Sensex in India Falls on Infosys Quarterly Earnings

Mukesh Buch
24 Apr, 2015
New York City

Gujarat Gas said net in the quarter soared 27%. Infosys net and revenues dropped. Steel Strips Wheels revenues fell 3%. Mahindra & Mahindra net jumped 9% on 14% increase in revenues.

[R]6:00 PM Mumbai – Gujarat Gas said net in the quarter soared 27%. Infosys net and revenues dropped. Steel Strips Wheels revenues fell 3%. Mahindra & Mahindra net jumped 9% on 14% increase in revenues.[/R]

Market indexes in Mumbai eased following a sharp decline in Infosys and software services exporters led the decliners.

The Sensex benchmark index declined to the low in 14 weeks after Infosys reported weaker-than-expected quarterly results. The technology services company is considered a bellwether for the sector.

Rupee weakened 24 paisa to 63.56.

The Sensex Index slipped 297.08 or 1.1% to close at 27,437.94. The CNX Nifty decreased 93.05 or 1.1% to 8,305.25.

For the week, Sensex Index plunged 3.4% and CNX Nifty declined 3.3%.

Gainers & Losers

Cairn India Limited advanced 2.5% to ₹218.85 after the oil and gas explorer said net in the fourth-quarter swung to a loss of ₹241 crore compared to profit of ₹3,035.44 crore.

Net revenues in the quarter plunged 45.01% to ₹2,866.48 crore.

CRISIL Limited dropped 4.5% to ₹1,903.85 after the rating agency’s board plans to consider the proposal to buy-back shares of the company.

Crompton Greaves Limited slipped 2.6% to ₹164.20 after the industrial equipment maker said that the private equity firm Advent International and Singapore-based Temasek agreed to acquire 34.37% stake in the company’s consumer products business for ₹2,268 crore.

Gujarat Gas Company Limited tumbled 6.9% to ₹708.35 after the gas cooking distributor said net in the fourth-quarter soared 27.2% to ₹62.67 crore.

Total revenues in the quarter plunged 28.9% to ₹564.39 crore.

Infosys Limited plunged 5.9% to ₹1,996.25 after the second-largest software service provider said net in the fourth-quarter slipped 4.7% to ₹3,097 crore.

Net revenues in the quarter fell 2.8% to ₹13,411 crore.

Sasken Communication Technologies Limited declined 6.2% to ₹231.90 after the wireless software products maker said net in the fourth-quarter plunged 67.7% ₹2.93 crore.

Net revenues in the quarter dropped 10.3% to ₹104.37 crore.

Steel Strips Wheels Limited decreased 2% to ₹311.50 after the wheel maker said net in the fourth-quarter surged 179.2% to ₹11.91 crore.

Total revenues slid 2.9% to ₹293.99 crore.

Mahindra & Mahindra Ltd decreased 2.2% to ₹1,170.45 after the tractor maker said net in the fourth-quarter jumped 9% to ₹367 crore.

Net revenues in the quarter climbed 14% to ₹1,680 crore.