Sensex in India Jumps 1.1%; IndusInd Bank Net Climbs

Mukesh Buch
13 Jul, 2015
New York City

Markets rebounded in Mumbai and the latest agreement between the lenders and Greece was viewed with scepticism. IndusInd Bank said quarterly net climbed 25% on 20% increase in revenues. Unichem Lab profit slipped 5%. IL&FS Transportation won a road project in Jharkhand.

[R]6:00 PM Mumbai – Markets rebounded in Mumbai and the latest agreement between the lenders and Greece was viewed with scepticism. IndusInd Bank said quarterly net climbed 25% on 20% increase in revenues. Unichem Lab profit slipped 5%. IL&FS Transportation won a road project in Jharkhand.

Markets in Asia and in Mumbai bounced after the late night deal between Greece and European lenders kept the struggling nation in the euro zone and extended $95 billion loan with strict conditions.

Greece has received $300 billion in loans in the previous bailouts over the last four years but Greek economy has shrunk more than 25% in the last five years and unemployment is above 25%.

The latest loan offer is highly conditional and requires a strict oversight from the I.M.F and requires implementation of unpopular pension reforms, asset sale, widening of tax net and value added tax reforms.

There is a good chance that Greece may not be able to pass the agreement in the parliament in the next few days and elections may be held as early as this year.

Rupee weakened 12 paisa to 63.51 against one U.S. dollar.

The Sensex Index jumped 299.79 or 1.1% to close at 27,961.19. The CNX Nifty advanced 99.10 or 1.2% to 8,459.65.

Gainers & Losers

Ballarpur Industries Ltd surged 8% to ₹15.69 after the company board approved the sale the entire equity stake of 98.08% in its Malaysia-based subsidiary, Sabah Forest Industries Sdn. Bhd.

Gateway Distriparks Limited increased 0.9% to ₹334.60 after the company’s subsidiary is looking to set up its fourth Inland Container Depot at Viramgam near Ahmedabad in Gujarat.

IndusInd Bank Limited jumped 3.7% to ₹923.90 after net in the first-quarter climbed 24.7% to ₹525.04 crore. Net revenues in the quarter jumped 19.9% to ₹3,447.84 crore.

The ratio of non-performing asset in the quarter decreased to 0.79% from 0.81% in March and 1.11% in the same period last year.

Indraprastha Gas Limited added 0.3% to ₹445.30 after the natural gas retailer acquired 25 lacs share of Maharastra Natural Gas at the price of ₹38 per share.

IL&FS Transportation Networks Limited edged up 0.2% to ₹142.45 after the infrastructure developer received a road project contract worth ₹587.60 crore in Jharkhand.

Suven Life Sciences Limited soared 7.1% to ₹252.20 after the pharmaceutical products maker secured patents for four products in China, Mexico and South Africa.

VA Tech Wabag Limited edged up 0.4% to ₹770.40 after the company secured a contract in Istanbul.

Unichem Laboratories Ltd added 0.7% to ₹222.70 after net in the first-quarter decreased 4.7% to ₹28.78 crore.

Total revenues in the quarter gained 6.2% to ₹309.07 crore.