Sensex in India Advanced 1.1%; Tata Steel, Coal India Up on Earnings

Devan Biswas
26 May, 2011
New York City

Stocks in Mumbai trading closed higher after struggling for the last five days. Tata Steel swung to profit on higher sales and estimated higher global steel prices in the current year. Coal India gained after it reported higher than expected annual net. Dish TV India cut its net loss by 40%.

[R]5:00 PM Mumbai – Stocks in Mumbai trading closed higher after struggling for the last five days. Tata Steel swung to profit on higher sales and estimated higher global steel prices in the current year. Coal India gained after it reported higher than expected annual net. Dish TV India cut its net loss by 40%.[/R]

The Sensex in Mumbai trading gained 197.40 or 1.1% to 18,044.64 and the Nifty index added 63.40 to 5,412.35.

The rupee edged up 10 paisa to 45.35 against one dollar and crude oil price in local trading increased 1.8% to Rs 4,834.00 a barrel.

The price of ten grams of gold decreased 0.6% to Rs 32,145 and the price of one kilo of silver fell 1.2% to Rs 59,040.

The wholesale price index increased 0.4% to 192.4 from 191.7 for the previous week. For the year to the week inflation increased to 11.60% compared to 10.94% in the previous period.

Stock Movers

ONGC soared 4.1% to Rs 273.40 on the expectations that the government will increase the retail price of oil and lower its subsidy burden.

Coal India added 3% to Rs 388.40 after the mining company reported sales for the year ending in March of Rs 50,233.59 crore and net income of Rs 10,867.35 crore.

Suven Life Sciences increased its daily upper limit of 5% to Rs 21.05 after the company won four new patents related to neurodegenerative diseases in Korea, Australia, New Zealand and Europe.

Mastek increased 1.5% to Rs 102.50 after the software services provider signed an agreement to develop applications for the UK financial regulator Financial Services Agency for the next four years.

Advanta India increased 4.1% to Rs 225.15 after the company scheduled a board meeting to raise funds in international markets.

Tata Steel increased 2.4% to Rs 575 after the global steel maker reported annual sales in the year to March increased of 16% to Rs 119,734.10 and swung to net profit of Rs 8,982.69 crore compared to a net loss of 2,099.22 crore.

The board declared a dividend of Rs 12 a share and scheduled its annual meeting on August 3.

Power Finance Corporation declined 1.8% to Rs 197.20 and traded below the recently priced secondary offering at Rs 203 a share.

Active trading lifted shares of Jubilant Foodworks by 7.8% to Rs 825.65.

Dish TV India increased 5% to Rs 76.20. Dish TV said net sales in fourth quarter to March increased 43% to Rs 432.04 and net loss declined to Rs 37.05 crore from 60.58 crore a year ago quarter.