India Stocks Near 14-month High

Mayank Mehta
04 Aug, 2009
New York City

Stocks in Mumbai trading declined from fourteen-month high. Earnings dominate trading sentiment. HCL Infosystems gains after winning new orders. Sical Logistics and Mitsui OSK in a joint venture to manage auto shipment port in Southern India. Tata Motors gain on monthly sales rise.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai trading decline from fourteen-month high. Earnings dominate trading sentiment. HCL Infosystems gains after winning new orders. Sical Logistics and Mitsui OSK in a joint venture to manage auto shipment port in Southern India. Tata Motors gain on monthly sales rise.[/R]

The Sensex index in India decreased 93.25 or 0.59% to 15,830.98 and CNX Nifty index rose 30.90 or 0.66% to 4,680.50. Among the Sensex 30 stocks, 19 declined and rest rose.

On BSE trading, 1,501 stocks advanced, 1246 declined and 75 were unchanged.

Gainers & Losers

ACC gained 0.12% to Rs 892 after cement dispatches rose 4.09% to 1.78 million ton in July 2009 over July 2008.

Core Projects & Technologies jumped 9.91% to Rs 162 extending gains for the second consecutive day, after net profit rose 10.92% to Rs 27.03 crore in first quarter June 2009 over fourth quarter March 2009.

Gammon India Limited added 2.0% or Rs.3.45 to Rs.169.80 after the civil engineering construction company said first quarter sales rose 45% to Rs.850 crore from Rs.585.24 crore a year ago. Net profit in the quarter fell 52% to Rs.25.06 crore or Rs.2.16 per diluted share compared to net income of Rs.52.43 crore or Rs.5.99 per share a year ago.

Godrej Consumer Products surged 6.03% to Rs 239 after media reports suggested that the company is looking to acquire companies in China, Latin America and the Middle East.

Hotel Leela Venture Ltd advanced 2.1% or Rs.0.70 to Rs.34.10 after the hotelier said first quarter sales fell 33% to Rs.83.1 crore from Rs.124.1 crore a year ago. Net profit in the quarter fell 97% to Rs.1 crore compared to net income of Rs.33.4 crore a year ago.

HCL Infosystems rose 3.69% to Rs 128 after the company bagged an order worth Rs 40 crore.

Indiabulls Financial Services Limited gained 0.8% or Rs.1.80 to Rs.211.90 after the financial services and real estate company said first quarter revenues fell 30% to Rs.394.72 crore from Rs.563.66 crore a year ago. Net profit in the quarter fell 50.3% to Rs.74.1 crore or Rs.2.61 per diluted share compared to net income of Rs.148.92 crore or Rs.5.53 per share a year ago.

India Cements spurted 4.60% to Rs 150 after cement despatch jumped 19% to a record 10.2 lakh tonnes in July 2009 over July 2008.

IRB Infrastructure Developers rose 6.10% to Rs 194.75 after winning a contract to construct a greenfield airport in Sindhudurg district in Maharashtra.

Pfizer Limited fell 0.1% or Rs.1.15 to Rs.780.00 after the pharmaceutical company said second quarter sales rose 14% to Rs.185.8 crore from Rs.163 crore a year ago. Net profit in the quarter fell 17% to Rs.31.29 crore or Rs.10.49 per diluted share compared to net profit of Rs.37.92 crore or Rs.12.71 per share a year ago.

Punj Lloyd declined 3.06% to Rs 245.25 on profit taking after the stock surged over 38% in the preceding 15 trading sessions.

Rolta India rose 3.40% to Rs 159.80 on BSE, after net profit surged 41.6% to Rs 372.32 crore in the year ended June 2009 over the year ended June 2008.

OnMobile Global Limited slid 4.8% or Rs.28.20 to Rs.548.00 after the value added services technology provider said first quarter revenues rose 37.7% to Rs.107.24 crore from Rs.77.9 crore a year ago. Net profit in the quarter fell 43% to Rs.8.64 crore or Rs.1.4 per diluted share compared to net profit of Rs.15.17 crore or Rs.2.5 per share a year ago.

Orchid Chemicals & Pharmaceuticals Ltd lost 0.4% or Rs.0.45 to Rs.95.70 an integrated pharmaceuticals company said first quarter revenues rose 8.2% to Rs.305.82 crore from Rs.282.55 crore a year ago. Net loss in the quarter was Rs.29.8 crore or Rs.4.22 per diluted share compared to net loss of Rs.31.65 crore or Rs.4.80 per share a year ago.

Sical Logistics rose 4.94% to Rs 42.50 after it formed a joint venture with Japan''s Mitsui O.S.K. Lines for an automotive management yard at Ennore port in South India.

Tata Motors rose 1.62% to Rs 438.25 total vehicle sales rose 18% to 48,054 units in July 2009 over July 2008.

Reliance Industries rose 1% to Rs 2,035.10 after oil and petroleum minister Murli Deora said that gas produced RIL''s KG-D6 fields has to be utilized in accordance with the gas utilization policy approved by the government.

HDFC Bank decreased 1.5% or Rs.23.55 to Rs.1,470.15, ICICI Bank lost 1.2% or Rs.9.80 to Rs.763.60 and State Bank of India surged 0.5% or Rs.10.10 to Rs.1,856.60.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 22.54 or 0.22% to 10,375.01, Hang Seng index in Hong Kong decreased 10.83 or 0.05% to 20,796.43 and CSI 300 index in China lower 0.42 or 0.01% to 3,786.62. ASX 200 index in Australia increased 45.90 or 1.08% to 4,309.30. The FTSE Bursa KL Composite index in Malaysia closed higher 8.57 or 0.73% to 1,179.88.

The Kospi Index in South Korea increased 1.39 or 0.09% to close at 1,566.37. SET index in Thailand closed lower 0.20 or 0.03% to 641.23 and JSE Index in Indonesia increased 21.30 or 0.91% to 2,360.09. The Sensex index in India decreased 93.25 or 0.59% to 15,830.98.