Sensex Gains; ICICI Q1 Net Rises 17%

Chandrasekhar Atreya
02 Aug, 2010
New York City

Stocks in Mumbai gained the most in a month and a half led by the positive results of ICICI Bank. SEBI allows currency options on dollar-rupee exchange rate direction. Consumer Price Index for industrial workers rises in June. Berger Paints expands to double capacity.

[R]5:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai gained the most in a month and a half led by the positive results of ICICI Bank. SEBI allows currency options on dollar-rupee exchange rate direction. Consumer Price Index for industrial workers rises in June. Berger Paints expands to double capacity.[/R]

The Sensex index in India gained 1.19% or 212.92 to close at 18,081.21. The CNX Nifty Index also rose 1.19% or 64.05 to close at 5,431.65.

Rupee edged lower 17 paisa to Rs 46.23 against one dollar.

Berger Paints India Ltd is considering several projects to double its capacity by 2015. It is also planning to revive the proposal to set up an automotive paint unit in Jejuri near Pune in Maharashtra.

Company Chiarman Kuldip Singh Dhingra told reporters in Kolkata after the annual general meeting that one of the investment plans is for Rs 250 crore investment to double capacity to 500,000 tons. This includes Rs 125 crore spend on setting up a water-based paint unit in Hindupur in Andhra Pradesh.

Production of cotton during the year 2009-10 ending September is estimated at 29,500,000 bales according to the Cotton Advisory Board. The agency which met in Mumbai on July 30 also revised the cotton export estimate to 8,300,000 bales.

The Securities & Exchange Board of India on Friday allowed exchanges to introduce currency options on the U.S. dollar pairing with the rupee, a development that provides another alternative to corporate companies for hedging against currency fluctuation.

“It has now been decided to permit introduction of options on U.S. dollar-Indian rupee spot rate on the currency derivatives segment of stock exchanges,” SEBI said in a circular.

U.S.-based Qualcomm Inc on Friday said Tulip Telecom and Global Holding Corp Pvt Ltd will buy 26% stake in its Indian broadband venture for a combined value of $57.72 million or Rs 268 crore.

Qualcomm, which had won four telecom circles in the BWA spectrum auction recently, said subject to receipt of government approvals, it will have 74% stake in the venture while the other two will have 13% stake each, as required by regulations applicable to FDI in India.

The all India Consumer Price Index for industrial workers with a 2001 base of 100, stood at 174 for June, increasing by two points, according to a government release issued in New Delhi on Friday.

Gainers & Losers

Indian Overseas Bank fell 1.3% to Rs 113.00 after the bank reported first quarter net profit declined 33.6% to Rs 200.44 crore.

Larsen & Toubro Limited rose 0.9% to Rs 1,814.55 after the engineering & construction company secured an order worth Rs 6,500 crore from Jaiprakash Group to construct Mega Power Plant.

Bajaj Auto Ltd. gained 1.6% to Rs 2,732.00 after the manufacturer of two and three-wheeler vehicles said total vehicle sales surged 65% to 3.18 lakh units in July 2010 compared to year ago.

BGR Energy Systems Limited surged 5.2% to Rs 768.40 after the industrial machinery and equipment manufacturing company said net profit jumped 199.1% to Rs 60.54 crore.

ICICI Bank Limited rose 3.3% to Rs 934.30 after the bank reported first quarter net profit rose 17% to Rs 1026 crore in June 2010 from year ago.

“The Bank has raised deposit rates by 25 to 75 basis points with immediate effect,” said Chanda Kochhar MD and CEO of ICICI Bank today.

Hindustan Construction Company Limited advanced 2.9% to Rs 137.70 after the infrastructure company fixed August 11 as record date for a liberal 1:1 bonus issue.

Maruti Suzuki India Limited rose 0.8% to Rs 1,208.70 after the automobile manufacturer said total vehicle sales rose 29.2% to 100,857 units in July 2010 compared to 78,074 year ago.

TVS Motor Company Limited gained 1.9% to Rs 141.35 after the manufacturer of automotive vehicles reported total two wheeler sales surged 35% to 1.63 lakh units in July from year ago.

Steel Strips Wheels Limited rose 1.6% to Rs 220.35 after the manufacturer of automotive wheel rims reported sales rise of 16% to 7.65 lakh units in July.

Jammu & Kashmir Bank Limited surged 6.1% to Rs 818.00 after the bank’s net profit rose 23.1% to Rs 145.35 crore.

Aurobindo Pharma Limited gained 1.1% to Rs 985.00 after the integrated pharmaceutical company received approval from the U.S. Food & Drug Administration to market Ranitidine syrup in 15 milligram/milliliter strength.