India Movers: Axis Bank to Raise $1 B, Bhusan Steel Struggles with Debt

Mukesh Buch
21 Aug, 2014
New York City

Bhushan Steel declined 52-week low after financial crises and net debt jumped to $5.9 billion. Electrotherm India net loss widened. Maxwell profit rose 3%. Shilpa Medicare net climbed 13%. Signet net jumped 11%.

[R]6:00 PM Mumbai – Bhushan Steel declined 52-week low after financial crises and net debt jumped to $5.9 billion. Electrotherm India net loss widened. Maxwell profit rose 3%. Shilpa Medicare net climbed 13%. Signet net jumped 11%.[/R]

The Sensex Index gained 45.82 or 0.2% to close at 26,360.11 The CNX Nifty rose 15.80 to 7,891.10.

Gainers & Losers

Axis Bank Ltd increased 1.2% to Rs 398.70 after the board approved Rs 6,000 crore capital raising program.

Bhushan Steel Ltd declined 4.9% to Rs 130.85 and extended loss to 67% from August 1 and touched a new 52-week low. The company is facing financial difficulties and the company is struggling with the loan from 51 banks totaling Rs 40,000 crore.

The company reported net debt jumped to $5.86 billion from $3.49 billion a year ago.

Electrotherm (India) Ltd soared 4.2% to Rs 20.95 after company reported net loss in the first-quarter widened to Rs 129.70 crore from Rs 35.87 crore and revenue climbed 76% to Rs 378.43 crore.

Gloster Ltd slumped 1.4% to Rs 197 after net profit in the first-quarter tumbled 41.2% to Rs 2.04 crore and total revenue declined 8.5% to Rs 72.26 crore.

Maxwell Industries Ltd declined 3.2% to Rs 24.45 after net profit in the first-quarter rose 2.9% to Rs 2.12 crore and revenues decreased 1.9% to Rs 66.05 crore.

Shilpa Medicare Ltd gained 1.2% to Rs 518.85 after net profit in the first-quarter climbed 13% to Rs 19.03 crore and net sales surged 23.1% to Rs 126.73 crore.

Signet Industries Limited slipped 1.2% to Rs 287.45 after net profit in the first-quarter jumped 11.19% to Rs 4.77 crore and revenues soared 10% to Rs 160.39 crore.

Venus Remedies Ltd rose 0.9% to Rs 265.50 after pharmaceutical formulation company received marketing approvals from Swiss drug authority for an anti-cancer drug.