Sensex in India Declines 1.4%; Grasim Net Soars 32%

Devan Biswas
12 May, 2011
New York City

Stocks in Mumbai dropped sharply tracking losses in international markets despite a sharp fall in oil price. The benchmark index declined 1.4%. Industrial production index in March surged 7.3% but wholesale price index hovered near the recent high. The dip in crude oil price lifted airlines.

[R]4:30 PM Mumbai – Stocks in Mumbai dropped sharply tracking losses in international markets despite a sharp fall in oil price. The benchmark index declined 1.4%. Industrial production index in March surged 7.3% but wholesale price index hovered near the recent high. The dip in crude oil price lifted airlines.[/R]

Industrial production index in India increased 7.3% in March and in the first twelve months the index was up 7.8% compared to a year ago.

Manufacturing index advanced 3.5% and electricity output rose 6.7% in the month. New series of IIP with 2004-05 bases will start from the month of June, 2011, which will be the Quick Estimate of IIP for the month of April, 2011.

The wholesale price index in India increased 0.1% to 192.8 from 192.6 for the previous week. For the year to the week inflation decreased to 11.96% compared to 12.11% in the previous period.

The Sensex index closed down 249.17 at the low of the day to 18,335.79 and Nifty index declined 78.90 to 5,486.15.

The rupee edged lower to 45.01 to a dollar and the price of ten grams of gold declined 0.6% to Rs 22,780. Silver price plunged 6% to Rs 53,455.

Stock Movers

Adani Enterprises soared 1.5% to Rs 635.65 after fourth quarter net sales increased 16.3% to Rs 9,099.86 and net income jumped 173% to Rs 928.20 crore.

Airlines traded higher after crude oil price declined. SpiceJet increased 1.4% to Rs 43.30, JetAirways added 0.4% to Rs 477.20 and Kingfisher Airlines gained 1.1% to Rs 43.20.

Crude oil prices dropped 5.5% in New York trading to $98.17 a barrel as the local commodities exchange increase margin requirement.

TRF plunged 10% Rs 514 after the company said latest fiscal year net tumbles 99.4% to Rs 0.27 crore and net sales rose 28% to 1,113.56 crore.

Lupin increased 1.1% to Rs 425 after the company reported latest fiscal year sales increased 20% to Rs 5,706.80 crore and net income rose 27% Rs 862.60 crore.

Akzo Nobel India increased 2.4% to Rs 859 after the company said fourth quarter net sales increased to Rs 266.60 crore and net profit soared 221.4% to Rs 57.82 crore.

Grasim Industries increased 2% to Rs 2,410 after net sales rose 18.7% to Rs 6,390.34 and net income rose 32.1% to Rs 864.61 crore.

ICRA declined 2% to Rs 1,100 after the company said fourth quarter net sales rose 11.2% to Rs 56.36 crore and net profit declined 25.7% Rs 11.78 crore.

Usha Martin Education & Solutions soared 9% to Rs 27.85 after the company net profit surged 267% to Rs 2.02 crore and sales increased Rs 5.60 crore and net profit gained 55.45% to Rs 1.57 crore.