Economic Growth in India Accelerates, Sensex in India Climbs 1.2%

Mukesh Buch
29 May, 2015
New York City

Economic growth in India accelerated to 7.3% in the first quarter from the downwardly revised 6.6% in the fourth quarter. NMDC said net in the quarter declined 31%. M&M quarterly profit dropped 39%. ONGC profit plunged 20% but revenues rose 3%. NTPC net and revenues slipped.

[R]6:00 PM Mumbai – Economic growth in India accelerated to 7.3% in the first quarter from the downwardly revised 6.6% in the fourth quarter. NMDC said net in the quarter declined 31%. M&M quarterly profit dropped 39%. ONGC profit plunged 20% but revenues rose 3%. NTPC net and revenues slipped.

Stocks in Mumbai traded higher of economic growth data and interest rate decision from the Reserve Bank of India. RBI is expected to cut rates by 25 basis points on Tuesday.

Investors bid up stocks after the Central Statistics Office said economic growth in the March quarter accelerated to 7.3% from the revised 6.6% increase in the previous quarter.

In the previous estimate, the economy in the fourth-quarter was estimated to expand at 7.5%.

Rupee weakened 7 paisa to 63.87 against one U.S. dollar.

The Sensex Index jumped 321.73 or 1.2% to close at 27,828.44. The CNX Nifty increased 114.65 or 1.4% to 8,433.65.

For the week, Sensex Index fell 0.5% and for the month of May climbed 2.2%.

CNX Nifty eased 0.3% in the week and soared 2.3% in May.

Gainers & Losers

Amara Raja Batteries Limited gained 2% to ₹885 after the storage batteries maker said net in the fourth-quarter climbed 27.8% to ₹102.26 crore.

Net sales in the quarter jumped 20.5% to ₹1,066.70 crore.

Coal India Limited increased 2.1% to ₹391.25 after the largest coal miner said net in the fourth-quarter decreased 4.4% to ₹4,238.55 crore.

Net revenues in the quarter increased 2.9% to ₹23,067.05 crore.

Mahindra and Mahindra Ltd climbed 4.9% to ₹1,260.20 after the tractor maker said net in the fourth-quarter plunged 38.6% to ₹550.56 crore.

Total revenues in the quarter declined 13.1% to ₹9,646.68 crore.

NTPC Limited advanced 1% to ₹136.40 after the power distributor said net in the fourth-quarter decreased 4.8% to ₹2,944.03 crore.

Net sales in the quarter slipped 8% to ₹19,886.37 crore.

NMDC Limited slipped 2.1% to ₹128.30 after the iron ore producer said net in the fourth-quarter declined 31.3% to ₹1,347.09 crore.

Total revenues in the quarter dropped 20.3% to ₹3,554.77 crore.

Oil and Natural Gas Corporation Ltd fell 1.3% to ₹323.45 after the central government controlled oil and gas explorer said net in the fourth-quarter declined 19.5% to ₹3,935.07 crore.

Total revenues in the quarter rose 3.1% to ₹23,381.07 crore.

Praj Industries Limited surged 19.9% to ₹70.40 after the engineering services provider said net in the fourth-quarter soared 76.2% to ₹36.61 crore.

Total revenues in the quarter dropped 8.3% to ₹322.98 crore.

SpiceJet Limited soared 8.2% to ₹20.45 after the air transport services provider said net in the fourth-quarter swung to profit of ₹22.52 crore compared to a loss of ₹321.51 crore.

Total revenues in the quarter plunged 42.4% to ₹939.38 crore.