India Movers: Auto Makers Report Weak Sales

Mukesh Buch
02 Dec, 2013
New York City

Amtek India net soared 87% and sales surged 49%. Financial Technologies net plunged 61%. Maruti said November auto sales dropped 11% as domestic sales slid 6% and export plunged 46%. M&M sales declined 18%. Tata Motors November sales plunged 39%.

[R]6:00 PM Mumbai – Amtek India net soared 87% and sales surged 49%. Financial Technologies net plunged 61%. Maruti said November auto sales dropped 11% as domestic sales slid 6% and export plunged 46%. M&M sales declined 18%. Tata Motors November sales plunged 39%.[/R]

The Sensex Index gained 106.06 or 0.5% to close at 20,898.01. The CNX Nifty rose 41.75 to close at 6,217.85.

Gainers & Losers

Amtek India Limited surged 20% to Rs 80.85 after net profit in the second-quarter soared 86.9% to Rs 55.13 crore and net sales jumped to 48.9% to Rs 558.25 crore.

Financial Technologies (India) Limited slid 0.3% to Rs 166.20 after net profit in the second-quarter plunged 61.2% to Rs 27.01 crore and net revenues declined 12.8% to Rs 128.92 crore.

Maruti Suzuki India Limited slid 1% to Rs 1,661.35 after total November sales dropped 10.7% to 92,140 units.

The auto maker added domestic sales slipped 5.9% to 85,510 units and export sales plunged 46.2% to 6,630 units.

Mahindra & Mahindra Limited gained 1.3% to Rs 958.25 after total sales in November declined 18% to 39,255 units.

The company said, domestic sales plummeted 22% to 36,261 units and export surged 115.7% to 2,994 units.

The 4-wheelers commercial segment sales slipped 8% to 13,186 units and sales in 3-wheelers segment declined 15% to 5,861 units.

Total tractor sales climbed 13% to 23,119 units.

Oil and Natural Gas Corporation Limited slipped 1.3% to Rs 295.20 after Gujarat high court on November 30 ordered the company to pay royalty worth over Rs 10,000 crore to the state government.

Swan Energy Limited gained 1.9% to Rs 110 after the company was selected by the Gujarat Maritime Board as the developer for a green-field project in Gujarat.

The net profit in the second-quarter dropped 14.5% to Rs 4 crore and net sales surged 47.3% to Rs 81.73 crore.

Tata Motors Limited rose 0.3% to Rs 399.85 after the vehicle sales in November total sales plunged 38.6% to 40,863 units compared to a 66,500 units in a same month last year.

Tata said domestic sales in November tumbled 40.4% to 37,192 units from 62,354 units and export sales dropped 11.5% to 4,146 units from 4,146 units a same month year ago period.