Axis Bank, Dewan Housing, INOX Net Climb; Bajaj Holdings Net Falls

Mukesh Buch
16 Jan, 2015
New York City

Sensex in India extended rally to the second day after RBI lowered rate for the first time in nine months. Axis Bank profit surged 18% on 17% increase in revenues. Bajaj Holdings net fell 4%. Dewan Housing Fin net rose 15%. INOX net soared 83%.

[R]6:00 PM Mumbai – Sensex in India extended rally to the second day after RBI lowered rate for the first time in nine months. Axis Bank profit surged 18% on 17% increase in revenues. Bajaj Holdings net fell 4%. Dewan Housing Fin net rose 15%. INOX net soared 83%.[/R]

Stocks in Mumbai extended rally for the second day after the first rate cut announcement in nine months.

Indian rupee strengthened to 61.87 after Reserve Bank of India lowered rate for the first time since April 2014 in a surprise move and said inflationary forces are waning on sharply lower oil price.

The Sensex Index gained 46.34 or 0.2% to close at 28,121.89. The CNX Nifty added 19.65 or 0.2% to 8,513.80.

For the week, Sensex jumped 2.4% and CNX Nifty climbed 2.8%.

Gainers & Losers

Axis Bank Limited rose 0.2% to Rs 514.90 after the financial service provider said net in the third-quarter surged 18.43% to Rs 1,899.76 crore.

Total Revenues soared 15.85% to Rs 10,928.81 crore.

Bajaj Holdings & Investments Limited dropped 2.5% to Rs 1,435.40 after the financial service provider reported consolidated net profit in the third-quarter slipped 4.45% to Rs 472 crore.

Dewan Housing Finance Corporation Limited advanced 2.4% to Rs 487.45 after the lender said net in the third-quarter climbed15.36% to Rs 159.65 crore.

Net Revenues jumped 17.30% to Rs 1,526.53 crore.

Hathway Cable and Datacom Limited advanced 1.7% to Rs 66.15 after Goldman Sachs Singapore PTE acquired 0.97% stake in the company.

INOX Leisure Limited jumped 3.4% to Rs 181.85 after the multiplex operator said net in the third-quarter surged 82.84% to Rs 11.83 crore.

Revenues soared 27.06% to Rs 272.26 crore.

Piramal Enterprises Limited rose 1.3% to Rs 843.30 after the pharmaceutical company plans to buy U.S.-based Coldstream Laboratories Inc. worth $30.65 million.

PTC India Financial Services Limited plunged 5.7% to Rs 67.90 after the financial service provider said net in the third-quarter tumbled 48.73% to Rs 54.81 crore.

Total sales rose 0.30% to Rs 195.38 crore.