India Movers: Asian Paints and Kotak Mahindra Net Drops

Mukesh Buch
21 Jan, 2014
New York City

Asian Paints net fell 2% and revenue climbed 13%. Century Ply net swung to a profit. Emami third-quarter net climbed 31% on 7% increase in sales. Jet Airways starts daily Mumbai-Paris flight from May 14. Kotak Mahindra dropped after net declined 6%.

[R]6:00 PM Mumbai – Asian Paints net fell 2% and revenue climbed 13%. Century Ply net swung to a profit. Emami third-quarter net climbed 31% on 7% increase in sales. Jet Airways starts daily Mumbai-Paris flight from May 14. Kotak Mahindra dropped after net declined 6%.[/R]

The Sensex Index rose 48.31 to close at 21,253.36. The CNX Nifty gained 9.85 to close at 6,313.80.

Gainers & Losers

Asian Paints Limited slipped 2.3% to Rs 479 after net profit in the third-quarter fell 1.7% to Rs 329.35 crore and total revenue climbed 13% to Rs 3,481.99 crore.

Century Plyboards India Ltd surged 16.6% to Rs 29.85 after the company reported net in the third-quarter swung to a profit Rs 19.74 crore compared to a loss of Rs 8.23 crore.

Net sales in the quarter jumped 10.1% to Rs 303.50 crore.

Emami Limited rose 0.9% to Rs 447.95 after net profit in the third-quarter climbed 31.1% to Rs 150.68 crore and net sales advanced 6.6% to Rs 584.67 crore.

Hindustan Zinc Limited increased 2% to Rs 135.20 after the government decided to sell its remaining stake of 29.5% in the company and 49% stake in Bharat Aluminium Co. Ltd through an open market auction.

The government’s stake in Hindustan Zinc is worth Rs.16,847 crore and in Balco is valued Rs.4,000 crore.

Jet Airways (India) Limited soared 5.5% to Rs 279.95 after the company said it plans to launch a daily direct flight service from Mumbai to Paris from May 14.

The airliner plans to order 50 Boeing aircrafts that are listed at $2.5 billion.

Kotak Mahindra Bank Limited dropped 3% to Rs 706.10 after net profit in the third-quarter declined 6% to Rs 339.98 crore and total revenue grew 3.9% to Rs 2,492.01 crore.

At the end of December, ratio of net non-performing assets to net advances stood at 1.10% from 0.64% a year ago period.

The lender said savings deposits for the quarter surged 38% to Rs 9,106 crore.

Lakshmi Machine Works Limited gained 2.2% to Rs 2,791.90 after net profit in the third-quarter jumped 174.3% to Rs 52.40 crore and total revenue soared 46.2% to Rs 629.63 crore.