Mumbai Stocks Advance; Cairn India Stake Sale

Mayank Mehta
16 Oct, 2009
New York City

Stocks in Mumbai traded higher ahead of Diwali celebration and Hindu New Year 2066. Cairn India surged after Malaysia based Petronas acquired additional stake. Tata Consultancy reported better than expected sales and earnings.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded higher ahead of Diwali celebration and Hindu New Year 2066. Cairn India surged after Malaysia based Petronas acquired additional stake. Tata Consultancy reported better than expected sales and earnings.[/R]

The Sensex index in India increased 127.62 or 0.7% to 17,322.82 and CNX Nifty index rose 33.30 or 0.6% to 5,148.35. Among the Sensex 30 stocks, 15 declined and 15 rose.

On BSE trading, 1,499 stocks advanced, 1,262 declined and 95 were unchanged.

Rupee edged lower 10 paisa to 46.23 against one dollar.

Gainers & Losers

Apcotex Industries Limited increased 4.9% to Rs 79.20 after the producer of polymer products said the board approved buyback of shares at a price not exceeding Rs 90 a share, 13.64% premium from the market price.

Bajaj Holdings & Investment Limited added 2.8% to Rs 539.95 an investment company said second quarter sales rose 191% to Rs 210.3 crore from Rs 72.2 crore a year ago. Net profit for the quarter rose 206.6% to Rs 325.9 crore or Rs 30.3 per diluted share compared to net profit of Rs 106.3 crore or Rs 10.5 per share a year ago.

BASF India Limited surged 13.5% to Rs 407.05 after the chemical manufacturer said second quarter sales rose 14% to Rs 366 crore from Rs 321 crore a year ago. Net profit for the quarter rose 30.3% to Rs 34 crore compared to net profit of Rs 26.1 crore a year ago.

Cairn India Limited increased 4.1% to Rs 291.90 after Malaysian oil giant Petronas acquired an additional 2.3% stake in the oil exploration firm for $240 million.

Cadila Healthcare Limited advanced 1.2% to Rs 550.10.

Ciba India Limited surged 12.3% to Rs 337.50 after the chemical manufacturer said second quarter sales fell 21% to Rs 111.1 crore from Rs 140.8 crore a year ago. Net loss for the quarter was Rs 67 lacs compared to net profit of Rs 19.2 crore a year ago.

CMC Limited added 3.9% to Rs 1,243.00 an IT solutions provider said second quarter sales rose 6% to Rs 218.95 crore from Rs 206.99 crore a year ago. Net profit for the quarter rose 28% to Rs 34.65 crore or Rs 22.87 per diluted share compared to net profit of Rs 27.1 crore or Rs 17.88 per share a year ago.

Hindustan Zinc Limited added 0.9% to Rs 874.10 and the company hiked zinc and lead prices by Rs 2,800 per ton and Rs 1,500 per ton respectively.

International Conveyors Limited increased 5.0% to Rs 609.00 and the company informed the BSE that the board meeting is scheduled on October 21.

Indiabulls Financial Services Limited rose 1.0% to Rs 190.20 and the company received the RBI approval to take as much as 74% stake in the proposed life insurance joint venture with the French financial services group Societe Generale.

Jaiprakash Hydro-Power Limited dropped 2.1% to Rs 79.00 and said second quarter net profit dropped 6.6% to Rs 62.41 crore. Total income in the quarter fell 1.2% to Rs 114.15 crore a year ago.

KPIT Cummins Infosystems Limited declined 0.5% to Rs 77.80 an IT consulting and product engineering firm said second quarter sales fell 12% to Rs 176.99 crore from Rs 200.95 crore a year ago. Net profit for the quarter rose 27% to Rs 21.19 crore or Rs 2.69 per diluted share compared to net profit of Rs 16.70 crore or Rs 2.15 per share a year ago.

Reliance Industrial Infrastructure Limited rose 1.0% to Rs 1,048.30 an infrastructure company said second quarter sales were Rs 13.69 crore. Net profit for the quarter was Rs 5.55 crore.

Sterlite Industries (India) Limited decreased 5.7% to Rs 818.60 said that it has priced its public offering of $500 million of convertible senior notes.

The Supreme Industries Limited slipped 3.9% to Rs 349.00 after the manufacturer of specialized commercial vehicles said second quarter sales was Rs 343 crore. Net profit for the quarter was Rs 19.86 crore.

Tata Consultancy Services Limited added 2.8% to Rs 599.00 said boosted by strong third quarter results from US technology services giant IBM and Internet search leader Google Inc on Thursday, 15 October 2009.

UltraTech Cement Limited fell 1.8% to Rs 828.80 after the cement producer said second quarter sales rose 10.3% to Rs 1,540.00 crore from Rs 1,396.2 crore a year ago. Net profit for the quarter rose 53% to Rs 251 crore compared to net profit of Rs 164.2 crore a year ago.

VST Industries Limited rose 4.0% to Rs 505.75 after cigarette and tobacco maker said second quarter net profit surged 52.4% to Rs 17.15 crore.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 18.91 or 0.18% to 10,257.56, Hang Seng index in Hong Kong decreased 69.18 or 0.31% to 21,929.90, and CSI 300 index in China higher 2.07 or 0.06% to 3,241.71. ASX 200 index in Australia decreased 23.50 or 0.48% to 4,836.40. The FTSE Bursa KL Composite index in Malaysia was higher 9.91 or 0.79% to 1,256.77.

The Kospi Index in South Korea decreased 18.63 or 1.12% to close at 1,640.36 SET index in Thailand closed higher 24.40 or 3.52% to 717.12. JSE Index in Indonesia increased 0.42 or 0.02% to 2,515.81. The Sensex index in India increased 127.62 or 0.74% to 17,322.82.