Sensex Edges Higher; Oracle Financial, State Bank of India Up

Devan Biswas
11 May, 2011
New York City

Stocks in Mumbai traded in a tight range as banks, real estate developers and resources linked stocks led the most active list. State Bank of India lifted prime lending rate by 75 basis points following an increase of 50 basis points by the RBI. Oracle Financial Services soared 11%.

[R]5:10 PM Mumbai – Stocks in Mumbai traded in a tight range as banks, real estate developers and resources linked stocks led the most active list. State Bank of India lifted prime lending rate by 75 basis points following an increase of 50 basis points by the RBI. Oracle Financial Services soared 11% after annual net surged 44%.[/R]

Stocks in Mumbai closed higher after spending most of the afternoon in the negative zone. The resource linked companies and bank reversed earlier losses and realty developers closed higher.

The Sensex index increased 72.19 and the Nifty index added 23.80 to 5,565.05.

The rupee closed 7 paisa to 45.00 and the price of ten grams of gold increased 0.2% to Rs 23,209. Silver price for one kilo increased 1.1% to Rs 61,518.

Stock Movers

State Bank of India increased 1.8% to Rs 2,674.80 after the bank lifted its prime lending rate by 0.75% from May 12. Earlier the bank also lifted its 14-day deposit rate to 6.25% from 4% and one year rate to 8.25%.

Oracle Financial Services Software increased 11.4% to Rs 2,196.65 after fiscal year sales increased 4.3% to Rs 2,996 crore and net profit soared 44% to Rs 1,111 crore.

SKS Microfinance increased 10% to Rs 327.60 after the stock had fallen more than 40% in the last eight sessions.

United Breweries increased 10.7% to Rs 595.50.

Ranbaxy Laboratories increased 6.4% to Rs 477.70 after net declined 68% to Rs 304.38 crore and sales fell 13.6% to Rs 2,143.02 crore in the first quarter to March.

ABB gained 2.5% to Rs 885.05 after quarterly net increased 796% to Rs 59.55 core and net sales increased 22.4% to Rs 1,781.31.

ARSS Infrastructure Projects declined 3% to Rs 473.70 after the fourth quarter ending March net fell 12% to Rs 35.28 crore and sales fell 3% to Rs 389.18 crore.

Thermax declined 0.2% to Rs 610.80 after the company won a power plant order from a viscose staple maker worth Rs 403 crore.

Shree Renuka Sugars declined 1.8% to Rs 65.90 after the company said second quarter to March net declined 73.5% to Rs 59.40 crore on sales increase of 3.3% to Rs 1,840.30 crore.

Wipro increased 0.6% to Rs 439 and the company said it has acquired a majority stake in a Brazil based hydraulic cylinder maker R.K.M. Equipamentos Hidraulicos.