Stocks in India Struggle, Rupee Advances

Devan Biswas
29 Apr, 2011
New York City

Stocks in Mumbai in a volatile trading edged lower after inflation worries sparked by higher crude oil prices. UCO Bank and Prism Cement declined after reporting lower than expected earnings. Mafatlal Industries soared after it sold 7 acre land plot in central Mumbai at a peak price.

[R]4:30 PM Mumbai – Stocks in Mumbai in a volatile trading edged lower after inflation worries sparked by higher crude oil prices. UCO Bank and Prism Cement declined after reporting lower than expected earnings. Mafatlal Industries soared after it sold 7 acre land plot in central Mumbai at a peak price.[/R]

Stocks in Mumbai traded volatile after high crude oil prices sparked worries of inflation. Higher rupee also put investors on the sidelines.

The Sensex index declined 156.06 or 0.8% to 19,135.96 and Nifty index fell 35.95 to 5,749.50.

Of the 30 stocks in the Sensex, 19 declined and 11 increased. Of the stocks traded on the BSE, 1,954 declined and 944 increased and 98 were unchanged.

Rupee rose 7 cents to 44.79 to a dollar and the price of ten grams of gold edged a fraction lower to close at Rs 23,287. Silver price rose 1.4% to Rs 74,010.

Stock Movers

UCO Bank declined 6.7% to Rs 107 after fourth quarter net declined 40.5% to Rs 225.90 crore on sales increased of 24.9% to Rs 3,360.55 crore.

United Phosphorous declined 4.5% to Rs 152.40 after fiscal year net increased 6% to Rs 557.64 crore and net sales rose 7.4% to Rs 5,898.16 crore.

Prism Cement declined 3.3% to Rs 55 after annual net rose 59.6% to Rs 104.94 crore and sales increased 18.3% to Rs 3,401.71 crore.

Mafatlal Industries soared 4.2% to Rs 235.55 crore on the media reports that the company sold its land near Byculla for Rs 750 crore to Piramal Sunteck. The land sale is done at the peak price near Rs 25,000 a square foot.

Crompton Greaves dropped 10.4% to Rs 251.05 after latest quarterly net declined 18% to Rs 251.43 crore on sales increase of 16% to Rs 2,908.03 crore.

Nagarjuna Fertilizers & Chemicals increased 1.4% to Rs 32.30 after fourth quarter net increased 23.6% to Rs 28.48 crore and sales increased 51.3% to Rs 780.80 crore from a year ago.

Reliance Industries gained 0.9% to Rs 982.50 after dropping for more than a week and losing 6.5%. Market rumors suggested that the company is in talks to acquire a stake controlled Bharti Enterprises in Bharti AXA Group.

ONGC declined 3.3% and during the market hours the company announced the discovery of oil filed off the coast of Gujarat in a field it has 50% stake and 40% is controlled by Gujarat State Petroleum Corp.

L&T dropped 4% to Rs 1,594.80 and extended losses for the fourth day in a row after rising 15% in three weeks to April 15.