Mumbai Stocks Retreat; Jindal Steel Net Rises

Mayank Mehta
29 Jul, 2009
New York City

Mumbai stocks retreated after sharp gains in the last ten days and on earnings jitters. Jindal Steel surged after its earnings gained on currency bets. Aditya Birla Nuvo Ltd dropped on poor results. DLF fell back from its recent highs ahead of earnings. National Fertilizers declined.

[R]6:00 PM Mumbai, 8:30 AM New York – Mumbai stocks retreated after sharp gains in the last ten days and on earnings jitters. Jindal Steel surged after its earnings gained on currency bets. Aditya Birla Nuvo Ltd dropped on poor results. DLF retreated from its recent highs ahead of earnings. National Fertilizers declined after weak results. [/R]

The Sensex index in India decreased 158.48 or 1.03% to 15,173.46 and CNX Nifty index slid 50.60 or 1.11% to 4,513.50. Among the Sensex 30 stocks, 23 declined and 7 gained.

On BSE trading, 1,575 stocks declined, 1095 advanced and 76 were unchanged.

Gainers & Losers

Aditya Birla Nuvo Limited decreased 3.8% or Rs.34.45 to Rs.855.00 after the diversified conglomerate said first quarter revenues fell 0.4% to Rs.3,214.33 crore from Rs.3,228.30 crore a year ago. Net loss for the quarter was Rs.35.29 crore compared to net loss of Rs.28.32 crore a year ago.

Consolidated Construction Consortium Ltd declined 0.6% or Rs.1.65 to Rs.257.90 an integrated construction services provider said first quarter sales rose 8% to Rs.411.59 crore from Rs.379.52 crore a year ago. Net profit for the quarter fell 3% to Rs.17.64 crore or Rs.4.78 per diluted share compared to net loss of Rs.18.21 crore or Rs.4.93 per share a year ago.

Corporation Bank dropped 0.2% or said first quarter net interest income rose 23.7% to Rs.467.54 crore from Rs.378.05 crore a year ago. Net profit for the quarter rose 41.8% to Rs.261.25 crore compared to net profit of Rs.184.3 crore a year ago.

Dewan Housing Finance Corporation Limited lost 2.6% or Rs.3.65 to Rs.136.35 after the housing finance company said first quarter total income rose 50.5% to Rs.213.85 crore from Rs.142.11 crore a year ago. Net profit for the quarter rose 59.2% to Rs.31.26 crore compared to net profit of Rs.19.63 crore a year ago.

Firstsource Solutions Limited fell 1.1% or Rs.30 to Rs.26.25 after the provider of business process management services said first quarter revenues rose 18.8% to Rs.484.5 crore from Rs.407.9 crore a year ago. Net profit for the quarter was Rs.38.0 crore or Rs.0.78 per diluted share compared to net loss of Rs.50.0 crore or Rs.1.17 per share a year ago.

Gujarat Mineral Development Corporation Limited slid 2.3% or Rs.2.25 to Rs.92.75 after the mining and mineral processing company said first quarter total income fell 0.1% to Rs.272.9 crore from Rs.272.7 crore a year ago. Net profit for the quarter rose 10.8% to Rs.80.15 crore compared to net profit of Rs.72.35 crore a year ago.

Indian Overseas Bank sank 2.0% or Rs.1.65 to Rs.87.85 after said first quarter sales rose 28.4% to Rs.2,808.51 crore from Rs.2,186.83 crore a year ago. Net profit for the quarter rose 18% to Rs.301.78 crore compared to net profit of Rs.255.97 crore a year ago.

Jindal Steel & Power Limited rose 3.4% or Rs.102.80 to Rs.3117.45 said first quarter total income rose 28% to Rs.2,786.2 crore from Rs.2,180.3 crore a year ago. Net profit for the quarter rose 123% to Rs.988.5 crore compared to net profit of Rs.443.7 crore a year ago.

Lanco Infratech Limited lost 3.1% or Rs.13.60 to Rs.419.55 an engineering procurement and construction company said first quarter sales rose 140% to Rs.2.195.4 crore from Rs.913.9 crore a year ago. Net profit for the quarter rose 96.6% to Rs.116 crore compared to net profit of Rs.59 crore a year ago.

Maxwell Industries Limited added 2.8% or Rs.40 to Rs.14.40 after the manufacturer of high quality cotton yarn said first quarter sales rose 1.1% to Rs.51.17 crore from Rs.50.63 crore a year ago. Net profit for the quarter rose 17.7% to Rs.1.67 crore compared to net profit of Rs.2.03 crore a year ago.

National Fertilizers Limited plunged 4.8% or Rs.2.65 to Rs.51.95 after the producer and marketer of nitrogenous fertilizers said first quarter sales rose 23.6% to Rs.844.5 crore from Rs.1,106 crore a year ago. Net profit for the quarter fell 33.7% to Rs.23.8 crore compared to net profit of Rs.35.9 crore a year ago.

NIIT Technologies Ltd declined 9.9% or Rs.10.80 to Rs.98.05 an information technology solutions provider said first quarter sales rose 11% to Rs.218.2 crore from Rs.245.8 crore a year ago. Net profit for the quarter fell 50% to Rs.17.6 crore compared to net profit of Rs.35.1 crore a year ago.

Punjab National Bank gained 3.4% or Rs.24.95 to Rs.747.55 said first quarter net interest income rose 28.9% to Rs.1,861.81 crore from Rs.1,444.75 crore a year ago. Net profit for the quarter rose 62.4% to Rs.832.05 crore compared to net profit of Rs.512.4 crore a year ago.

Reliance Industries was unchanged at Rs 1,912.15 after Anil Ambani accused the Petroleum Ministry of taking sides in a legal dispute with brother Mukesh Ambani-led Reliance Industries over the gas pricing. Reliance Natural requested the Supreme Court to expedite the final hearing in the gas dispute case.

NHPC is planning to raise Rs 6,000 crore in an initial public offering that may price the stock between 30 and 36 rupees after the recent success of Adani Power.

India''s largest real estate developer by sales DLF plunged 6.51% to Rs 398.75 and led the decliners in the Sensex index.

HDFC Bank lost Rs.7.20 to Rs.1,417.95 and ICICI Bank fell 0.9% or Rs.7.30 to Rs.732.35. State Bank of India declined 1.4% or Rs.24.05 to Rs.1,656.45.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 25.98 or 0.26% to 10,113.24, Hang Seng index in Hong Kong decreased 489.04 or 2.37% to 20,135.50 and CSI 300 index in China lower 197.31 or 5.25% to 3,558.51. ASX 200 index in Australia decreased 26.70 or 0.64% to 4,142.80. The FTSE Bursa KL Composite index in Malaysia closed lower 7.90 or 0.67% to 1,164.48.

The Kospi Index in South Korea decreased 1.71 or 0.11% to close at 1,524.32. SET index in Thailand closed lower 7.08 or 1.14% to 614.88 and JSE Index in Indonesia decreased 11.29 or 0.50% to 2,225.81. The Sensex index in India decreased 158.48 or 1.03% to 15,173.46.