Production Slows, Inflation Accelerates in India; Power Grid Net Rise

Mukesh Buch
12 Feb, 2015
New York City

AstraZeneca said net swung to loss. Bank of India net plummeted 70%. Bata India net plunged 33%. Future Retail net tumbled 75% and plans to raise capital. Hindalco rose 8%. Power Grid net and revenues climbed 18%. RCap net soared 28%. Voltas net surged 73% but revenues declined 15%.

[R]6:00 PM Mumbai – AstraZeneca said net swung to loss. Bank of India net plummeted 70%. Bata India net plunged 33%. Future Retail net tumbled 75% and plans to raise capital. Hindalco rose 8%. Power Grid net and revenues climbed 18%. RCap net soared 28%. Voltas net surged 73% but revenues declined 15%.[/R]

Stocks in Mumbai closed higher and after the close the statistics agency showed factory output growth slowed and retail inflation accelerated in January.

Market indexes advanced and industrials, capital goods makers and technology companies led the gainers.

Factory output increase slowed to 1.7% in December after rising at 3.9% in the previous month when the new economic data calculation was implemented.

Retail inflation, measured based on 2011 year base, in January increased 5.11% after rising at 5% in December based on the previous calculation method. Food prices rose at 6.06% in the month after rising at 4.78% in December.

The government agency estimated economic growth of 7.4% in the fiscal year ending in March, according to the new market price based economic data calculation.

Indian rupee rose 20 paisa to 61.31 against one dollar.

The Sensex Index climbed 271.13 or 0.9% to close at 28,805.10. The CNX Nifty gained 84.15 or 0.9% to 8,711.55.

Gainers & Losers

AstraZeneca Pharma India Limited slid 0.6% to ₹862.95 after the biopharmaceutical product maker said net in the third-quarter swung to a loss ₹13.40 crore compared to profit of ₹1.51 in the year ago period.

Net revenues dropped 9% to ₹108.20 crore.

Bank of India declined 5.8% to ₹227.65 after the financial service provider said net in the third-quarter plummeted 70.40% to ₹173.38 crore.

Total revenues advanced 9.95% to ₹11,947.45 crore.

Net non-performing assets in the bank advanced 2.50% compared 1.75% in the same period last year.

Bata India Limited slipped 2.9% to ₹1,255.20 after the largest footwear retailer said net in the fourth-quarter plunged 33.76% to ₹34.94 crore.

Total sales fell 3.1% to ₹544.72 crore.

Future Retail Ltd declined 4.2% to ₹116.20 after the retailer said net in the third-quarter tumbled 75.52% to ₹5.32 crore and net revenues jumped 14.08% to ₹2,659.73 crore.

The company plans to raise ₹700 crore by selling its investments in subsidiary Future Supply Chain Solutions Ltd.

Hindalco Industries Limited gained 2% to ₹152.85 after the aluminium and copper producer reported net in the third-quarter increased 7.59% to ₹359.36 crore.

Net revenues climbed 17.89% to ₹8,815.51 crore.

Mahindra CIE Automotive Limited climbed 6.6% to ₹225.25 after the forging parts provider said net in the third-quarter surged 777.3% to ₹13.16 crore.

Revenues soared 325.8% to ₹387.91 crore.

Power Grid Corporation of India Limited advanced 3.1% to ₹150.35 after the power transmission company said net in the third-quarter gained 17.9% to ₹1,228.91 crore.

Net revenues advanced 18.1% to ₹4,486.11 crore.

Reliance Capital Ltd gained 5.2% to ₹468.75 after the financial service provider reported net in the third-quarter climbed 28% to ₹213 crore.

Total revenues jumped 12% to ₹2,102 crore.

Sadbhav Engineering Limited climbed 6.7% to ₹318.65 after the infrastructure developer said net in the third-quarter surged 45.45% to ₹37.73 crore.

Total revenues jumped 15.44% to ₹723.52 crore.

Voltas Limited dropped 2.5% to ₹257.50 after the cooling systems maker said net in the third-quarter soared 73.4% to ₹107.37 crore.

Net revenues declined 15% to ₹911 crore.