India Movers: Infosys Plunges 21%, RCom Plans to Raise $800 Million

Mukesh Buch
12 Apr, 2013
New York City

Infosys plunged 21%, single largest one-day decline since 2003 on weak fourth quarter earnings and lower current fiscal year outlook. Development Credit Bank said fiscal net profit nearly doubled. RCom plan to sell stake in one of unit to raise $800 million.

[R]6:00 PM Mumbai – Infosys plunged 21%, single largest one-day decline since 2003 on weak fourth quarter earnings and lower current fiscal year outlook. Development Credit Bank said fiscal net profit nearly doubled. RCom plan to sell stake in one of unit to raise $800 million.[/R]

The Sensex Index declined 299.64 or 1.6% to close at 18,242.56 The CNX Nifty dropped 65.45 to close at 5,528.55.

For the week Sensex slipped 1.1%.

Gainers & Losers

Development Credit Bank, Ltd gained 1% to Rs 43.55 after the bank plans to raise Rs 200 crore through subordinated Tier II bonds.

The bank reported full-year net profit nearly doubled to Rs. 102 crore in fiscal 2013 from Rs. 55 crore in fiscal 2012.

Era Infrastructure Engineering Limited rose 0.7% to Rs 132.10 after the company secured contract valued Rs. 429.69 crores from NTPC Limited.

Infosys Limited tumbled 21.3% to Rs 2,295.45 after fourth quarter consolidated net profit rose 1.1% to Rs 2394 crore.

For the year, net profit climbed 13.3% to Rs 9,421 crore.

Jyoti Ltd surged 19.1% to Rs 56 after the company received orders worth Rs.19.54 crore for irrigation schemes.

Reliance Communications Limited gained 3.3% to Rs 77.65 after the company plan to sell stake in one of unit to raise $800 million to a consortium of investors led by Bahrain Telecommunications Co.

SPML Infra Limited jumped 1.5% to Rs 44.25 after the company secured order worth Rs 447.94 crore for infrastructure development of water supply in villages of Rajasthan.

State Bank of India climbed 1.9% to Rs 2,082.05 after the bank approached international bond market to raise $1 billion in five-year dollar bond sale programme.

Tata Motors Limited fell 1% to Rs 275.40 after the company’s group global wholesales in March reported 116,521 units.

Union Bank of India Ltd gained 2.2% to Rs 218.30 after the bank plans to raise $500 million through the issue of medium-term notes in Singapore, Hong Kong and London.