Sensex in India Drifts; Unitech, GSFC, NMDC Up

Devan Biswas
30 May, 2011
New York City

Stocks in Mumbai traded lower in weak trading volume. Asian markets generally edged lower in weak trading. The rupee edged lower and traded near 2-month low. Reliance Infra annual net increased 2% and GSFC quarterly net soared. Unitech increased after it guided current year sales to increase 16%.

[R]5:10 PM Mumbai – Stocks in Mumbai traded lower in weak trading volume. Asian markets generally edged lower in weak trading. The rupee edged lower and traded near 2-month low. Reliance Infra annual net increased 2% and GSFC quarterly net soared. Unitech increased after it guided current year sales to increase 16%.[/R]

Stocks in Mumbai opened higher but lost momentum after one hour of trading.

The Sensex index declined 0.2% or 34.04 to 18,232.06 and the Nifty index fell 3 to 5,473.10.

The rupee edged lower by 10 paisa to 45.35 against one dollar and the price of ten grams of gold declined 0.2% to 23,326. Silver edged 0.1% to Rs 60,214 for one kilo.

In Mumbai trading crude oil declined 0.6% to Rs 4,792 a barrel.

Stock Movers

Britannia Industries increased 4.4% to Rs 408.50 and extended gains for the second day after it reported fourth quarterly profit of Rs 43.25 crore compared to a net loss of Rs 19.04 crore. Sales increased 21.2% from a year ago quarter to Rs 1,127.86 crore.

Unitech increased 4.7% to Rs 34.60 after the real estate developers said sales in the current year are expected to increase 16% to Rs 5,000 crore.

Mahindra & Mahindra declined 5% to Rs 667.50 after the company after net income increased 6.4% to Rs 606.54 crore and sales rose 27% to Rs 7,391 crore from a year ago.

NMDC increased 3.2% to Rs 266.35 after the mining company reported sales increased 90% to Rs 3,769 crore and net income increased 97% to Rs 2,098.62.

BPCL increased 0.1% to Rs 628.60 after it reported full-year net profit increased to 0.2% to Rs 1,634.96 and net sales increased 24% to Rs 1,53,644.97 crore.

Hindustan Dorr-Oliver declined 18.4% to Rs 58.65 after it reported net dropped 89.3% to Rs 1.37 crore and sales in the quarter dropped 26.8% to Rs 195.22 crore.

Gujarat State Fertilizers & Chemicals rose 2.9% to Rs355.90 after net profit soared 457% to Rs 205.1 crore and net sales increased 43.4% to Rs 1,122.49 crore in the fourth quarter to March.

Reliance Infrastructure declined 1.5% to Rs 549 after full-year to March net increased 2% to Rs 1,552 crore and net operating revenues increased 4% to Rs 15,408 core.