Rupee Drifts to New Low Despite Oil at 12-Year Low

Sarla Buch
14 Jan, 2016
New York City

Market indexes on Dalal Street extended weekly losses and the rupee dropped to a new record low despite the crude oil price falling to 12-year low. Infosys said quarterly profit rose 7%. Everest Industries net more than doubled. Cyient net declined 12%.

[R]6:00 PM Mumbai, India – Market indexes on Dalal Street extended weekly losses and the rupee dropped to a new record low despite the crude oil price falling to 12-year low. Infosys said quarterly profit rose 7%. Everest Industries net more than doubled. Cyient net declined 12%.[/R]

Stocks in Mumbai trading lacked direction after volatile markets in China and a sharp plunge in Japan affected market sentiment.

Currencies in Asia declined and the rupee dropped to a new low after yuan in Shanghai traded down and traders looked for another devaluation between 5% and 10% in the next two months.

Rupee weakened 44 paisa to ₹67.44 against the U.S. dollar.

The Sensex Index slid 81.14 or 0.3% to close at 24,772.97. The CNX Nifty edged down 25.60 or 0.3% to 7,536.80.

Gainers & Losers

Agro Tech Foods Limited jumped 3.4% to ₹549.75 after the food products maker completed the purchase of land in Howrah, West Bengal for expansion in the eastern part of India for ₹3.01 crore.

Cyient Limited declined 3.9% to ₹468.25 after the geographic information system services provider said net in the third-quarter dropped 11.9% from a year ago to ₹86.84 crore.

Net sales in the quarter rose 1.3% to ₹781.78 crore.

Everest Industries Limited advanced 2.7% to ₹260.20 after the building roofing products maker said net in the third-quarter soared 141.3% from a year ago to ₹2.76 crore.

Total sales in the quarter added 1.7% to ₹278.89 crore.

Infosys Limited declined 4.3% to ₹1,128.70 after the software developer said net in the third-quarter increased 6.6% from a year ago to ₹3,465 crore.

Net revenues in the quarter jumped 15.3% to ₹15,902 crore.

Reliance Industrial Infrastructure Limited dropped 4.3% to ₹426.50 after the infrastructure developer said net in the third-quarter declined 25.6% from a year ago to ₹3.96 crore.

Net sales in the quarter fell 2.6% to ₹22.13 crore.