India Movers: Balrampur Chini, Hindustan Copper, IRFC, NMDC, Power Grid

Arun Goswami
13 Aug, 2024
Mumbai

Consumer price inflation slowed in July because of a higher food price base effect, and industrial output slowed in June, driven by a slowdown in government spending during the national election period. 

The Sensex index decreased by 0.2% to 79,504.21, and the Nifty index fell 0.2% to 24,301.20. 

On the Mumbai stock exchange, 122 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.88%, and the Indian rupee weakened to ₹83.95 against the U.S. dollar.

Power Grid Corporation increased 0.3% to ₹342.0, and the company said it won a contract to build and operate a power transmission network connecting Rajasthan REZ Phase II for a 20 GW power supply. 

Balrampur Chini Mills gained 0.2% to ₹497.15, and the sugar producer reported a decline in profit in the June quarter because of the shortage of sugarcane crops. 

Revenue increased 2.3% to ₹1,421.6 crore from ₹1,389.6 crore, but net income declined 4.6% to ₹70.2 crore from ₹73.50 crore a year ago. 

Hindustan Copper added 4.2% to ₹315.45, and the mining company said consolidated net income in the June quarter more than doubled. 

Revenue increased to ₹500.4 crore from ₹384.7 crore, and net income soared to ₹113.4 crore from ₹47.3 crore a year ago, respectively. 

NMDC advanced 1% to ₹232.09, and the iron ore mining company reported flat consolidated revenue in the June quarter. 

Demand for iron ore was driven by higher infrastructure spending by the government. 

Revenue stood at ₹5,414.2 crore, and net income increased 19% to ₹1,971 crore from ₹1,652.2 crore a year ago. 

IRFC gained 2.2% to ₹188.52, and the railway finance company reported a slight increase in earnings in the June quarter. 

Revenue increased 1.4% to ₹6,765.63 crore from ₹6,673.87 crore, and net income advanced 1.6% to ₹1,576.83 crore from ₹1,551.27 crore a year ago, respectively.