Sensex in India Soars to Record High, Kotak Mahindra Net Surge

Mukesh Buch
20 Jan, 2015
New York City

Hindustan Zinc profit surged 38%. Info Edge net rose 20%. Kansai Nerolac signed a joint venture to enter Sri Lanka market. Kotak Mahindra Bank net climbed 37% on 20% increase in revenues. South Indian Bank net plunged 38% but revenues jumped 10%.

[R]6:00 PM Mumbai – Hindustan Zinc profit surged 38%. Info Edge net rose 20%. Kansai Nerolac signed a joint venture to enter Sri Lanka market. Kotak Mahindra Bank net climbed 37% on 20% increase in revenues. South Indian Bank net plunged 38% but revenues jumped 10%.[/R]

Stocks in Mumbai soared and Sensex index closed at a new record high after IMF estimated growth to accelerate in India.

International Monetary Fund estimated economic growth to accelerate 6.5% in the fiscal year ending in March 2017, fastest among 20 industrialized nations.

Global investors have been optimistic on India’s growth prospect after the election of Narendra Modi government.

Around the world, India is one of the few nations that offer better and growing economic backdrop with the euro zone and Japan struggling with deflation forces and China slowing down economic expansion and Federal Reserve in the U.S. is winding down monetary stimulus after five years.

Brazil, Russia and Middle Eastern nations are battling a sharp plunge in oil and commodities prices.

Indian rupee edged down to close at 61.69 against one dollar.

The Sensex Index climbed 522.66 or 1.9% to close at 28,784.67. The CNX Nifty jumped 144.90 or 1.7% to 8,695.60.

Gainers & Losers

Hindustan Zinc increased 0.8% to Rs 161.60 after the zinc producer reported net in the third-quarter surged 38.11% to Rs 2,379.37 crore.

Net revenues soared 20.42% to Rs 4,665.29 crore.

Info Edge (India) Ltd fell 0.2% to Rs 807.70 after the online classifieds listing company said net in the third-quarter gained 20% to Rs 38.64 crore.

Total revenues jumped 18% to Rs 145.74 crore.

Kansai Nerolac Paints Ltd advanced 3.6% to Rs 2,345.65 after the company signed a joint venture agreement with Capital Holdings Maharaja to begin operations in Sri Lanka.

Kotak Mahindra Bank Limited rose 0.5% to Rs 1,396.25 after the financial service provider said net in the third-quarter climbed 36.63% to Rs 464.52 crore.

Net revenues jumped 20.15% to Rs 2,994.20 crore.

MindTree Limited declined 4.1% to Rs 1,355.15 after the software developer net in the third-quarter rose 2.6% to Rs 140.80 crore.

Net revenues increased 2.6% to Rs 911.70 crore.

Sasken Communication Technologies Limited plunged 4.9% to Rs 243.05 after the wireless software product developer net in the third-quarter plunged 82.5% to Rs 16.14 crore.

Total sales slid 0.8% to Rs 107.28 crore.

South Indian Bank Limited dropped 3.9% to Rs 29.30 after the net in the third-quarter declined 37.77% to Rs 87.93 crore.

Net revenues advanced 9.91% to Rs 1,467.13 crore.