Sensex Recovers from 1.3% Fall; ACC, UltraTech Up, GMR Infra Down

Devan Biswas
26 Apr, 2011
New York City

Stocks in Mumbai declined sharply in early trading but managed to rebound. The Sensex closed down 0.2% after dropping as much as 1.4%. The rupee gained and silver fell nearly 3% after trading above Rs 70,000 level for the third day in a row.

[R]4:30 PM Mumbai – Stocks in Mumbai declined sharply in early trading but managed to rebound. The Sensex closed down 0.2% after dropping as much as 1.4%. The rupee gained and silver fell nearly 3% after trading above Rs 70,000 level for the third day in a row.[/R]

Sensex index in Mumbai opened lower and drifted down more than 260 points by early afternoon. The index recovered steadily in the evening and closed down 0.2%.

The Sensex index declined 38.96 to 19,545.35 and Nifty index dropped 6.10 to 5,868.40.

The rupee gained 30 paisa to close at 44.98 against one dollar.

Crude oil declined 15 cents to close at $112.13 a barrel in Asian trading and the price of ten grams of gold in Mumbai decreased 0.3% to Rs 22,964 and the price of silver for one kilo closed down 2% to Rs 70,249.

Stock Movers

ACC increased 1.2% to Rs 1,123 crore after the company said its recent expansion at two plants located in Wadi and Chanda regions will increase the supply of cement.

UltraTech Cement increased 2.9% to Rs 1,065.50 after the company reported operating profit increased 5.4% to Rs 904 crore and sales increased 6.8% to 4,490 crore in the latest quarter ending in March.

Indo Rama Synthetic rose 1.8% to Rs 75.15 after fourth quarter net soared more than ten fold to Rs 100.68 crore on revenues increase of 36% to Rs 854.61 crore.

Tata Teleservices increased 8.2% to Rs 19.20 after the company said fourth quarter net increased to Rs 80.23 crore compared to a net loss of Rs 318 crore a year ago.

Tata Metaliks declined 3.2% to Rs 120.80 after it reported net profit declined dropped 98% to Rs 0.6 crore on sales increase of 25.8% to Rs 1,318.79 for the year ended on March.

GMR Infra declined 3.8% to Rs 38.05 after Supreme Court rejected its appeal to increase airport development fees in Mumbai and Delhi.

Aventis Pharma soared 5.8% to Rs 2,025 and closed at one-year high after the company reported first quarter earnings surged 40% to Rs 50.60 crore on sales increase of 9.9% to Rs 276.30 crore.

Procter & Gamble India declined 2.2% to Rs 1,955 after the consumer products company reported weaker than expected earnings in the latest quarter ending in March. Earnings in the latest quarter declined 10.8% to Rs 38.94 crore on 14.4% increase sales to Rs 234.39 crore.