Corporate India Revs Up Fund Raising, Volatile Sensex

Mukesh Buch
23 Apr, 2015
New York City

Corporate fund raising activities pick up steam and Jet Airways, Biocon and Ramco Software are preparing to raise as much as $1.1 billion. HDFC Bank said net in the quarter jumped 21% on 22% increase in revenues. MRF net soared 95%. L&T Finance net rose 10%.

[R]6:00 PM Mumbai – Corporate fund raising activities pick up steam and Jet Airways, Biocon and Ramco Software are preparing to raise as much as $1.1 billion. HDFC Bank said net in the quarter jumped 21% on 22% increase in revenues. MRF net soared 95%. L&T Finance net rose 10%.[/R]

Market indexes in Mumbai traded lower following the weak trading across Asia after factory activities growth in China was deemed to be lower than expected in a private survey.

Rupee edged lower along with all Asian currencies after the U.S. dollar firmed in international trading.

Rupee weakened 50 paisa to 63.32.

The Sensex Index dropped 155.11 or 0.6% to close at 27,735.02. The CNX Nifty fell 31.40 or 0.4% to 8,398.30.

In the sign of rising corporate activities, Biocon is preparing to raise $600 million in international markets for the public offering of its research arm Syngene.

In addition, Jet Airways is preparing to raise as much as ₹2,500 or $400 million and sell stocks in the company to international investors after the shareholder approval.

Ramco Systems Ltd is in advanced discussions with bankers to raise as much as ₹300 crore and expand its enterprise software activities.

Gainers & Losers

Cera Sanitaryware Limited plunged 15.9% to ₹2,187.25 after the personal care products maker said net profit in the fourth-quarter advanced 14.38% to ₹22.11 crore.

Net revenues in the quarter increased 14.71% to ₹250.44 crore.

Clariant Chemicals India Ltd declined 75% to ₹901.35 after the chemical products maker said net in the first-quarter plunged 29.61% to ₹10.65 crore.

Total revenues in the quarter dropped 17.8% to ₹233.98 crore.

Everest Industries Limited surged 19.9% to ₹354.30 after the infrastructure products maker said net in the fourth-quarter soared 231.25% to ₹10.07 crore.

Net revenues in the quarter rose 3.9% to ₹318.46 crore.

HDFC Bank Limited slid 0.2% to ₹1,013.50 after the financial services provider said net in the fourth-quarter jumped 20.64% to ₹2,806.91 crore.

Total revenues in the quarter climbed 21.73% to ₹15,570.13 crore.

The ratio of net non-performing assets in the quarter edged down to 0.2% compared to 0.3% in the same period a year ago.

MRF Limited jumped 3.4% to ₹40,077 after the largest tyre maker said net profit in the second-quarter surged 94.66% to ₹332.62 crore.

Net revenues in the quarter rose 0.69% to ₹3332.77 crore.

L&T Finance Holdings Limited climbed 4.1% to ₹66.30 after the financial services provider said net in the fourth-quarter gained 10.19% to ₹205.55 crore.

Net revenues in the quarter soared 16.72% to ₹1,670.76 crore.

Supreme Petrochem Ltd gained 4.6% to ₹71 after the polystyrene products maker said net in the fourth-quarter surged 109.3% to ₹20.47 crore.

Total revenues in the quarter climbed 19.72% to ₹660.99 crore.