Sensex in India Falls 2.3%, Inflation at 4-Month Low

Mukesh Buch
12 May, 2015
New York City

Market indexes in volatile trading dropped and rupee dropped to a 2015-low. Apollo Tyres said net in the quarter rose 9% but revenues slipped 4%. Dr.Reddy''s Lab net jumped 8% on 10% increase in revenues. Union Bank net in the quarter slipped 23%.

[R]6:00 PM Mumbai – Market indexes in volatile trading dropped and rupee dropped to a 2015-low. Apollo Tyres said net in the quarter rose 9% but revenues slipped 4%. Dr.Reddy''s Lab net jumped 8% on 10% increase in revenues. Union Bank net in the quarter slipped 23%.[/R]

Market indexes in Mumbai plunged ahead of the release of consumer price inflation and industrial production data after the close.

Resurgent oil price and weakness in rupee contributed to market jitters and after the close index of inflation showed smaller than expected increase.

Consumer price inflation slowed to 4.87% in April and declined to a four-month low and food price increase eased to 5.11% in the month from the 6.14% increase in March.

Rupee weakened 30 paisa 64.15.

The Sensex Index declined 929.82 or 2.3% to close at 26,877.48. The CNX Nifty dropped 198.30 or 2.4% to 8,126.85.

Gainers & Losers

Apollo Tyres Ltd fell 0.8% to ₹169.60 after the largest tyre maker said net profit in the quarter advanced 9.2% to ₹307.48 crore.

Total revenues in the quarter slipped 4.2% to ₹3,111.73 crore.

Central Bank of India decreased 2.1% to ₹109.40 after the financial services provider said net in the fourth-quarter increased 7.3% to ₹174.29 crore.

Net revenues in the quarter rose 5.2% to ₹7,321.50 crore.

The ratio of net non-performing assets in the quarter increased to 3.61% from 3.58% in the same period last year.

DEN Networks Limited slipped 3% to ₹135.90 after the largest cable TV services provider said net in the fourth-quarter swung to a loss of ₹62.08 crore compared to profit of ₹10.05 crore in the same period last year.

Net sales in the quarter slipped 11.8% to ₹261.66 crore.

Dr.Reddy''s Laboratories Ltd jumped 3.3% to ₹3,473.50 after the pharmaceutical products maker said net in the fourth-quarter increased 7.8% to ₹518.84 crore.

Total revenues in the quarter jumped 10.8% to ₹3,882.97 crore.

Eicher Motors Limited advanced 1.5% to ₹17,121 after the tractor and heavy duty vehicles maker said that the world''s fastest growing motorcycle manufacturer Royal Enfield acquired UK-based Harris Performance Products.

Motherson Sumi Systems Limited dropped 4.7% to ₹487.60 after the auto parts maker said net in the fourth-quarter advanced 12.2% to ₹340 crore.

Net revenues in the quarter gained 12.5% to ₹9,322 crore.

Spice Mobility Limited plunged 12% to ₹22.70 after the mobile device maker said net loss in the fourth-quarter widened to ₹339.38 crore compared to ₹4.13 crore in the same quarter a year ago.

Union Bank of India Ltd gained 2.4% to ₹143.55 after the financial services provider said net profit in the quarter declined 23.3% to ₹443.77 crore. Net revenues in the quarter advanced 11.1% to ₹9,383.71 crore.

The bank said ratio of net non-performing assets in the quarter declined to 2.71% compared with 2.95% in the same period a year ago.