SoftBank Invests $627 M in Snapdeal, Ranbaxy Swung to Profit

Mukesh Buch
28 Oct, 2014
New York City

ABB India quarterly profit climbed 25%. Alstom India won a contract of Rs 671 crore. L&T secured a contract worth Rs 2,989 crore. Linde India net plunged 90%. Ranbaxy Laboratories net swung to profit. Lupin net surged 55% on 19% increase in revenues.

[R]6:00 PM Mumbai – ABB India quarterly profit climbed 25%. Alstom India won a contract of Rs 671 crore. L&T secured a contract worth Rs 2,989 crore. Linde India net plunged 90%. Ranbaxy Laboratories net swung to profit. Lupin net surged 55% on 19% increase in revenues.[/R]

The Sensex Index climbed 127.92 or 0.5% to close at 26,880.82 The CNX Nifty rose 35.90 or 0.5% to 8,027.60.

Gainers & Losers

ABB India Limited fell 0.8% to Rs 1,444.85 after net in the third-quarter surged 25% to Rs 45 crore and revenue advanced 3.3% to Rs 1,845 crore.

Alstom India Ltd. increased 0.2% to Rs 478 after the company won contract for Rs 671.50 crore from Delhi Metro Rail Corporation.

India Motor Parts & Accessories Limited declined 3.2% to Rs 701.55 after net in the second-quarter soared 51.7% to Rs 10.24 crore and sales slid 1.2% to Rs 125.25 crore.

Larsen & Toubro Limited rose 0.6% to Rs 1,576.20 after the company secured contract worth Rs 2,989 crore to build ''Statue of Unity'' from the Government of Gujarat.

Linde India Limited declined 2.7% to Rs 393 after net in the second-quarter plunged 89.5% to Rs 1.05 crore and total revenue climbed 14.9% to Rs 374.67 crore.

Lupin Limited dropped 2.6% to Rs 1,357.65 after net in the second-quarter surged 55.1% to Rs 630.04 crore and net revenue climbed 19.4% to Rs 3,283.64 crore.

Ranbaxy Laboratories Limited surged 6.1% to Rs 634.10 after the company reported net in the second-quarter swung to profit Rs 477.75 crore compared to a loss of Rs 454.16 crore a year ago period.

Revenue soared 15.9% to Rs 3,277.87 crore.

State Bank of Mysore soared 9.9% to Rs 539.15 after net in the second-quarter surged 239.8% to Rs 101.90 crore and net revenue advanced 12.6% to Rs 1,900.52 crore.

Snapdeal, the online marketplace announced Japan-based SoftBank Group will become the largest investor in the company and invest $627 million.

SoftBank, said in next 10-years it will invest about $10 billion in the e-commerce sector as it took a strategic stake in one of its rising stars.