Sensex in India Declines 1.9%, Reliance Net Rises

Mukesh Buch
27 Jul, 2015
New York City

The Sensex decline in India was driven by the 8% market plunge in Shanghai. Reliance said quarterly profit rose 4% but revenues plunged 26%. MRF revenues increased 6%. Pfizer quarter profit soared 43%. Rajesh Exports acquired Switzerland-based Valcambi, the largest gold refinery in the world.

[R]6:00 PM Mumbai – The Sensex decline in India was driven by the 8% market plunge in Shanghai. Reliance said quarterly profit rose 4% but revenues plunged 26%. MRF revenues increased 6%. Pfizer quarter profit soared 43%. Rajesh Exports acquired Switzerland-based Valcambi, the largest gold refinery in the world.

Market indexes in Mumbai plunged following a sharp decline in Shanghai and central government in India renews its focus on abuse of participatory notes to reroute black money.

The benchmark index in China plunged 8%, the largest one-day decline in eight years, on the worries that the recent market surge in the last one year may have entered into a bubble.

Before the latest plunge, the market index had surged more than 60% in the last twelve months of trading.

In addition, metal complex companies traded lower after base metal and precious metals dropped after a sharp fall in Chinese market indexes.

The Thomson Reuters CRB commodities indices hit its lowest level in six years, driven down by copper prices.

Steel Authority of India Ltd declined 1.8%, Tata Steel Ltd fell 1.6%, NMDC Ltd decreased 1.3%, Jindal Steel and Power Ltd slipped 1.3%, Vedanta Ltd dropped 1.2%, Hindalco Industries Ltd fell 1.1% and Hindustan Zinc Ltd slid 1%.

Banks also participated in the market selloff.

ICICI Bank Ltd dropped 1.8%, Axis Bank Ltd slipped 1.4, State Bank of India edged down 0.7% and Yes Bank Ltd declined 1.7%.

Rupee weakened 14 paisa to 64.18 against one U.S. dollar.

The Sensex Index declined 550.93 or 1.9% to close at 27,561.38. The CNX Nifty dropped 160.55 or 1.9% to 8,361.

Gainers & Losers

Bharat Electronics Limited edged up 0.2% to ₹3,682 after net in the first-quarter soared 137% to ₹60.70 crore.

Net sales in the quarter increased 7.3% to ₹1,069.21 crore.

Century Enka Limited surged 13.2% to ₹194.80 after net in the first-quarter jumped 57.4% to ₹13.63 crore.

Net revenues in the quarter edged down 0.5% to ₹303.29 crore.

MRF Limited rose 1.3% to ₹39,017.65 after the tire maker said net in the third-quarter surged 94.1% to ₹446.81 crore.

Net revenues in the quarter advanced 6.4% to ₹3,571.06 crore.

Nitin Spinners Limited advanced 2.5% to ₹82.65 after net in the first-quarter soared 34.3% to ₹11.78 crore.

Net revenues in the quarter surged 47.2% to ₹196.51 crore.

Pfizer Limited slid 0.4% to ₹2,098.35 after the drug maker said net in the first-quarter soared 43.4% to ₹53.83 crore.

Total revenues in the quarter jumped 10.9% to ₹501.01 crore.

Rajesh Exports Limited increased 2.4% to ₹542.90 after the gold and jewellery maker acquired the Switzerland-based Valcambi, the world''s largest gold refinery for $400 million.

Reliance Industries Limited fell 1.2% to ₹1,011.90 after the conglomerate reported net in the first-quarter rose 4.4% to ₹6,222 crore.

Total revenues in the quarter plunged 25.9% to ₹78,962 crore.

Relaxo Footwears Limited jumped 3.8% to ₹590.65 after the footwear maker said net in the first-quarter surged 55.5% to ₹35.97 crore.

Total revenues in the quarter climbed 21.4% to ₹451.74 crore.