Sensex in Mumbai Soared 2.6%; Tata Motors Net Surges

Devan Biswas
14 Feb, 2011
New York City

Stocks in Mumbai surged after earnings from Tata Motors, Adani Enterprises and Gitanjali Gems Limited. The benchmark index soared 2.6%.Reliance Communication quarterly net dropped 56%. Tata Motors quarterly net soared nearly three-fold.

[R]5:00 PM Mumbai – Stocks in Mumbai surged after earnings from Tata Motors, Adani Enterprises and Gitanjali Gems Limited. The benchmark index soared 2.6%.Reliance Communication quarterly net dropped 56%. Tata Motors quarterly net soared nearly three-fold.[/R]

Stocks in Mumbai surged after tensions in the Middle East eased and domestic earnings lifted sentiment. The sharp upswing in India was driven by a rally in capital goods, auto stocks and resource led companies.

Jaiprakash Associated soared 7% followed by increase in Tata Motors of 5.6% and in BHEL of 4.6%. DLF declined 0.4%.

The BSE Sensex gained 2.6% or 473.59 to close at 18,202.20 The CNX Nifty on the National Stock Exchange increased 146.00 to close at 5,456.00.

Annual rate of inflation measured in wholesale price index increased to 8.23% in January compared to 8.53% for a year ago.

The index increased 1.2% to 145.9 from 144.1 in January. The inflation base was revised to fiscal 2004 from the base of fiscal 1993 since August.

Reliance Communications, the second largest mobile carrier, reported sixth quarterly profit decline in a row.

For the quarter ending in December, net declined 56% to Rs 480 crore from 1,108 crore as the company struggles with the decline in telecom prices and heavy debt load.

Stock Movers

Adani Enterprises Limited gained 3.1% to Rs 603.55 after the energy, trading, real estate company reported third quarter consolidated net profit increased 56.1% to Rs 474.41 crore and net sales fell 11.5% to Rs 5,640.42 crore.

Aban Offshore Limited increased 3.5% to Rs 587.85 after the drilling and oil field company said third quarter consolidated net profit declined 30.7% to Rs 62.02 crore and net sales decline 7.5% to Rs 777.98 crore.

Gitanjali Gems Limited surged 8.9% to Rs 246.20 after the diamond, jewelry company reported third quarter consolidated net profit surged 147.47% to Rs 100.57 crore and net sales rose 46.46% to Rs 2,654.17 crore. The company recently sold a minority stake to France based luxury goods maker LVMH.

Geodesic Limited surged 20% to Rs 88.50 after the technology company reported third quarter consolidated net profit rose 39.9% to Rs 87.48 crore and net sales gained 47.8% to Rs 224.50 crore.

Hindalco Industries Limited increased 3.8% to Rs 219.40 after the aluminum and copper maker reported third quarter net profit rose 7.78% to Rs 460.34 crore and net sales rose 12% to Rs 5,917.85 crore.

Larsen & Toubro Limited surged 6.7% to Rs 1,660.75 after the company secured an engineering, procurement and construction contract worth Rs 1,100 crore from Gujarat State Electricity Corporation.

Mercator Lines Ltd soared 8.9% to Rs 39.60 after the shipping company said third quarter consolidated net profit increased 56% to Rs 1.56 crore and net sales increase 64.5% to Rs 777.73 crore.

Reliance Infrastructure Limited increased 1.8% to Rs 627.10 after the infrastructure developer reported third quarter consolidated net profit rose 10.16% to Rs 405.25 crore and total income increase 11.21% to Rs 3,871.64 crore.

Reliance Capital Limited gained 3% to Rs 441.20 after the financial service provider said third quarter consolidated net profit surged 68.3% to Rs 106.32 crore and total income declined 8% to Rs 1,369.54 crore.

Redington (India) Limited soared 9% to Rs 77.45 after the end-to-end supply chain management company said Apple India has appointed the company for the distribution of iPads in the country.

Rajesh Exports Limited surged 6.4% to Rs 140.30 after the gold and gold products company reported third quarter net profit surged 73.39% to Rs 76.12 crore and net sales increase 14.2% to Rs 5,175.87 crore.

Tata Motors Limited increased 5.6% to Rs 1,208.75 after the automobile company reported third quarter consolidated net profit surged 272.8% to Rs 2,424.38 crore and net sales increase 21.6% to Rs 31,506.33 crore.