India Movers: Ranbaxy Settles U.S. Claims, Tata steel Writes off $1.6 billion

Mukesh Buch
14 May, 2013
New York City

Amtek Auto third quarter net soared nearly three-fold and Dr. Reddy

[R]6:00 PM Mumbai – Amtek Auto third quarter net soared nearly three-fold and Dr. Reddy’s net surged 67%. Eicher net declined 10.6% and Reliance Infra net surged 76%. Ranbaxy agreed to a settlement of $500 million with the US agency. Tata steel slid on $1.6 billion impairment charges in fiscal 2013.[/R]

The Sensex Index rose 30.62 to close at 19,722.29 The CNX Nifty gained 14.95 to close at 5,995.40.

Gainers & Losers

Amtek Auto Limited gained 1.5% to Rs 79.80 after net profit in the third quarter surged nearly three-fold to Rs 244.99 crore and net sales dropped 6.3% to Rs 549.18 crore.

Amara Raja Batteries Limited plunged 5.4% to Rs 264.75 after net profit in the fourth quarter grew 2.2% to Rs 59.60 crore and net sales jumped 19.2% to Rs 801.10 crore.

For the year, net profit surged 33.3% to Rs 286.70 crore and net sales soared 25.2% to Rs 2,961.40 crore.

Aptech Limited soared 8.1% to Rs 63.15 after fourth quarter consolidated net profit surged 157.3% to Rs 15.54 crore and net sales climbed 32.2% to Rs 48.58 crore.

For the year, Aptech reported net profit tumbled 58.8% to Rs 31.30 crore and net sales dropped 3% to Rs 169.21 crore.

Dr. Reddy’s Laboratories Limited dropped 2.7% to Rs 2,025.65 after consolidated net profit in the fourth quarter surged 66.6% to Rs 570.89 crore and total income climbed 30.79% to Rs 3,503.04 crore.

For the year, consolidated net profit jumped 17.6% to Rs 1,677.62 crore and total income soared 21.8% to Rs 11,874.46 crore.

Eicher Motors Limited surged 5.6% to Rs 3,230 after the commercial vehicle market share extended to 13.9% from a year earlier.

The automobile company said first quarter consolidated net profit declined 10.6% to Rs 97.94 crore and net sales rose 3.2% to Rs 1,708.60 crore.

Reliance Infrastructure Limited rose 0.6% to Rs 389.45 after the fourth quarter consolidated net profit surged 76.4% to Rs 725 crore and total operating income dropped 13.3% to Rs 6,187 crore.

For the year, net profit climbed 41.6% to Rs 2,247 crore and total operating income slipped 7.57% to Rs 22,382 crore.

Suzlon Energy Limited rose 1% to Rs 14.15 after the company said its subsidiary REpower Systems SE secured contract worth €90 million with Burgerwindpark im Kirchspiel Medelby GmbH & Co. KG in German.

Ranbaxy Laboratories Limited gained 1.6% to Rs 446.45 after the generic drug-maker in the US, said its Gurgaon, India based affiliates ready to settle accusation of civil violations of false claims act and agreed to pay $500 million penalty to the US government.

Ranbaxy added the company had reserved $500 million for the settlement.

Rashtriya Chemicals and Fertilizers Limited increased 2.4% to Rs 41 after net profit rose 3.5% to Rs 117.52 crore and net sales declined 12.5% to Rs 2,171.13 crore.

For the year, net profit climbed 12.7% to Rs 280.90 crore and net sales jumped 7.4% to Rs 6,875.61 crore.

Tata Steel Limited fell 0.4% to Rs 304.10 after the demand fell 8% in Europe and company expects non-cash write down of approx $1.6 billion in the consolidated financial statements for the year ending in March.

Tata Coffee Limited declined 4.1% to Rs 1,571 after fourth quarter consolidated net profit plunged 12.5% to Rs 25.22 crore and net sales slid 0.1% to Rs 374.45 crore.

For the year, consolidated net profit surged 43.2% to Rs 116.23 crore and net sales jumped 8.6% to Rs 1,661.11 crore.

Zydus Wellness Limited surged 10.9% to Rs 551 after fourth quarter consolidated net profit surged 59.3% to Rs 37.41 crore and net sales soared 25.3% to Rs 102.96 crore.

For the year, consolidated net profit jumped 43.5% to Rs 97.11 crore and net sales climbed 15.4% to Rs 387.09 crore.