Wholesale Prices Accelerate Decline in July, Sensex Soars 1.9%

Mukesh Buch
14 Aug, 2015
New York City

Sensex index in Mumbai soared on the hopes of a rate cut after wholesale price index dropped to a record low. The index has been showing a decline in prices since November and dropped to a record low of -4.5%.

[R]6:00 PM Mumbai, India – Sensex index in Mumbai soared on the hopes of a rate cut after wholesale price index dropped to a record low. The index has been showing a decline in prices since November and dropped to a record low of -4.5%.[/R]

Stocks in Mumbai surged after the wholesale index dropped to a record low on cheaper energy and food prices.

The wholesale price index has been in the negative zone since November 2014 and in July dropped to a record low after crude oil price fell to a six year low.

The wholesale price index in July declined to -4.05% compared to -2.4% in June and 5.41% from a year ago month, the Ministry of Commerce & Industry reported.

Rupee strengthened 10 paisa to 65 against one U.S. dollar.

The Sensex Index jumped 517.78 or 1.9% to close at 28,067.31. The CNX Nifty advanced 162.70 or 1.9% to 8,518.55.

For the week, Sensex Index fell 0.7% and CNX Nifty slid 0.5%.

Gainers & Losers

Amara Raja Batteries Limited advanced 3.7% to ₹972.20 after net in the first-quarter soared 15.2% to ₹122.09 crore.

Net revenues in the quarter increased 11.3% ₹1,144.97 crore.

Bharat Petroleum Corporation Limited decreased 1.2% to ₹875 after net in the first-quarter surged 95.4% to ₹2,376.16 crore.

Net revenues in the quarter plunged 22.9% to ₹52,296.12 crore.

DLF Limited surged 18.2% to ₹134.90 after net in the first-quarter decreased 4.7% to ₹122 crore.

Net revenues in the quarter soared 26.7% to ₹2,346 crore.

Hindalco Industries Limited gained 2.6% to ₹93.30 after net in the first-quarter tumbled 67.3% to ₹107.19 crore.

Total revenues in the quarter rose 6.8% to ₹8,769.69 crore.

MMTC Limited declined 3.8% to ₹44.35 after net in the first-quarter swung to a loss of ₹31.22 crore compared to profit of ₹40.77 crore in a year ago period.

Net sales in the quarter plunged 60.8% to ₹2,031.60 crore.

National Buildings Construction Corporation Ltd jumped 3.8% to ₹1,034.85 after net in the first-quarter surged 31.50% to ₹44.08 crore.

Net revenues in the quarter soared 44.1% to ₹1,146.94 crore.

Pennar Industries Limited surged 8.3% to ₹55.70 after the steel products maker’s subsidiary secured orders worth ₹180 crore.

Reliance Capital Limited jumped 3.8% to ₹351.40 after net in the first-quarter soared 22.6% to ₹201 crore.

Net revenues in the quarter advanced 14.6% to ₹2,457 crore.

Shree Renuka Sugars Ltd dropped 2.4% to ₹8.73 after net loss in the first-quarter widened to ₹227.20 crore compared to ₹80.60 crore in the same period last year.

Net sales in the quarter soared 33.7% to ₹1,550.90 crore.

Tata Steel Limited gained 1.5% to ₹237.10 after the steel producer received shareholders’ approval to raise up to ₹10,000 crore through a stock offering.