. Banks and financial services stocks recovered from initial losses ahead of rate action by the Reserve Bank of India tomorrow. Realty, commodity and technology sector stocks also fell.

Rupee edged lower 25 paisa to 44.57 against one dollar.

International markets fell after U.S. regulatory agency filed a surprise law suit alleging Goldman Sachs engaging in mortgage securities fraud.

Gainers & Losers

Amtek Auto Limited, the automotive component maker fell 5.4% to Rs 184.20.

CMC Limited slipped 3.9% to Rs 1,370.35 after the IT solutions company said fiscal year 2010 sales fell 16% to Rs 690 crore from Rs 820 crore a year ago. Net profit for the quarter rose 22.7% to Rs 129.6 crore or Rs 85.53 per diluted share compared to net profit of Rs 105.6 crore or Rs 69.68 per share a year ago.

Development Credit Bank Limited advanced 2.8% to Rs 36.55 as fourth quarter net interest income rose 5% to Rs 42 crore from Rs 40 crore a year ago. Net loss for the quarter was Rs 8 crore compared to net loss of Rs 91 crore a year ago.

Four Soft Limited climbed 3.4% to Rs 25.25 after the company announced that AFS Transport, a logistics company based in The Netherlands has selected the company''s warehouse management solution.

Godrej Consumer Products Limited, the toilet soaps and toiletries manufacturer added 2.8% to Rs 320.60 buoyed by negotiations to acquire Brazilian hair care company Embelleze.

IndusInd Bank Ltd added 3.4% to Rs 182.20 after the bank said fourth quarter net interest income rose 89% to Rs 272.8 crore from Rs 144.3 crore a year ago. Net profit for the quarter rose 94% to Rs 98 crore compared to net profit of Rs 50.5 crore a year ago.

Jay Bharat Maruti Limited rose 1.1% to Rs 82.05 after the company reported full-year net profit Rs 2,101.02 lakh from Rs 1,036.08 lakh a year ago. Total income increased to Rs 80,552.09 lakh from Rs 69,458.96 lakh in the year ago.

KPR Mill Limited, the textile company added 4.9% to Rs 137.70 as fourth quarter sales rose 1.6% to Rs 235.3 crore from Rs 231.5 crore a year ago. Net profit for the quarter rose 612% to Rs 16.1 crore or Rs 4.28 per diluted share compared to net profit of Rs 2.26 crore or Rs 0.60 per share a year ago.

Omaxe Limited, the real estate developer decreased 2.2% to Rs 92.90 and the company received a contract of Rs 64.80 crore to construct the Package I - Medical Collage Complex at the All India Institute of Medical Sciences, Rishikesh, Uttarakhand.

Petron Engineering Construction Limited fell 1.4% to Rs 368.00 despite securing an order of Rs 180 crore from Indian Oil Corporation for its Paradip refinery project.

Roman Tarmat Limited dropped 1.4% to Rs 54.00 and received an order of Rs 26 crore.

Shree Digvijay Cement Co. Ltd declined 5.9% to Rs 18.15 after the cement maker said fourth quarter sales fell 6% to Rs 89.4 crore from Rs 95.4 crore a year ago. Net profit for the quarter fell 15% to Rs 16.3 crore compared to net profit of Rs 19.1 crore a year ago.

Strides Arcolab Limited fell 0.7% to Rs 339.40 after the company filed with the U.S. regulator a new drug application.

TTK Healthcare Limited surged 18.6% to Rs 348.95 boosted by the company’s plans to invest Rs 20 crore for setting up a new facility at the Mahindra World City special economic zone near Chennai to make orthopedic implants.

Universal Starch Chem Allied rose 5% Rs 11.81 on fourth quarter net profit of Rs 1.41 crore compared with a net loss of Rs 0.97 crore a year ago.