India Movers: Adani Wilmar, Aditya Birla Fashion, Allcardo Terminals, Mahindra & Mahindra, Prestige Estates

Arun Goswami
12 Jul, 2024
Mumbai

Stocks in Mumbai edged higher in cautious trading after Tata Consultancy reported better-than-expected revenue in the June quarter. 

For the week, the Sensex and the Nifty indexes extended weekly gains to the sixth consecutive week. 

The Sensex index increased by 0.1% to 80,242.50, and the Nifty index rose by 0.2% to 24,387.60. 

On the Mumbai stock exchange, 145 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.97%, and the Indian rupee edged higher to ₹83.52 against the U.S. dollar.

Tata Consultancy Services jumped 1.6% to ₹3,980.0, and the tech services export reported June quarter results that surpassed market expectations. 

Revenue in the quarter increased 3.9% to $7.5 billion, net income rose 8.7% to $1.44 billion, and earnings per share increased to 40 cents from 37 cents a year ago. 

The company declared a ₹10 per share dividend to shareholders on record on July 20 and payable on August 5. 

In rupees, revenue increased 5.4% to ₹62,613 crore, net income advanced 8.7% to ₹12,040 crore, and diluted earnings per share advanced to ₹33.28 from ₹30.26 a year ago. 

Mahindra & Mahindra increased 0.7% to ₹2,716.0, and the company said total vehicle production increased 8% to 69,045 and total sales rose 11% to 66,800 from a year ago, respectively. 

The company said it lowered its stake in Switzerland-based Gamaya, the provider of sugarcane crop remote monitoring systems, to 4.3% from 15.1%. 

Prestige Estates Projects rose 0.6% to ₹1,780.85, and the residential real estate developer said June quarter sales declined.

Revenue in the June quarter decreased to ₹3.029 crore from ₹3,914 crore, and sales volume declined to 28.6 lakh square feet from 38.3 lakh square feet a year ago, respectively. 

Aditya Birla Fashion increased 0.5% to ₹325.30, and the apparel retailer said it increased its stake in Goodview Fashion. 

The retailer increased its stake to 51% from 33% for ₹127 crore in the Tarun Tahiliani-branded apparel maker. 

Adani Wilmar increased 1% to ₹337.80, and the company is set to acquire a 67% stake in Omkar Chemical Industries for an enterprise value of ₹56.3 crore. 

Allcargo Terminals increased 6.3% to ₹54.0, and the company said container freight station volume in June rose 20% from a year ago to 55,900 twenty-foot equivalent.