India Movers: Adani Group, BHEL, Eicher Motors, Hindalco, Wipro

Arun Goswami
14 Feb, 2024
Mumbai

Stocks in Mumbai traded down following the worldwide selloff after U.S. inflation in January was higher-than-expected, raising the prospect of interest rates staying higher for longer. 

The Sensex index decreased 77.60 points to 71,087.45, and the Nifty index fell 17.70 points to 21,597.02.

On the Mumbai stock exchange, 89 stocks traded at their 52-week highs and 31 stocks traded at their 52-week lows.

Adani Group stocks were in focus after the U.S.-based rating agency Moody's Investor Service revised its outlook on four group companies to "stable" from "negative."

The ratings agency had lowered its outlook on Adani Green, Adani Electricity Mumbai, Adani Transmission, and Adani Energy Solutions after the U.S.-based short seller launched a media attack a year ago. 

Hindalco Industries declined 0.4% to ₹507.90 after the company reported mixed quarterly results. 

Revenue in the December quarter was flat at ₹52,808 crore, and after-tax income soared 71% to ₹2,331 crore from a year ago, respectively. 

Eicher Motors added 0.2% to ₹3,862.70 after the company reported a rise in revenue and earnings. 

Revenue in the December quarter rose 12.3% to ₹4,179 crore, and net income surged 34.4% to ₹996 crore from a year ago, respectively. 

Oil India increased 1% to ₹474.85 after the company reported a decline in profit following weaker crude oil prices and windfall taxes. 

Net income in the December quarter decreased 9.3% from a year ago to 1,584 crore.

BHEL declined 0.5% to ₹212.30 after the electrical equipment company suffered a loss in the latest quarter. 

Revenue in the December quarter rose to ₹5,599.6 crore from ₹5,353.9 crore, and the company swung to a net loss of ₹148.7 crore due to higher operating expenses. 

Wipro fell 1.9% to ₹501.70 and the company agreed to acquire the insurance-industry focused Aggne for $66 million.

Aggne is based in the Tampa, Florida and Hyderabad, India and employs 230 people.