Sensex in India Rises 0.8%, Rupee Advances

Mukesh Buch
28 Apr, 2015
New York City

Stocks in India rebounded and the rupee strengthened. Godrej Consumer Products quarterly net rose 13%. Kirloskar Brothers net more than doubled. RCom plans to raise $300 million through an international bond offering. Welspun net and revenues surged.

[R]6:00 PM Mumbai – Stocks in India rebounded and the rupee strengthened. Godrej Consumer Products quarterly net rose 13%. Kirloskar Brothers net more than doubled. RCom plans to raise $300 million through an international bond offering. Welspun net and revenues surged.[/R]

Market indexes in Mumbai opened higher ahead of earnings from telecom companies and indexes extended gains on the strength in banks, automakers and capital goods stocks.

Investors returned to stock amid corporate earnings season and Bank of India launched its $750 million medium-term note offering and Reliance Communications is looking to raise $300 million in international markets.

Rupee strengthened 34 paisa to 63.14.

The Sensex Index jumped 219.39 or 0.8% to close at 27,396.38. The CNX Nifty gained 71.80 or 0.9% to 8,285.60.

Gainers & Losers

Alembic Pharmaceuticals Limited declined 3.9% to ₹452 after the drug maker said net in the fourth-quarter climbed 14.74% to ₹70.33 crore.

Net revenues in the quarter advanced 8.4% to ₹502.98 crore.

Amtek Auto Limited jumped 3.2% to ₹157.25 after the automotive components maker plans to buy iron casting, forging and machining business from Japan-based Asahi Tec Corporation as early as this week.

Geometric Limited plunged 10.1% to ₹128.85 after the software solutions operator said net in the fourth-quarter tumbled 51.04% to ₹3.29 crore.

Total sales in the quarter slid 2% to ₹267.90 crore.

Godrej Consumer Products Ltd slipped 2.3% to ₹1,098.50 after the consumer products maker said net in the fourth-quarter climbed 12.39% to ₹265.57 crore.

Net revenues in the quarter advanced 8.3% to ₹2,092.02 crore.

Granules India Limited tumbled 7.1% to ₹79.15 after the pharmaceutical products maker said net in the fourth-quarter slipped 5.19% to ₹22.39 crore.

Total revenues in the quarter jumped 11.69% to ₹354.60 crore.

Kirloskar Brothers Limited soared 12.8% to ₹210.20 after the centrifugal pumps exporter said net in the fourth-quarter soared 137.7% to ₹36.03 crore.

Net sales in the quarter jumped 12.1% to ₹535.38 crore.

Power Grid Corporation of India Limited fell 0.4% to ₹144.20 after the electric power distribution grid operator acquired two transmission units at Gadarwara, Madhya Pradesh.

Shree Cement Limited advanced 2.8% to ₹10,224.85 after the cement maker agreed to acquire cement-grinding unit of Jaiprakash Associates for ₹358 crore at Panipat.

Ramco Systems Ltd rose 0.7% to ₹621.75 after the software developer secured an order from the U.S.-based Hutchinson Aerospace and Industry Inc to implement maintenance, repair and over haul solutions and services.

Reliance Communications Limited increased 2.6% to ₹62.85 after the largest mobile operator plans to raise up to $300 million through an international bond offering.

The company is also planning to launch 4G services in Gujarat.

Welspun Corp Limited soared 19.9% to ₹65.15 after the steel producer said net in the fourth-quarter surged ten-fold to ₹143.77 crore.

Net sales in the quarter climbed 51% to ₹2,400.70 crore.