Sensex in India Up 1.2%; MphasiS Down 3%

Devan Biswas
27 May, 2011
New York City

Mumbai stocks closed higher tracking gains in Asian markets and on the optimism on earnings. The rupee edged lower 10 paisa. MphasiS declined after it reported weaker than expected earnings.

[R]5:10 PM Mumbai – Mumbai stocks closed higher tracking gains in Asian markets and on the optimism on earnings. The rupee edged lower 10 paisa. MphasiS declined after it reported weaker than expected earnings.[/R]

The Sensex index in Mumbai closed up 1.2% or 221.46 18,266.10 and the Nifty index added 1.2% or 63.75 to 5,476.10.

The rupee edged lower 10 paisa to 45.35 to a dollar and crud oil closed up 0.2% to 4,827 a barrel.

The price of ten grams of gold inched up 0.1% to Rs 22,232. The price of one kilo of silver increased 1.1% to Rs 60,082.

Stock Movers

Hawkins Cooker soared 12.7% to Rs 1,245 after it reported fourth quarter sales increased 28% to Rs 103.97 and net soared 23.7% to Rs 9.84 crore.

ONGC increased 3% to Rs 282.40 on media reports that the government will not increase the subsidy burden to 38.5% from the current 33%.

Educomp Solutions increased 8% to Rs 471.20 after its affiliate and India Today Group entered into an agreement to set up 30 schools across India.

Among the most active stocks, Sintex increased 6.9% to Rs 180.10 and Sterling International Enterprises added 6.8% to Rs 257.

Housing Development & Infrastructure increased 3% to after it reported quarterly net increased 11% to Rs 197.32 crore and operating income increased 21% to Rs 523.71 crore.

Aban Offshore increased 3% to Rs 557.85 after net declined 54% to Rs 144.94 crore and net sales fell 0.3% to Rs 3,347 crore in the year ending in March.

Reliance Communications increased 2.9% to Rs 82.80 after it drew down the third and final tranche of Rs 1,200 crores to repay the rupee loans for the purchase of 3G licenses.

Hindalco Industries soared 4.8% to Rs 195.65 after its U.S. unit Novelis reported net profit of $50 million in the quarter to March compared to a net loss of $1 million on revenues increased 22% to $2.96 billion.

MphasiS declined 3.6% to Rs 433 after revenues in the quarter to April increased 1.9% to Rs 1,257.06 and net profit fell 4.1% to Rs 317.22 crore.