India Movers: ABB India, Container Corporation, Eicher Motors, Ircon, Morepen, SAIL

Arun Goswami
09 Aug, 2024
Mumbai

Stocks in Mumbai rebounded and extended weekly gains after wild gyration in global markets earlier in the week. 

The Sensex index increased by 1.2% to 79,840.33, and the Nifty index rose 1.2% to 24,405.10. 

On the Mumbai stock exchange, 74 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.87%, and the Indian rupee edged lower to ₹83.94 against the U.S. dollar.

Eicher Motors increased 3.6% to ₹4,745.0 after the vehicle maker reported a double-digit increase in revenue and earnings in the June quarter. 

Revenue increased 10.2% to ₹4,393 crore from ₹3,986.4 crore, and net income advanced 19.9% to ₹1,101.5 crore from ₹918.3 crore a year ago, respectively. 

Operating margin expanded to 26.5% from 25.6% in the corresponding period a year ago. 

ABB India advanced 2.2% to ₹8,121.40 after the industrial equipment and systems maker reported solid results in the June quarter. 

Revenue rose 12.8% to ₹2,830.9 crore, and net income soared 50% to ₹443.5 crore from ₹295.6 crore a year ago, respectively. 

The company also declared an interim dividend of ₹10.66 per share. 

Container Corporation declined 1.4% to ₹984.50 after the logistics and transportation company reported a weaker-than-expected increase in revenue and earnings in the June quarter. 

Revenue increased 9.4% to ₹2,103.1 crore, and net income advanced 5.8% to ₹259.4 crore. 

SAIL decreased 1.2% to ₹135.77 after the steelmaker reported a sharp decline in revenue and earnings in the June quarter. 

Revenue decreased 1.5% to ₹23,997.8 crore, and net income plunged 61.6% to ₹81.5 crore from ₹212.5 crore a year ago. 

Ircon International declined 0.3% to ₹269.0, and the railway construction company reported mixed results in the June quarter.

Revenue decreased 17.2% to ₹2,287.1 crore, but net income rose 19.6% to ₹224 crore from ₹187.4 crore a year ago, respectively. 

Morepen Industries increased 1.3% to ₹ 58.46, and the specialty chemical and medical device maker is scheduled to release its earnings on August 12. 

The company also launched a ₹200 crore institutional offering and plans to sell 3.68 crore shares at a 5% discount and not lower than ₹52.37 per share.