State Bank of India Net Surge Powers Sensex Advance

Mukesh Buch
22 May, 2015
New York City

State Bank of India said quarterly net soared 23% and net non-performing assets declined. Regional banks surged in the sector rally. Voltas soared 8% on 18% increase in quarterly profit. Britannia surged 7% on a 55% surge in net. Indiabulls net income doubled.

[R]6:00 PM Mumbai –State Bank of India said quarterly net soared 23% and net non-performing assets declined. Regional banks surged in the sector rally. Voltas soared 8% on 18% increase in quarterly profit. Britannia surged 7% on a 55% surge in net. Indiabulls net income doubled.[/R]

Stocks powered ahead after State Bank of India reported better-than-expected earnings and Britannia net soared 55%.

The largest bank reported 23% increase in consolidated earnings, beating the expectations set by several analysts and the bank also lowered its non-performing assets in the quarter.

Rupee strengthened 10 paisa to 63.54 against one U.S. dollar.

The Sensex Index increased 148.15 or 0.5% to close at 27,957.50. The CNX Nifty rose 37.95 or 0.5% to 8,458.95.

For the week, the Sensex Index and the CNX Nifty climbed 2.3%.

Gainers & Losers

Britannia Industries Ltd surged 7.1% to ₹2,447.10 after the bakery and dairy products maker said net in the fourth-quarter soared 55.4% to ₹167 crore.

Total revenues climbed 14.3% to ₹2,032 crore.

Cipla Limited edged down to ₹673.50 after the pharmaceutical products maker’s U.K.-based subsidiary plans to acquire 51% stake in Uganda-based Quality Chemicals.

Indiabulls Real Estate Limited advanced 2.8% to ₹59.75 after the real estate developer said net in the fourth-quarter soared 123.5% to ₹93.13 crore.

Total sales in the quarter surged 84.5% to ₹630.70 crore.

MMTC Limited fell 0.7% to ₹52.25 after the minerals exporter said net profit in the fourth-quarter climbed 16% to ₹37.98 crore.

Net sales in the quarter soared 18.2% to ₹5,070.48 crore.

Punj Lloyd Limited soared 13.5% to ₹26.10 after the infrastructure developer said net in the fourth-quarter surged to ₹268.53 crore.

Total revenues in the quarter dropped 9.2% to ₹1,859.54 crore.

Rupa & Company surged 20% to ₹272.40 after the apparel maker said net in the fourth-quarter climbed 33.6% to ₹26.18 crore.

Net sales in the quarter jumped 18.4% to ₹329.11 crore.

Sagar Cements Limited surged 13.6% to ₹400 after the cement maker said net in the fourth-quarter swung to profit of ₹21.69 crore compared to a loss of ₹11.35 crore.

Total revenues in the quarter soared 29.9% to ₹190.70 crore.

Shree Renuka Sugars Ltd soared 6.4% to ₹12.01 after the sugar producer said net in the fourth-quarter swung to profit of ₹4.30 crore compared to a loss of ₹88.30 crore.

Total revenues in the quarter declined 9.8% to ₹1,684 crore.

State Bank of India advanced 2.2% to ₹295.80 after the financial services provider said net in the fourth-quarter soared 23.1% to ₹3,742.02 crore.

Total revenues in the quarter climbed 14.5% to ₹48,616.41 crore.

The bank said ratio gross non-performing assets in the quarter declined to 4.25% against 4.95% in the same period a year ago.

The ratio of net non-performing assets in the quarter also slipped 2.12% compared to 2.57% in the same period last year.

Voltas Limited climbed 8.5% to ₹313 after the cooling systems and products maker said net in the fourth-quarter jumped 17.6% to ₹118.04 crore.

Total sales in the quarter rose 1.8% to ₹1,520.26 crore.