India Movers: BOB, Castrol, Dr. Reddy's, Finolex, PNB, Torrent

Mukesh Buch
13 May, 2014
New York City

Bank of Baroda net and revenue climbed. Castrol net plunged 19% but sales rose. Dr. Reddy''s net declined 16% after revenue flat. Finolex profit tumbled 29% but sales soared 33%. Just Dial profit climbed 60%. PNB net plunged. Torrent Power net surged six-fold.

[R]6:00 PM Mumbai – Bank of Baroda net and revenue climbed. Castrol net plunged 19% but sales rose. Dr. Reddy's net declined 16% after revenue flat. Finolex profit tumbled 29% but sales soared 33%. Just Dial profit climbed 60%. PNB net plunged. Torrent Power net surged six-fold.[/R]

Market indexes in Mumbai extended surge for the third day in a row and the Sensex index closed at a record high on the expectations that the Narendra Modi led BJP and the NDA alliance will be able to form a stable government as early as next week.

The Lok Sabha election results are scheduled to be announced on May 16 and exit-polls are indicating a sharp reversal in voter sentiment from the previous two elections in 2009 and 2004.

However, exit-polls have overstated BJP and NDA win in the previous two elections and the polls have found to be unreliable.

The Sensex Index climbed 320.23 or 1.4% to close at 23,871.23 The CNX Nifty jumped 94.50 to close at 7,108.75.

Senesex in the last three days have added more than 6.5% and for the year so far has surged 12.8%, surpassing the annual gain of 9% in 2013.

Rupee continued its slow rise to 59 against one U.S. dollar as foreign investors pour money in stocks in India.

Gainers & Losers

Bank of Baroda climbed 4.6% to Rs 877.90 after net profit in the fourth-quarter soared 12.5% to Rs 1,157.27 crore and total revenue soared 13.2% to Rs 11,614.85 crore.

At the end of fiscal year in March, ratio of gross non-performing assets to gross advances jumped to 2.94% from 2.40% a year ago.

Castrol India Limited rose 0.8% to Rs 293.05 after net profit in the first-quarter plunged 19.4% to Rs 100.20 crore and total sales jumped 3.3% to Rs 832.60 crore

Dr. Reddy's Laboratories Limited declined 4% to Rs 2,610.70 after net profit in the fourth-quarter declined 15.6% to Rs 481.60 crore and total revenue nearly flat at Rs 3,503.53 crore.

For the year, net profit climbed 28.2% to Rs 2,151.20 crore and total revenue jumped 12.5% to Rs 13,358.62 crore.

Finolex Industries Limited plummeted 4.2% to Rs 221.60 after net profit in the fourth-quarter tumbled 29.2% to Rs 56.19 crore and net sales soared 33.5% to Rs 833.32 crore.

Just Dial Ltd jumped 2.1% to Rs 1,129 after net profit in the fourth-quarter climbed 59.8% to Rs 34.15 crore and total revenue jumped 26.4% to Rs 124.21 crore.

Larsen & Toubro Limited gained 1.6% to Rs 1,408.80 after the company’s construction division won new orders worth Rs 1,137 crore across various business segments in April and May.

Punjab National Bank dropped 4.2% to Rs 800.05 after net profit in the fourth-quarter declined 28.7% to Rs 806.35 crore and total revenue climbed 8.2% to Rs 12,498.23 crore.

At the end of fiscal year in March, ratio of gross non-performing assets to gross advances soared to 5.25% from 4.27% a year ago.

Torrent Power Ltd plunged 7.3% to Rs 130.40 after net profit in the fourth-quarter surged 604.07% to Rs 172.85 crore and revenues climbed 16.3% to Rs 2,126.31 crore.