Sensex Drops to 4-Month Low on Third Weekly Decline

Mukesh Buch
30 Apr, 2015
New York City

The benchmark index in India declined for the third week in a row. Axis Bank net climbed 18% on 22% increase in revenues. Biocon net soared 78%. Exide Industries net and revenues rose. TVS Motor net surged 74%.

[R]6:00 PM Mumbai – The benchmark index in India declined for the third week in a row. Axis Bank net climbed 18% on 22% increase in revenues. Biocon net soared 78%. Exide Industries net and revenues rose. TVS Motor net surged 74%.[/R]

Market indexes in India and rupee fell for the third week in a row and the Sensex dropped to a four-month low after weak economic growth in the U.S. and weaker-than-expected domestic corporate earnings.

Rupee weakened 18 paisa to 63.47.

The Sensex Index declined 214.62 or 0.8% to close at 27,011.31. The CNX Nifty decreased 58.25 or 0.7% to 8,181.50.

For the week, the Sensex Index plunged 2.4% and for the month tumbled 3.2% and for the week the CNX Nifty declined 2.3% and for the month plummeted 3.4%.

Gainers & Losers

ALSTOM India Limited declined 3.3% to ₹714.05 after the power generation equipment maker said net in the fourth-quarter tumbled 60.8% to ₹71.93 crore.

Net revenues in the quarter declined 18.7% to ₹848.09 crore.

Aptech Limited climbed 4.7% to ₹61.75 after the information technology services provider said net in the fourth-quarter plunged 54.52% to ₹4.93 crore.

Sales in the quarter fell 3.71% to ₹46.26 crore.

Axis Bank Limited jumped 2.7% to ₹567.85 after the financial services provider said net in the fourth-quarter climbed 18.4% to ₹2,180.59 crore.

Total revenues in the quarter soared 21.7% to ₹12,384.39 crore.

The ratio of net non-performing assets in the bank slightly increased to 0.44% from 0.4% in the same period last year.

The bank said its board approved to raise foreign institutional shareholding limit to 74% from 62% earlier.

Biocon Limited advanced 2.3% to ₹452.90 after the biopharmaceutical products maker said net in the fourth-quarter surged 78% to ₹201 crore.

Net revenues in the quarter climbed 15% to ₹830 crore.

Exide Industries Limited dropped 5.6% to ₹171.20 after the automotive and electric batteries maker said net in the fourth-quarter rose 4.12% to ₹137.59 crore.

Total revenues increased 1.99% to ₹1,657.47 crore.

Hexaware Technologies Limited plunged 9.1% to ₹281.05 after the software developer said net in the first-quarter climbed 18.56% to ₹83.35 crore.

Net sales in the quarter soared 21.15% to ₹713.23 crore.

Raymond Limited decreased 0.9% to ₹445.65 after the textile maker and branded apparel retailer said net in the fourth-quarter jumped 163.76% to ₹21.47 crore.

Total revenues jumped 13.02% to ₹1,411.62 crore.

Suzlon Energy Ltd fell 0.4% to ₹23.90 after the wind turbine maker completed 100% stake sale of its German-based Senvion to US-based Venture Capital fund Centerbridge Partners for ₹7,000 crore in cash.

TVS Motor Company Limited slid 0.7% to ₹235.60 after the automaker said net in the fourth-quarter soared 74% to ₹90.52 crore.

Total revenues in the quarter climbed 13.8% to ₹2,456.80 crore.

Vedanta Limited rose 1.4% to ₹210 after the minerals explorer said net in the fourth-quarter swung to a loss of ₹19,228.12 crore compared to profit of ₹1,621.55 crore in the same quarter last year.

Net revenues in the quarter declined 18.45% to ₹17,661.80 crore.