India Movers: Asahi India Glass, DEN Networks, Essar, Indiabulls, Sesa Goa

Mukesh Buch
19 Aug, 2013
New York City

Asahi Glass net loss widened and DEN Networks net swung to loss but sales surged 24%. Essar Steel plan to raise $2 billion. Indiabulls buyback its stake from a private equity firm. Tecpro net swung to loss as sales declined. Varun Shipping net tumbled 99%.

[R]6:00 PM Mumbai – Asahi Glass net loss widened and DEN Networks net swung to loss but sales surged 24%. Essar Steel plan to raise $2 billion. Indiabulls buyback its stake from a private equity firm. Tecpro net swung to loss as sales declined. Varun Shipping net tumbled 99%.[/R]

The Sensex Index declined 290.66 or 1.6% to close at 18,307.52 The CNX Nifty dropped 93.10 or 1.7% to close at 5,414.75.

Gainers & Losers

Asahi India Glass Limited jumped 2.5% to Rs 31 after net loss in the first quarter widened to Rs 29.70 crore compared to Rs 24.98 crore a year earlier and sales grew 2.9% to Rs 496.97 crore.

DEN Networks Limited declined 2.8% to Rs 150.55 after net in the quarter swung to a loss Rs 12.59 crore and compared to a profit of Rs 11.89 crore. Sales surged 24.4% to Rs 161.71 crore.

Essar Steel Ltd and the company plans to raise $2 billion from pre-export finance by the end of this financial year to reduce the debt.

Indiabulls Real Estate Ltd. gained 3.6% to Rs 59.10 and the company bought back its entire stake of FIM, the U.S. based private equity fund and its affiliates for Rs 1,172.16 crore.

IFGL Refractories Limited declined 4.6% to Rs 28 after the quarter net profit decreased 2% to Rs 5.40 crore and sales climbed 6.9% to Rs 81.25 crore.

Sesa Goa Limited slid 0.5% to Rs 129.95 and the Vedanta group''s proposed merger of its subsidiaries Sesa Goa and Sterlite Industries (India) became effective.

Tecpro Systems Limited plunged 9.9% to Rs 26.90 after the company said net in the first quarter swung to a loss Rs 60.06 crore compared to a net profit of Rs 7.04 crore.

Net sales in the quarter declined 45% to Rs 306.57 crore.

Varun Shipping Company Limited advanced 2.2% to Rs 6.02 after net profit in the first quarter tumbled 98.6% to Rs 2.05 crore and sales plunged 68.7% to Rs 55.86 crore.

VTX Industries Limited climbed 3.8% to Rs 8 and net in the quarter swung to a loss Rs 13.43 crore compared with a profit of Rs 0.54 crore. Sales plummeted 64.5% to Rs 17.40 crore.