India Movers: Adani Power, Easy Trip Planners, HCL Technologies, Reliance Home, Reliance Industries

Arun Goswami
15 Oct, 2024
Mumbai

Stocks in Mumbai struggled after consumer price inflation surpassed the upper end of the RBI's limit, denting the hopes of a rate cut in the imminent future. 

The Sensex index decreased by 0.3% to 81,746.14, and the Nifty index fell by 0.3% to 25,044.75. 

On the Mumbai stock exchange, 133 stocks traded at their 52-week highs, and 23 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.77%, and the Indian rupee eased to 84.06 against the U.S. dollar.

Reliance Home Finance declined 5% to ₹4.75 after the securities regulator SEBI imposed a 625 crore penalty on several executives of the company for alleged financial impropriety and issuing loans to promoters. 

Easy Trip Planners declined 2% to ₹33.50, and the company announced a one bonus share for every share held. 

The company will fund the bonus share issue of ₹177.2 crore from the current reserves and increase its total paid share capital to ₹354.41 crore. 

Adani Power increased 0.9% to ₹640.0 after the Supreme Court reinstated the company's ₹27,000 crore bid to acquire 1,800 MW of KSK Mahandi Power Company. 

The debt-laden coal-powered thermal power plant is located in Chattisgarh with an approved production capacity of 3,600 MW. 

HCL Technologies increased 1% to ₹1,873.80, and the technology services provider reported a rise in net income in the September quarter. 

Revenue increased to ₹29,318 crore from ₹27,037 crore, net income rose to ₹4,237 crore from ₹3,833 crore, and diluted earnings per share advanced to ₹15.61 from ₹14.13 a year ago. 

The company revised its fiscal year revenue growth outlook to between 3.5% and 5.0%. 

Reliance Industries declined 1% to ₹2,719.50 after the diversified conglomerate reported a decline in profit for the third quarter in a row. 

Weak crude oil refining margin negatively impacted the overall results in the quarter. 

Revenue decreased slightly from a year ago ₹2.31 lakh crore, and net profit declined 4.8% to ₹16,563 crore. 

Reliance Retail Ventures' net profit in the September quarter increased 5.2% to ₹2,935 crore, despite the decline in operating revenue of 3.5% to ₹66,502 crore. 

The company opened 464 new stores, increasing its total store count to 18,946 stores. The company added that online sales contributed to 17% of total retail sales as the company continues to scale its online and quick commerce services. 

Jio Platforms' revenue in the fiscal second quarter increased 23.4% to ₹6,539 crore, driven by higher monthly revenue per user to ₹191.50. 

In the quarter, the company lost a net total of 1.09 crore subscribers, which most analysts attribute to poor quality of telecom and the recent increase in monthly prices in certain telecom circles.