India Stocks Flat; NTPC, TVS, Siemens Rise

Mayank Mehta
20 Jan, 2010
New York City

Mumbai stocks closed flat as investors digest earnings. HDFC third quarter net profit increases 23% and quarterly net at India Infoline doubled. JSW Steel Ltd more than doubled on sales rise of 47%. Diamond exports in December increased 45% from a year ago.

[R]6:00 PM Mumbai, 8:30 AM New York – Mumbai stocks closed flat as investors digest earnings. HDFC third quarter net profit increases 23% and quarterly net at India Infoline doubled. JSW Steel Ltd more than doubled on sales rise of 47%. Diamond exports in December increased 45% from a year ago.[/R]

The Sensex index in India decreased 11.57 or 0.07% to 17,474.49 and CNX Nifty index fell 3.95 or 0.08% to 5,221.70. Among the Sensex 30 stocks, 12 rose and 18 fell.

On BSE trading, 1,199 stocks advanced, 1,707 declined and 62 were unchanged.

Finance minister Pranab Mukherjee said on Wednesday the government was taking steps to contain inflation.

Food prices will cool off in 1-2 months and inflation will turn around, finance ministry''s chief economic advisor Kaushik Basu said in a newspaper interview.

The initial public offer of fast-food chain jubilant food works was subscribed 30.68 times by the end of offering period on the third day. The company has fixed IPO price band of between Rs 135 and Rs 145 per share.

Power generation companies rose after the power minister said government will float request for qualification for two large power projects in two weeks. Banking stocks fell on profit taking.

Rupee edged lower 10 paisa to 45.91 against one dollar.

Gems and jewelry exports from India increased to $1.89 in December from $1.3 million a year ago according to Gem & Jewellery Export Promotion Council in Mumbai. In the current fiscal year to March exports are expected to increase 5%.

Gainers & Losers

DCM Shriram Consolidated Limited increased 8.8% to Rs 68.65 after the fertilizer company said third quarter sales fell 10% to Rs 827 crore from Rs 918 crore a year ago. Net profit for the quarter rose 302% to Rs 36.2 crore compared to net profit of Rs 9 crore a year ago.

Housing Development Finance Corporation Limited rose 0.5% to Rs 2,524.10 after the largest mortgage lender reported third quarter net profit rose 22.7% to Rs 671.25 crore.

India Infoline Ltd rose 0.5% to Rs 139.30 after the finance company said third quarter sales rose 39% to Rs 319 crore from Rs 229.5 crore a year ago. Net profit for the quarter rose 99% to Rs 59.5 crore compared to net profit of Rs 29.8 crore a year ago.

JSW Steel Limited fell 0.1% to Rs 1,152.85 after the distributer of iron and steel products said third quarter sales rose 47% to Rs 4,796 crore from Rs 3,269 crore a year ago. Net profit for the quarter was Rs 429.7 crore or Rs 22.52 per diluted share compared to net loss of Rs 187.8 crore or Rs 12.40 per share a year ago.

Jubilant Organosys Limited rose 0.07% to Rs 343.00 an integrated pharmaceutical industry player is planning to raise funds.

Lupin Limited advanced 0.7% to Rs 1,424.90 after the U.S. subsidiary received the tentative approval for the company`s abbreviated new drug application for its Memantine Hydrochloride tablets, 5mg and 10mg from the US regulatory agency.

Mangalore Refinery and Petrochemicals Limited added 0.6% to Rs 86.60 after the refining crude oil company said third quarter sales rose 21.6% to Rs 9,159 crore from Rs 7,534 crore a year ago. Net profit for the quarter was Rs 260 crore or Rs 1.37 per diluted share compared to net loss of Rs 285 crore or Rs 1.50 per share a year ago.

Mount Everest Mineral Water Limited surged 15.2% to Rs 96.60 after Tata Tea increased its stake in mineral water bottler.

NTPC Limited rose 0.9% to Rs 229.90 after the state controlled thermal power is looking to spend as much as Rs 25,000 crore to increase its installed capacity by 15% or 4,500 mw in the next fiscal year beginning in April.

Dr. Reddy’s Laboratories Limited rose 1.7% to Rs 1,201.50 after the pharmaceutical company said third quarter sales fell 5.5% to Rs 1,704 crore from Rs 1,805 crore a year ago. Net loss for the quarter was Rs 233 crore or Rs 13.81 per diluted share compared to net profit of Rs 159 crore or Rs 9.39 per share a year ago.

Religare Enterprises Limited fell 0.1% to Rs 394.10 after the diversified financial services company said third quarter total income fell 2.6% to Rs 413 crore from Rs 424 crore a year ago. Net profit for the quarter rose 51.6% to Rs 21.5 crore compared to net loss of Rs 44.4 crore a year ago.

Siemens Limited climbed 3.7% to Rs 669.00 after the company announced that a consortium that included its parent Siemens AG and the company has won an order from Qatar General Electricity & Water Corporation (Kahramaa) for Rs 2,956 crore.

Sonata Software Limited advanced 5.3% to Rs 60.25 an IT consultancy and software services company said third quarter revenues fell 15% to Rs 336 crore from Rs 395 crore a year ago. Net profit for the quarter rose 10.6% to Rs 22 crore compared to net profit of Rs 19.9 crore a year ago.

TVS Motor Company Limited added 1.2% to Rs 78.45 after the automotive vehicles maker said third quarter sales rose 26% to Rs 1,072.6 crore from Rs 852.8 crore a year ago. Net profit for the quarter was Rs 23.5 crore compared to net loss of Rs 0.96 crore a year ago.

Wipro Limited fell 1.6% to Rs 725.40 after the IT outsourcing company reported third quarter net profit rose 21.2% to Rs 1,217.40 crore.

Yes Bank Limited dropped 3.6% to Rs 273.50 after the bank''s third quarter gross non-performing assets rose 11.8% to Rs 54.17 crore. The bank is also seeking to raise $225 million according to the latest regulatory filing.