Sensex in India Falls; Infosys, Bharti Active

Mayank Mehta
12 Jan, 2010
New York City

Stocks in Mumbai traded lower. Infosys posts strong December quarter. Dunlop India on a roll as trading resumes after eight years of suspension. Suven Life Sciences announces two patents in China and Russia. Bharti Airtel acquires 70% stake in Bangladesh based Warid Telecom for $300 million.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded lower. Infosys posts strong December quarter. Dunlop India on a roll as trading resumes after eight years of suspension. Suven Life Sciences announces two patents in China and Russia. Bharti Airtel acquires 70% stake in Bangladesh based Warid Telecom for $300 million.[/R]

The Sensex index in India decreased 104.20 or 0.59% to 17,422.51 and CNX Nifty index fell 39 or 0.74% to 5,210.40. Among the Sensex 30 stocks, 8 rose and 22 fell.

On BSE trading, 1,077 stocks advanced, 1,850 declined and 64 were unchanged.

Industrial production index in India increased 11.7% in November and in the first eight months the index gained 7.6% compared to a year ago. Manufacturing index advanced 12.7% and electricity output decreased 3.3% in the month.

Industrial output growth in the fiscal year to March 2010 is expected to be higher than 2.6% in fiscal 2009, said Montek Singh Ahluwalia, the deputy chairman of Planning Commission.

Banking stocks fell as strong industrial output data stoked expectations that the central bank may tighten monetary policy. Rate sensitive realty stocks fell on profit taking.

Telecom stocks fell after telecom minister A Raja today said the government is yet to finalize the schedule for third-generation wireless spectrum auction.



Rupee edged lower 16 paisa to 45.50 against one dollar.

Gainers & Losers

Ansal Properties & Infrastructure Limited fell 1.6% to Rs 75.15 after the company said promoters have pledged additional 23.68 lakh shares representing 1.92% of the equity capital of the company.

Bajaj Auto Limited climbed 1.7% to Rs 1,698.00 on the optimism that motor cycle sales will gain in the calendar 2010 at the same rate in 2009.

Bajaj Auto Finance Limited dropped 3.2% to Rs 347.25 after the non-banking finance company said third quarter sales rose 65% to Rs 224.9 crore from Rs 136.0 crore a year ago. Net profit for the quarter rose 142% to Rs 27.3 crore compared to net profit of Rs 11.3 crore a year ago.

Bharti Airtel Limited fell 0.7% to Rs 326.50 after the telecom giant said that it has inked a pact with Bangladesh`s mobile phone operator Warid Telecom. Bharti has acquired controlling stake of 70% in the company for an estimated amount of $300 million.

Dunlop India Limited surged to Rs 50.00 after the manufacturing and trading of rubber products on a roll as trading resumes after eight years of suspension.

Entertainment Network (India) Limited increased 7.2% to Rs 225.90 after the company received an approval from the RBI for foreign investors.

Infosys Technologies Limited added 3.6% to Rs 2,580.00 after the technology company said third quarter revenues fell 1% to Rs 5,741 crore from Rs 5,786 crore a year ago. Net profit for the quarter fell 3.5% to Rs 1,582 crore or Rs 27.30 per diluted share compared to net profit of Rs 1,641 crore or Rs 28.69 per share a year ago.

Indowind Energy Limited plunged 9.7% to Rs 60.80 after the power generating company said third quarter sales fell 29% to Rs 5.2 crore from Rs 7.3 crore a year ago. Net profit for the quarter rose 98% to Rs 3.03 crore compared to net profit of Rs 1.53 crore a year ago.

Kinetic Motor Company Ltd slipped 6.5% to Rs 30.60 and the stock had advanced more than 15% in recent trading.

Murli Industries Limited surged 18.8% to Rs 337.00 after the company said its board will meet on January 18 to consider stock-split.

Reliance Industries Limited rose 0.5% to Rs 1,087.65.

Sanwaria Agro Oils Ltd plunged 11.2% to Rs 62.70 after the stock surged nearly 14% in the preceding two trading sessions.

State Bank of India fell 2.6% to Rs 2,207.70.

Sterlite Technologies Limited advanced 3.5% to Rs 388.60 after the global manufacturer of wire and cable solutions said its board will meet on January 18 to consider issue of bonus shares and stock split.

Suven Life Sciences Limited rose 2.8% to Rs 31.20 after the company announced that the company was granted two product patents in China and Russia corresponding to two of their new chemical entities for the treatment of disorders associated with neuro-degenerative diseases and these patents are valid until 2023 and 2024 respectively.

Take Solutions Limited added 3.4% to Rs 36.35.

TTK Prestige Limited fell 0.8% to Rs 460.60 after the manufacturer of kitchen appliance said third quarter sales rose 21% to Rs 146.7 crore from Rs 121.5 crore a year ago. Net profit for the quarter rose 135% to Rs 15.3 crore compared to net profit of Rs 6.5 crore a year ago.