6:00 PM Mumbai – Dena Bank and Bank of Maharashtra reported rising loan losses and weak earnings as corporations struggle to lift earnings. Cadila net in the quarter soared 47%. GSFC net and revenues declined. Infosys net falls 5%. JK Tyre surged 136%. Jubilant Food climbed 26% on 25% increase in revenues.
Rupee in Mumbai trading advanced for the third day in a row and banks continued to report rising non-performing loans.
Investors have remained optimistic on the growth prospect but weak bank sector and significant debt on corporate balance sheet has dented earnings growth prospects.
Dena Bank and Bank of Maharashtra are the two latest banks reporting rising bad loan losses and sharp decline in earnings, offering yet another evidence of widespread malaise in the banking sector.
Rupee strengthened 14 paisa to 63.52 against one U.S. dollar.
The Sensex Index advanced 117.94 or 0.4% to close at 27,324. The CNX Nifty increased 38.15 or 0.5% to 8,262.35.
For the week, Sensex Index rose 0.7% and CNX Nifty gained 0.9%.
Gainers & Losers
Amtek India Limited
slid 0.3% to ₹132.35 after the automobile components maker said net in the fourth-quarter tumbled 94.6% to ₹3.38 crore.
Net sales increased 1.7% to ₹716.70 crore.
Cadila Healthcare Limited
gained 1.8% to ₹1,687.85 after the pharmaceutical products maker said net in the fourth-quarter soared 46.5% to ₹350.38 crore.
Total revenues in the quarter climbed 16.5% to ₹2,308.57 crore.
jumped 2.8% to ₹51.80 after the financial services provider said net in the fourth-quarter plunged 70.2% to ₹55.82 crore.
Total revenues in the quarter slightly increased 1.5% to ₹2,908 crore.
The bank said gross non-performing assets in the quarter surged to 5.45%, compared with 3.33% in the year ago quarter.
Gujarat State Fertilizers & Chemicals Limited
declined 3.9% to ₹74.25 after the fertilizer maker said net in the fourth-quarter plunged 51.9% to ₹64.50 crore.
Net sales in the quarter declined 15% to ₹1,290.38 crore.
Housing Development & Infrastructure Limited
declined 7.1% to ₹107.70 after the infrastructure developer said net in the fourth-quarter plunged 71.9% to ₹31.89 crore.
Total revenues in the quarter declined 37.3% to ₹162.68 crore.
gained 0.9% to ₹1,953.40 after the software services exporter said net profit in the fourth-quarter fell 4.6% to $498 million.
Net revenues in the quarter decreased 2.6% to $2,159 million.
JK Tyre & Industries Ltd
increased 0.9% to ₹121.85 after the tyre maker said net in the fourth-quarter soared 135.7% to 105.96 crore.