Wholesale Price Fall in India Extends to One Year, Coal India Net Jumps

Sarla Buch
16 Nov, 2015
New York City

The wholesale prices in October dropped 3.81%, twelfth monthly decline in a row. Apollo Tyres plans to acquire Germany-based automotive products retailer. Coal India quarterly profit rose 16%. GMR Infra loss narrowed. MMTC Net swung to profit.

[R]6:00 PM Mumbai, India – The wholesale prices in October dropped 3.81%, twelfth monthly decline in a row. Apollo Tyres plans to acquire Germany-based automotive products retailer. Coal India quarterly profit rose 16%. GMR Infra loss narrowed. MMTC Net swung to profit.[/R]

Market indexes in Mumbai opened higher and stayed above the positive line and the latest read on wholesale price showed another monthly decline.

The wholesale price index in October declined 3.81% compared to the fall of 4.54% in previous month and increase of 1.66% in the year-ago period, the Ministry of Commerce and Industry reported.

Rupee strengthened 9 paisa to 66.01 against one U.S. dollar.

The Sensex Index advanced 149.57 or 0.6% to close at 25,760.10. The CNX Nifty increased 44.35 or 0.6% to 7,806.60.

Gainers & Losers

Apollo Tyres Ltd increased 1.7% to ₹157.70 after the largest tyre maker plans to acquire Germany-based tyre retailer, Reifencom GmbH for about ₹324 crore or €45.6 million.

Coal India Limited decreased 1.6% to ₹332.30 after the coal producer reported net in the second-quarter jumped 16% from a year ago to ₹2,543.80 crore.

Net sales in the quarter gained 6.9% to ₹18,921.23 crore.

GMR Infrastructure Limited soared 10.1% to ₹13.08 after the infrastructure developer said net loss in the second-quarter narrowed from a year ago to ₹398.67 crore.

Net revenues in the quarter jumped 14.4% to ₹3,184.11 crore.

MMTC Limited surged 7.1% to ₹45.20 after net in the second-quarter swung to profit from a year ago to ₹43.84 crore.

McNally Bharat Engineering Company Limited edged down 0.7% to ₹95.95 after the infrastructure developer said net loss in the second-quarter widened from a year ago to ₹79.45 crore.

Net revenues in the quarter soared 31.4% to ₹741.87 crore.

Sobha Limited slid 0.2% to ₹327.10 after the real estate developer said net in the second-quarter tumbled 32.6% from a year ago to ₹456.10 crore.

Net sales in the quarter plunged 32.6% to ₹456.10 crore.

Welspun Corp Limited jumped 3.5% to ₹106.95 after net in the second-quarter surged from a year ago to ₹101.09 crore.

Net sales in the quarter increased 5.3% to ₹2,435.99 crore.