Sensex in India Drops on Slower Revenue Growth at Bharti and HDFC

Mukesh Buch
26 Oct, 2015
New York City

Bharti Airtel, the largest wireless carrier said quarterly profit rose 10%. Asian Paints net advanced 12%. Godrej Consumer net soared 22%. HDFC net jumped 18% on 12% increase in revenues. L&T Finance net surged 19%. Rallis India net declined 22%.

[R]6:00 PM Mumbai, India – Bharti Airtel, the largest wireless carrier said quarterly profit rose 10%. Asian Paints net advanced 12%. Godrej Consumer net soared 22%. HDFC net jumped 18% on 12% increase in revenues. L&T Finance net surged 19%. Rallis India net declined 22%.[/R]

Market averages in Mumbai declined after latest quarterly results from HDFC and Bharti Airtel failed to excite investors.

Despite the latest China rate cut and the European Central Bank offering more steps to support increased lending, market averages in Mumbai lacked direction.

Leading wireless carrier, Bharti Airtel reported slower revenues growth and the largest private sector housing loan lender reported weaker-than-expected earnings.

Rupee weakened 13 paisa to 64.95 against one U.S. dollar.

The Sensex Index slipped 108.85 or 0.4% to close at 27,361.96 The CNX Nifty decreased 34.90 or 0.4% to 8,260.55.

Gainers & Losers

Asian Paints Limited declined 4.7% to ₹816.95 after the paint maker said net in the second-quarter advanced 11.9% from a year ago to ₹364.48 crore.

Total revenues in the quarter added 2.6% to ₹3,122.98 crore.

Bharti Airtel Limited decreased 1.9% to ₹351.90 after the wireless telecommunication services provider said net in the second-quarter increased 10.1% from a year ago to ₹1,522.70 crore.

Total revenues in the quarter rose 4.3% to ₹23,851.90 crore.

Binani Industries Limited slid 0.4% to ₹77.35 after the cement maker said net in the second-quarter swung to a loss of ₹0.24 crore compared to profit of ₹6.85 crore in a year ago period.

Net sales in the quarter plunged 68.1% to ₹4.85 crore.

Force Motors Limited jumped 3.9% to ₹3,613 after the automobile components maker reported net in the second-quarter surged 65.3% from a year ago to ₹42.48 crore.

Total revenues in the quarter jumped 27.5% to ₹763.24 crore.

Godrej Consumer Products Ltd advanced 2.6% to ₹1,287.30 after the personal care products maker said net in the second-quarter soared 22.4% from a year ago to ₹287.16 crore.

Net revenues in the quarter increased 8.1% to ₹2,264.02 crore.

Gujarat State Fertilizers & Chemicals Limited surged 8.5% to ₹75.30 after the fertilizer maker said net in the second-quarter gained 14.7% from a year ago to ₹142.64 crore.

Net sales in the quarter jumped 18.9% to ₹1,762.18 crore.

Housing Development Finance Corporation Limited dropped 2.3% to ₹1,306.75 after the housing loan provider reported net in the second-quarter jumped 18.2% from a year ago to ₹1,604.56 crore.

Net revenues in the quarter advanced 12.1% to ₹7,480.24 crore.

Kanoria Chemicals & Industries Limited jumped 5% to ₹66.15 after the chemical products maker’s subsidiary plans to set up a Denim project at Bishoftu in Ethiopia.

L&T Finance Holdings Limited fell 0.9% to ₹67.90 after the financial services provider said net in the second-quarter soared 18.6% from a year ago to ₹215.41 crore.

Net revenues in the quarter jumped 15.8% to ₹1,837.52 crore.

Rallis India Limited dropped 2.4% to ₹206 after the agri-products maker reported net in the second-quarter declined 21.9% from a year ago to ₹27 crore.

Net sales in the quarter plunged 21.4% to ₹500 crore.

Sterlite Technologies Limited plunged 6.9% to ₹93.20 after the telecom products maker said net in the second-quarter surged 134% from a year ago to ₹29 crore.

Net sales in the quarter soared 78% to ₹1,056 crore.

Tata Consultancy Services Limited edged down 0.04% to ₹2,535.20 and the information technology services provider signed a partnership with U.S.-based Symantec Corporation to provide analytics driven security services.