India Movers: Gujarat Gas, HDFC Bank, HEG, MRF, Novartis

Mukesh Buch
22 Apr, 2014
New York City

Gujarat Gas dropped after its board approved consolidation of its entities. HDFC Bank net climbed 23% and revenue jumped 15%. HEG profit surged 33%. MRF net declined 19% but revenue soared 14%. Novartis surged after promoter agreed to acquire cancer drug business from GSK for $16 billion.

[R]6:00 PM Mumbai – Gujarat Gas dropped after its board approved consolidation of its entities. HDFC Bank net climbed 23% and revenue jumped 15%. HEG profit surged 33%. MRF net declined 19% but revenue soared 14%. Novartis surged after promoter agreed to acquire cancer drug business from GSK for $16 billion.[/R]

The Sensex Index slid 6.46 to close at 22,758.37. The CNX Nifty fell 2.30 to close at 6,815.35.

Gainers & Losers

Gujarat Gas Company Limited plummeted 8.6% to Rs 374.50 after the company said its board has approved consolidation of its entities.

The board approved the amalgamation of Gujarat Gas Financial Services, Gujarat Gas Trading Company, GSPC Gas Company and GSPC Distribution Networks.

HDFC Bank Limited gained 1.4% to Rs 726.35 after net profit in the fourth-quarter climbed 23.1% to Rs 2,326.52 crore and total revenue jumped 14.9% to Rs 12,789.98 crore.

For the year, net profit soared 26% to Rs 8,478.40 crore and total revenue climbed 17% to Rs 49,055.18 crore.

For the year, the lender said net non-performing assets to net advances increased to 0.3% from 0.2% and ratio of gross non-performing assets to gross advances was flat at 1% from a year earlier.

HEG Limited slipped 1% to Rs 241.85 after net profit in the fourth-quarter surged 32.6% to Rs 46.57 crore and net sales soared 12.7% to Rs 499.49 crore.

MRF Limited plunged 7.1% to Rs 21,879.50 after net profit in the fourth-quarter declined 18.9% to Rs 170.87 crore and total revenue surged 13.7% to Rs 3,309.66 crore.

Mahindra Lifespace Developers Ltd dropped 2.5% to Rs 382 after net profit in the fourth-quarter tumbled 62.9% to Rs 30.30 crore and sales plummeted 47.7% to Rs 189.38 crore.

Novartis India Limited surged 6.3% to Rs 497.20 after the company''s Swiss parent Novartis AG agreed to acquire cancer drug business from GlaxoSmithKline Plc for $16 billion.

Novartis will also sell its vaccines business excluding the flu operations to Glaxo for $7.1 billion the company said in a statement today.

Separately, Novartis said it will sell-off its animal health division to the U.S.-based Eli Lilly and Co for about $5.4 billion and plans to sell its flu business.

Supreme Petrochem Ltd declined 6.5% to Rs 62.15 after net profit in the fourth-quarter slumped 62.8% to Rs 9.78 crore and total revenue increased 4.2% to Rs 823.40 crore.