India Stocks Rise; Bajaj Auto, Infosys Gain

Mayank Mehta
13 Jan, 2010
New York City

Stocks in Mumbai traded higher after Infosys reported better than expected earnings. Rupee advanced as exporters prepare to sell the dollar. Bajaj Auto Ltd quarterly sales surged 59% and earnings nearly tripled but earnings net declined 63% at Bajaj Finserv.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded higher after Infosys reported better than expected earnings. Rupee advanced as exporters prepare to sell the dollar. Bajaj Auto Ltd quarterly sales surged 59% and earnings nearly tripled but earnings net declined 63% at Bajaj Finserv.[/R]

The Sensex index in India increased 87.29 or 0.50% to 17,509.80 and CNX Nifty index rose 23.55 or 0.45% to 5,233.95. Among the Sensex 30 stocks, 15 rose and 15 fell.

On BSE trading, 1,692 stocks advanced, 1,195 declined and 82 were unchanged.

Finance Minster Mukherjee said that the Indian economy is expected to grow 7.75% in the fiscal year to March but food price inflation is worrisome.

Metal stocks reversed early losses and auto stocks closed lower on profit taking after the recent surge. Banks declined.

Software exporters gained led by an increase in Infosys to a record high since the company was listed in 1993.

Rupee edged higher 2 paisa to 45.69 against one dollar.

Gainers & Losers

Bajaj Auto Limited added 1.5% to Rs 1,724.05 after net profit surged 189.2% to Rs 507.29 crore. Sales surged 59%.

Bajaj Electricals Limited advanced 1.2% to Rs 856.20 after the company set a record date as January 29 for a 5-for-1 stock-split.

Bajaj Finserv Limited fell 1.2% to Rs 339.50 after the company said third quarter net profit plunged 63.3% to Rs 4.05 crore.

Banswara Syntex Limited surged 14.0% to Rs 115.70 after the company received a military order to supply fabric for uniform and tents.

Deepak Nitrite Limited surged 17.9% to Rs 161.80 after the specialty chemicals maker will start marketing fuel additives that are typically used to meet emission standards and enhance fuel efficiency.

Entertainment Network (India) Limited rose 3.7% to Rs 234.45, an increase for the second day after the company received RBI permission to sell shares to international investors.

HDFC Bank Limited fell 0.4% to Rs 1,691.00 after the bank''s American depository receipt tumbled 5.17% to $128.12 on the New York Stock Exchange on January 12.

Jaiprakash Hydro-Power Limited fell 0.7% to Rs 79.45 after the hydro power generating company said third quarter sales rose 107% to Rs 114.2 crore from Rs 55.2 crore a year ago. Net profit for the quarter fell 62% to Rs 16.9 crore compared to net profit of Rs 44 crore a year ago.

JMC Projects (India) Limited rose 1.1% to Rs 174.60, the construction subsidiary of Kalpataru Power Transmission Limited secured Rs 355 crore from Provident Housing Ltd. to build housing colony in Bangalore.

Mastek Limited rose 0.7% to Rs 402.00 after the software developer and consultant said second quarter net profit declined 10.8% to Rs 23.54 crore.

Nectar Lifesciences Limited increased 7.3% to Rs 41.50 after the company said third quarter net profit surged 469% to Rs 32.15 crore compared to net profit of Rs 5.65 crore a year ago.

Rural Electrification Corporation Limited climbed 1.1% to Rs 255.05 after the company reported third quarter net profit rose 48.7% to Rs 474 crore compared to Rs 318.6 crore a year ago.

The Sandur Manganese & Iron Ores Limited dropped 4.3% to Rs 697.90 and the stock has recently surged to one year high.

Sintex Industries Limited decreased 0.8% to Rs 269.20 after the plastics and textile company said third quarter sales rose 4.6% to Rs 835.5 crore from Rs 798.6 crore a year ago. Net profit for the quarter rose 2.4% to Rs 72.5 crore compared to net profit of Rs 70.8 crore a year ago.

VST Industries Limited dropped 3.9% to Rs 518.00 after the tobacco company said third quarter sales fell 0.5% to Rs 126.7 crore from Rs 127.3 crore a year ago. Net profit for the quarter fell 20% to Rs 17.4 crore compared to net profit of Rs 21.8 crore a year ago.