Sensex in India Close Flat; Adani Power, Hindustan Unilever Rise

Devan Biswas
09 May, 2011
New York City

Stocks in Mumbai edged slightly higher after companies announced better than expected earnings. Adani Power, Federal Bank and Hindustan Unilever gained after the release of earnings. Piramal Life Sciences gained after its announced the spinoff of its research division.

[R]4:30 PM Mumbai – Stocks in Mumbai edged slightly higher after companies announced better than expected earnings. Adani Power, Federal Bank and Hindustan Unilever gained after the release of earnings. Piramal Life Sciences gained after its announced the spinoff of its research division.[/R]

Stocks in Mumbai traded listless and dragged down in the afternoon trading. The Sensex index rebounded in the last thirty minutes of trading and recovered from the 0.5% decline.

The Sensex index increased 10.15 to 18,528.96 and the Nifty index declined 0.35 to 5,551.10.

The rupee gained a fraction to close at Rs 45.42 and the price of ten grams of gold increased 0.5% o Rs 22,990 and silver increased 3.7% to Rs 59,222 for one kilo.

Stock Movers

Jubilant FoodWorks soared as much as 11% to Rs 790.45 ahead of earnings on May 12.

Coal India increased 6.2% to Rs 392.10 ahead of earnings this Thursday and investors are expecting earnings rise of at least 15% from a year ago.

Federal Bank gained 4% to Rs 419.85 after it reported fourth quarter net increased 47% to Rs 171.72 crore on 14.5% increase in operating income.

Bharti Airtel increased 3.9% to Rs 364.55 after the stock rebounded from the decline in the two weeks of trading.

Hindustan Unilever increased 2.3% to Rs 281 after the company said sales in March quarter rose 13.5% to Rs 4,899.35 crore and net declined 2.1% to 569 crore. For the year net income increased 4.7% to Rs 2,305 crore and sales rose 10.7% to Rs 19,401.11 crore.

The company also agreed to spinoff its exports unit effective April 1.

Power Finance Corp declined 1.6% to Rs 211.10 after the company set the price range for its secondary offering between Rs 193 and Rs 203.

Adani Power increased 3.1% to Rs 111.15 after the power maker reported fourth quarter net increased 77.30% to Rs 174.32 crore and sales surged 325% to Rs 855.57 crore.

For the year sales increased 385% to Rs 2,106 crore and net soared 206% to Rs 523.75 core.

Eicher Motors soared 12% to Rs 1,296 after it reported first quarter sales increased 33.4% to 1,383.59 and net rose 82.2% to Rs 73.28 crore.

Piramal Life Sciences increased 4.5% to Rs 103.95 after the company announced the plan to spin off its research unit.

Piramal Life Sciences shareholders will receive one share of Piramal Healthcare for every four held.