Regional Elections Boost Sensex in India; Coal India Net Up 4%

Devan Biswas
13 May, 2011
New York City

Stocks in Mumbai closed higher after regional elections favored parties in central government. The Sensex reversed earlier weakness and surged in the late afternoon. Coal India gained after annual net income increased 4% on sales rise of 24%.

[R]4:30 PM Mumbai – Stocks in Mumbai closed higher after regional elections favored parties in central government. The Sensex reversed earlier weakness and surged in the late afternoon. Coal India gained after annual net income increased 4% on sales rise of 24%.[/R]

Stocks in Mumbai closed higher after the latest regional elections showed healthy gains by the affiliate parties in the central government. The strong election results removed political uncertainty and lifted mood in trading.

The Senesex index rose 1.1% or 195.49 and the Nifty index added 58.60 or 1.1% to 5,544.75.

The rupee closed up 14 paisa to 45.13 to one U.S. dollar and the price of ten grams of gold increased 0.7% to Rs 22,948. The price of one kilo of silver soared 4.1% to Rs 55,018.

Union Minister for Railways Mamata Banerjee controlled party won victory in West Bengal election and former Tamil Nadu Chief Minister J Jayalalitha controlled party won elections in the state.

Stock Movers

Coal India increased 1% to Rs 384.95 after the state controlled coal miner reported annual net to March increased 4% to Rs 413.76 crore and net sales increased 24.4% to 4,696.10 crore.

Gayatri Projects increased 4.8% to Rs 214.25 after fourth quarter sales increased 15% to Rs 433.67 crore and net soared 9.1% to Rs 16.40 crore.

Great Offshore decreased 2.2% to Rs 231.25 after fourth quarter net sales increased 24% to Rs 207.11 and net declined 33% to Rs 47.73 crore.

HDFC Bank increased 1.1% after the private bank said it increased its base rate by 0.55% and prime lending rate by 0.5% to 17.75%.

Jaiprakash Associates increased 3.5% to Rs 87.90 ahead of earnings results on May 14.

Kiri Industries added 2.5% to Rs 252.35 after fourth quarter to March sales increased 75.4% to Rs 179.45 crore and net soared 55.2% to Rs 10.40 crore.

Munjal Auto Indutries soared 9% to Rs 131.40 after fourth quarter net soared 126% to Rs 10.71 crore and sales soared 14% to Rs 156.89 crore.

Reliance Communications declined 0.8% to Rs 90.60 and Reliance Industries increased 0.9% to Rs 952.95.

Siemens India added 1.8% to Rs 878.70 after the engineering company reported fourth quarter net sales increased 37% to Rs 3,033.72 crore and net soared 53% o Rs 277.69 core.

WABCO-TVS (India) increased 3.6% to Rs 1,025.15 after the auto parts maker reported fourth quarter sales increased 25.4% to Rs 240.70 crore and net soared 28.2% to Rs 34.43 crore.