TCS Earnings Lift India Indexes

123jump.com Staff
20 Jul, 2009
New York City

Sensex in Mumbai trading soared 13.4% in last five trading sessions. Kirloskar Pneumatic first quarter plunges into loss. TCS results with a positive outlook lifted market sentiment. Ambani family feud is joined by the Indian government staking claim to natural gas and its authority to price.

[R]5:00 PM Mumbai, 7:30 AM New York – Stocks in Mumbai trading Sensex jumps 13.36% in last five trading sessions. Kirloskar Pneumatic Co Ltd first quarter plunges into loss. TCS sales and net gains lifted the market sentiment with a positive outlook from the company.[/R]

Stocks in Mumbai surged after Tata Consultancy reported sharply higher earnings and offered better than expected outlook. TCS surged more than 15%.

Reliance Industries surged 5% to 2,029.90 after the Supreme Court set the next hearing date on September 1. The dispute between Reliance Industries and Reliance Natural Resources has also entangled Indian government which has asked the court to consider the interest of nation as well.

Petroleum minister Murli Deora has said in the court filing that natural gas from the off shore field near Andhra Pradesh is the property of India and government has a right to determine the final price at which the gas is sold.

The Sensex index in India increased 446.09 or 3.03% to 15,191.01 and CNX Nifty index surged 127.30 or 2.91% to 4,502.25. Among the Sensex 30 stocks, 23 rose and 7 fell.

On BSE trading, 1,832 stocks increased, 829 decreased and 72 were unchanged.

Gainers & Losers

Apollo Hospitals Enterprise Limited added 4.7% or Rs.23.40 to Rs.575.00 after the healthcare service provider said first quarter sales rose 23.4% to Rs.405.95 crore from Rs.329.07 crore a year ago. Net profit for the quarter rose 53% to Rs.44.80 crore compared to net profit of Rs.29.27 crore a year ago.

Avaya Global Connect Ltd jumped 5.0% or Rs.4.95 to Rs.104.10 after the provider of enterprise communication systems net profit galloped 432.3% to Rs 5.11 crore in third quarter June 2009 over third quarter June 2008.

BASF India Limited advanced 9.1% or Rs.22.70 to Rs.270.05 after the chemical company said first quarter total income fell 0.4% to Rs.384.15 crore from Rs.385.87 crore a year ago. Net profit for the quarter rose 12% to Rs.41 crore compared to net profit of Rs.36.6 crore a year ago.

Crompton Greaves Limited sank 3.6% or Rs.11.00 to Rs.291.60 after the largest electrical equipment and engineering industry said first quarter sales rose 8% to Rs.2,197.5 crore from Rs.2,034.7 crore a year ago. Net profit for the quarter rose 31% to Rs.160.3 crore or Rs.4.37 per diluted share compared to net profit of Rs.122.6 crore or Rs.3.34 per share a year ago.

Gujarat NRE Coke Limited rose 17.0% or Rs.7.75 to Rs.53.35 after the manufacturer of low-ash metallurgical coke said first quarter sales fell 18% to Rs.310 crore from Rs.377 crore a year ago. Net profit for the quarter fell 96% to Rs.3.64 crore or Rs.0.07 per diluted share compared to net profit of Rs.94.4 crore or Rs.1.73 per share a year ago.

Kajaria Ceramics Limited climbed 3.0% or Rs.1.10 to Rs.37.50 after the ceramic floor and wall tile manufacturer net profit surged 160.3% to Rs 6.04 crore in first quarter June 2009 over first quarter June 2008.

Kirloskar Pneumatic Company Limited slid 7.2% or Rs.28.75 to Rs.368.20 after the compression systems and transmission equipments net loss of Rs 4.87 crore in first quarter June 2009 as against net profit of Rs 6.20 crore in first quarter June 2009.

Petronet LNG Ltd decreased 5.0% or Rs.3.65 to Rs.68.75 after the liquefied natural gas importer said first quarter sales fell 58.7% to Rs.2,612.38 crore from Rs.1,645.85 crore a year ago. Net profit for the quarter fell 2.2% to Rs.103.31 crore compared to net profit of Rs.105.64 crore a year ago.

Reliance Industrial Infrastructure Ltd jumped 1.4% or Rs.14.80 to Rs.1,006.95 after the provider of infrastructure activity said first quarter sales fell 20.5% to Rs.13.65 crore from Rs.17.16 crore a year ago. Net profit for the quarter rose 2% to Rs.5.10 crore or Rs.3.38 per diluted share compared to net profit of Rs.5.01 crore or Rs.3.32 per share a year ago.

Sasken Communication Technologies Limited fell 6.4% or Rs.9.05 to Rs.131.40 after the provider of telecommunication software services said first quarter revenues fell 17% to Rs.139.5 crore from Rs.168 crore a year ago. Net profit for the quarter rose 47.4% to Rs.20.2 crore or Rs.7.34 per diluted share compared to net profit of Rs.13.7 crore or Rs.4.80 per share a year ago.

Sterlite Technologies Limited rose 4.9% or Rs.9.75 to Rs.205.40 after the telecom connectivity products and solutions provider said first quarter sales rose 8% to Rs.436.2 crore from Rs.404.2 crore a year ago. Net profit for the quarter rose 417% to Rs.45.5 crore compared to net profit of Rs.8.8 crore a year ago.

The Supreme Industries Limited jumped 7.3% or Rs.20.75 to Rs.320.00 after the plastics piping system maker’s net profit galloped 192.58% to Rs 59.95 crore in fourth quarter June 2009 over fourth quarter June 2008.

Tata Consultancy Services Limited rose 17.1% or Rs.73.90 to Rs.507.50 after the software company said first quarter sales rose 12.4% to Rs.7,207 crore from Rs.6,411 crore a year ago. Net profit for the quarter rose 19% to Rs.1, 534 crore or Rs.7.83 per diluted share compared to net profit of Rs.1, 291 crore or Rs.6.59 per share a year ago.

Allahabad Bank added 10.3% or Rs.8.25 to Rs.87.70 after the public sector bank said first quarter net interest income rose 34.3% to Rs.629.05 crore from Rs.468.5 crore a year ago. Net profit for the quarter rose 224.4% to Rs.302.86 crore or Rs.6.78 per diluted share compared to net profit of Rs.93.36 crore or Rs.2.09 per share a year ago.

HDFC Bank advanced 2.4% or Rs.35.00 to Rs. 1,470.30.

ICICI Bank largest private sector bank by net profit rose 6.0% or Rs.44.65 to Rs.787.10 State Bank of India India''s biggest bank in terms of branch network surged 3.0% or Rs. 46.50 to Rs.1, 721.15.

State Bank of Mysore rose 7.5% or Rs.46.20 to Rs.660.00 after net profit spurted 474% to Rs 82.19 crore in first quarter June 2009 over first quarter June 2008.

Asian Markets Review

The Hang Seng index in Hong Kong increased 696.71 or 3.70% to 19,502.37 and CSI 300 index in China higher 71.31 or 2.03% to 3,591.12. ASX 200 index in Australia increased 49.50 or 1.24% to 4,050.30. The FTSE Bursa KL Composite index in Malaysia closed higher 18.35 or 1.64% to 1,139.25. The Tokyo market was closed today.

The Kospi Index in South Korea increased 38.41 or 2.67% to close at 1,478.51. SET index in Thailand closed higher 17.56 or 2.95% to 613.67. The Sensex index in India increased 446.09 or 3.03% to 15,191.01. The market of Indonesia was closed today.