Sensex in India Surges 1.8%; HCL Tech Net Soars 17%

Devan Biswas
20 Apr, 2011
New York City

Sensex in Mumbai trading soared 1.8% on the prediction of normal monsoon season. Earnings also contributed to the sentiment. HCL Technologies surged nearly 10% after quarterly earnings gained 17%. Jindal Steel & Power commenced its offer for Australia based coal miner Rocklands Richfields.

[R]5:10 PM Mumbai – Sensex in Mumbai trading soared 1.8% on the prediction of normal monsoon season. Earnings also contributed to the sentiment. HCL Technologies surged nearly 10% after quarterly earnings gained 17%. Jindal Steel & Power commenced its offer for Australia based coal miner Rocklands Richfields.[/R]

Stocks in Mumbai trading closed higher after India forecasted normal rains in the monsoon season ahead in six weeks. Consumer products makers, automakers and banks led the gainers.

The Sensex index increased 349.15 to 19,470.98 and Nifty index increased 110.90 to 5,851.65.

The rupee increased 3 paisa to close at 45.03 to a dollar and the price of ten grams of gold increased to Rs 22,802 and silver for one kilo gained 1.7% to Rs 68,881.

Foreign investors increased net purchase on April 19 by Rs 1,836 crore.

Stock Movers

Reliance Infrastructure increased 1.2% after it confirmed the purchase of 100,000 shares today and 600,000 shares since April 11.

Shares of three companies linked to 2G telecom spectrum scandal closed lower after a court reject bail appeal of its executives.

DB Realty, Unitech, Reliance Communications dropped between 2% and 5.1%.

Banks led the gainers on sharply higher profits. HDFC Bank increased 1% and extended two-day gains to 2.4%. HDFC Bank latest quarterly net increased 33%.

Ahead of earnings, Yes Bank increased 2.4% ahead of earnings today after the close and ICICI Bank added 1.4% ahead of earnings on April 28.

Jindal Steel & Power increased 2.4% and the company initiated cash offer for a coal miner Rocklands Richfields at 25 Australian cents a share or $88 million or Rs 400 crore.

Tata Motors increased 4% and Maruti Suzuki gained 1.2% on the expectations of normal monsoon season.

HCL Technologies increased 9.9% after it reported 17.1% increase in net profit to Rs 468 crore on revenues increase of 6.4% to Rs 4,138 crore.

TCS increased 4.6% ahead of earnings release tomorrow. Infosys gained 0.7% and Wipro edged a fraction higher.