Sensex in India Up; Auto Sales Rise, Exports Soar 34%

Devan Biswas
01 Jun, 2011
New York City

Stocks in Mumbai trading closed higher after the release of auto sales. The sales at Tata Motors, Maruti Suzuki and TVS Motor increased less than expected. April exports increased 34% and imports rose 14% and deficit in the month declined 18%.

[R]5:00 PM Mumbai – Stocks in Mumbai trading closed higher after the release of auto sales. The sales at Tata Motors, Maruti Suzuki and TVS Motor increased less than expected. April exports increased 34% and imports rose 14% and deficit in the month declined 18%.[/R]

The Sensex index increased 105.53 to 18,608.81 and the Nifty index increased 31.85 to 5,592.00.

Crude oil price declined 0.4% to Rs 4,860 a barrel. The price of ten grams gold declined 0.6% to Rs 23,138 and the price of one kilo of silver fell 0.5% to Rs 60,000.

The rupee edged lower 10 paisa to 45.35 against one dollar.

April exports increased 34.4% to $23.85 billion and rose 34% when measured in rupees. Imports in the month rose 14.1% to $32.83 billion.

Crude oil imports amounted to $10.2 billion, an increase of 7.7% from a year ago. Non-crude oil imports increased 17% to $22.6 billion.

Trade deficit in the month declined to $8.9 billion from $11 billion in the month a year ago.

Stock Movers

Arvind Mills increased 4.5% to Rs 85.30 after the company said its retail division Megamart will partner with the U.S. based shirt brand Geoffrey Beene.

Sintex Industries declined 3.5% to Rs 186 and the company earlier said fourth quarter net increased 21.35 to Rs 168.24 crore and net sales increased 35% to Rs 1,462.73 crore.

Tata Motors declined 1.1% to Rs 1,080 after unit sales in May increased 10% to 62,296 and domestic sales increased 56,762. Domestic commercial sales increased 19% to 37,361.

Maruti Suzuki India added 0.7% to Rs 1,235 after domestic sales increased 1.9% to 104,000.

TVS Motor Company increased 2.95% to Rs 55.65 after unit sales in May increased 18.4% compared to a year ago to 185,000.

JBM Auto soared 16% to Rs 74 and extended gains for the second day after the fiscal year net sales increased 76% to Rs 731.05 crore and net surged 165% to Rs 21.52 crore.

Nestle India gained 1% to Rs 4,100 after a block of 100,000 shares changed hands at Rs 4,150 a share.

BEML dropped 6% to Rs 619 after fiscal year sales to March declined 7.3% to Rs 2,630 crore and net income dropped 34% to Rs 147.80.