Global Investors Lift India Bond Purchases, Zee, ITC Net Rise

Mukesh Buch
21 Jan, 2015
New York City

Crompton Greaves secured a contract worth $26 million from Indonesia. ITC said profit rose 11%. Praj Ind net plunged 49%. Rallis net declined 16%. Tata Elxsi net climbed 29%. Zee net surged 44% but total subscription revenues slid 2%.

[R]6:00 PM Mumbai – Crompton Greaves secured a contract worth $26 million from Indonesia. ITC said profit rose 11%. Praj Ind net plunged 49%. Rallis net declined 16%. Tata Elxsi net climbed 29%. Zee net surged 44% but total subscription revenues slid 2%.[/R]

Market indexes in Mumbai extended two-day surge and rupee gained after foreign investors continued to add exposure to stocks and bonds in India.

Global investors added $2.2 billion of corporate and government bonds issued in rupees in addition to the record $26 billion purchase in 2014.

Global investors have turned positive on India’s economic prospects and stocks and bonds after international price of crude oil collapsed 50% in the last seven months. India imports 80% crude oil to meet its domestic demand.

Indian rupee closed at 61.64 against one dollar.

The Sensex Index jumped 104.19 or 0.4% to close at 28,888.86. The CNX Nifty rose 33.90 or 0.4% to 8,729.50.

Gainers & Losers

Crompton Greaves Limited rose 0.9% to Rs 194.80 after the industrial equipment maker secured a contract worth $26 million from Indonesia.

ITC Limited declined 5% to Rs 352.60 after the diversified conglomerate reported net in the third-quarter advanced 10.46% to Rs 2,635 crore.

Total revenues rose 4.46% to Rs 9,524.58 crore.

Navin Fluorine International Limited surged 13% to Rs 739 after the specialty fluoro-chemical maker said net in the third-quarter surged 107.6% to Rs 14.20 crore.

Net sales climbed 32.7% to Rs 145.58 crore.

Praj Industries Limited dropped 5.5% to Rs 55.90 after the engineering service provider reported net in the third-quarter plunged 49.3% to Rs 12.30 crore.

Net revenues declined 18.3% to Rs 224.46 crore.

Rallis India Limited slipped 5.5% to Rs 216.15 after the agrochemical company said net in the third-quarter dropped 16% to Rs 25.49 crore.

Net revenues fell 2.9% to Rs 390.33 crore.

Tata Elxsi Limited soared 8.6% to Rs 801.45 after the animation service provider said net in the third-quarter climbed 28.77% to Rs 27.75 crore.

Total revenues jumped 11.47% to Rs 221.81 crore.

Zee Entertainment Enterprises Limited declined 2.4% to Rs 381.60 and the most profitable media network said net in the third-quarter surged 44.48% to Rs 308.61 crore.

Net revenues soared 17.73% to Rs 1,443.90 crore but total subscription revenues slid 2.3% to Rs 446.10 crore.