Reliance Net Up 30%, HDFC Bank, ICICI Rise

Mayank Mehta
26 Apr, 2010
New York City

Stocks in Mumbai traded higher after better than expected earnings from Maruti Suzuki, Godrej Consumer Products and ICICI Bank and HDFC Bank. Reliance Industries net surged 30%, lower than expected. Coal India Limited is preparing to raise $2.7 billion by July.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded higher after higher than expected earnings from Maruti Suzuki, Godrej Consumer Products and ICICI Bank and HDFC Bank. Reliance Industries net surged 30%, lower than expected.[/R]

The Sensex index continued its rise on the fifth day with banks and financial services company reporting sharply higher earnings. Coal India is expected to finalize its public offering by July.

ICICI Bank quarterly net increased 35% and HDFC Bank quarterly net gained 32.5%. Godrej Consumer Products Ltd quarterly sales surged 52% and net soared 48%. Maruti Suzuki India Limited sales surged 31% and Pantaloon Retail (India) Ltd net soared 62%.

Coal India plans to sell stake in the company in a public offering that will raise as much as 12,000 crore rupees as early as July according to its Chairman Partha Bhattacharya.

The state controlled coal miner is also looking to acquire overseas mines in the U.S. and Australia and is expected to spend as much as $1.7 billion or Rs 6,000 crore.

Coal India’s $7.4 billion in cash and no debts gives it the capacity to look for overseas mines acquisitions to meet coal shortages said Bhattacharya in an interview with Bloomberg News.

The Sensex index in India increased 51.08 or 0.29% to 17,745.28 and CNX Nifty index rose 26.40 or 0.5% to 5,330.50. Among the Sensex 30 stocks, 23 rose and 7 fell.

On BSE trading, 1,648 stocks advanced, 1,186 declined and 87 were unchanged. Bank stocks rose on strong fourth quarter results from top private sector banks and an expected increase in lending growth in the current year in a rebounding economy.

Rupee edged higher 13 paisa to Rs 44.30 against one dollar.

Gainers & Losers

The Andhra Sugars Limited fell 0.3% to Rs 126.00 after the sugar company said fourth quarter sales fell 6% to Rs 126.6 crore from Rs 134.8 crore a year ago. Net profit for the quarter rose 40% to Rs 12.6 crore compared to net profit of Rs 9.0 crore a year ago.

Areva T&D India Limited dropped 1.9% to Rs 276.85 after the power transmission & distributor said first quarter sales fell 8% to Rs 776 crore from Rs 845 crore a year ago. Net profit for the quarter fell 93% to Rs 3.5 crore compared to net profit of Rs 51.4 crore a year ago.

Binani Cement Limited rose 0.9% to Rs 84.55 after the cement company said fourth quarter sales fell 3% to Rs 481.8 crore from Rs 497.4 crore a year ago. Net profit for the quarter fell 16% to Rs 16.9 crore compared to net profit of Rs 20.1 crore a year ago.

Bosch Limited dropped 0.3% to Rs 4,890.00. The manufacturer and trader of automotive products said first quarter sales rose 59% to Rs 1,580.4 crore from Rs 991.7 crore a year ago. Net profit for the quarter rose 310% to Rs 202.6 crore compared to net profit of Rs 49.4 crore a year ago.

Fem Care Pharma Limited increased 3.9% to Rs 866.00 after Dabur India Limited said the Delhi High Court has approved the acquisition plan.

Godrej Consumer Products Limited fell 2.6% to Rs 297.70 said fourth quarter sales rose 48% to Rs 509.2 crore from Rs 343.9 crore a year ago. Net profit for the quarter rose 54% to Rs 91.7 crore compared to net profit of Rs 59.4 crore a year ago.

HDFC Bank Limited added 2.3% to Rs 1,990.90 said fourth quarter net interest income rose 27% to Rs 2,351 crore from Rs 1,852 crore a year ago. Net profit for the quarter rose 32.5% to Rs 836.6 crore compared to net profit of Rs 630.9 crore a year ago.

ICICI Bank Limited fell 1.6% to Rs 960.10 said fourth quarter net interest income fell 5% to Rs 2,035 crore from Rs 2,139 crore a year ago. Net profit for the quarter rose 35% to Rs 1,006 crore compared to net profit of Rs 744 crore a year ago.

Indiabulls Financial Services Limited rose 2.9% to Rs 132.30 said fiscal year 2010 sales fell 14.4% to Rs 1,443 crore from Rs 1,685 crore a year ago. Net profit for the quarter rose 190% to Rs 307.5 crore or Rs 9.84 per share compared to net profit of Rs 106 crore or Rs 3.11 per share a year ago.

India Infoline Ltd fell 1.3% to Rs 113.10 after the financial services company said fourth quarter sales rose 84.3% to Rs 309.7 crore from Rs 168.1 crore a year ago. Net profit for the quarter rose 106.5% to Rs 52.2 crore compared to net profit of Rs 25.3 crore a year ago.

Jay Shree Tea & Industries Limited advanced 2.1% to Rs 308.05 after the company said its board will meet on April 28 to consider acquisition of Kijura Tea Company based in Uganda, East Africa.

Kirloskar Brothers Limited slipped 2.2% to Rs 288.50 after the manufacturer and exporter of pumps said fourth quarter sales fell 2% to Rs 631 crore from Rs 646 crore a year ago. Net profit for the quarter rose 24% to Rs 58.4 crore compared to net profit of Rs 47.3 crore a year ago.

Maruti Suzuki India Limited fell 1.9% to Rs 1,335.00. The largest automaker in India said fourth quarter sales rose 31% to Rs 8,280.8 crore from Rs 6,332.8 crore a year ago. Net profit for the quarter rose 170% to Rs 656.5 crore compared to net profit of Rs 243.1 crore a year ago.

MMTC Limited rose 1.6% to Rs 31,885.00. The international trading company said fourth quarter sales rose 254% to Rs 17,271 crore from Rs 4,874 crore a year ago. Net profit for the quarter rose 147% to Rs 98.9 crore compared to net profit of Rs 40.0 crore a year ago.

Pantaloon Retail (India) Limited rose 0.4% to Rs 424.45 after the retailer said third quarter sales rose 25% to Rs 2,057.6 crore from Rs 1,642.1 crore a year ago. Net profit for the quarter rose 62% to Rs 55.9 crore compared to net profit of Rs 34.4 crore a year ago.

Rajesh Exports Limited rose 1.9% to Rs 131.15 after the gold jewelry maker and exporter said it has order book of Rs 4,600 crore.

Reliance Industries Limited declined 1.6% to 1,071.25 after it net income in the quarter increased 30% to Rs 4,700 crore from Rs 3,630 crore in the quarter a year ago. Reliance earned $7.50 a barrel in the quarter compared to $9.90 a barrel a year ago quarter.

Roman Tarmat Limited added 2.3% to Rs 62.20 after the company announced that it has received order of Rs 7.50 crore of road work from L & T Shipbuilding Ltd, Chennai.

Sun Pharmaceutical Industries Ltd decreased 4.3% to Rs 1,611.00. The company will have to stop selling a generic version of cancer drug Eloxatin in the US from June 30 after a US court ruling.

Supreme Petrochem Ltd declined 8.3% to Rs 41.90 after the company third quarter net profit slumped 42.2% to Rs 19.77 crore.

Vipul Limited gained 7.4% to Rs 49.90 after the company fixed May 5 as the record date for a 2-for-1 stock split.