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Market Update

4th Day Loss in Sensex in India; Maruti Net Rises, Banks Struggle


Author: Mukesh Buch
ticker.com
Last Update: 9:51 AM ET July 28 2015

6:00 PM Mumbai – Sensex index extends loss to the fourth day despite the sharp correction in crude oil price. Maruti quarterly profit soared 57% on 17% increase in revenues. Torrent net surged 75%. Punjab National Bank bad loan ratio surges and Union Bank net declined. Ambuja Cements net tumbled 45%. HDFC net rose 1%.

Market indexes in Mumbai declined for the fourth day in a row as international markets lost more than 3% in the last week.

The ongoing slide in crude oil price was overshadowed by the increased scrutiny of the so called P-notes used by foreign investors.

Participatory Notes, one of the popular stock market investment vehicles by foreign investors has also been used by local businesses to reroute black money.

Rupee strengthened 25 paisa to 63.91 against one U.S. dollar.

The Sensex Index slipped 102.15 or 0.4% to close at 27,459.23. The CNX Nifty fell 24 or 0.3% to 8,337.

Gainers & Losers

Ambuja Cements Ltd decreased 1.6% to ₹230.50 after net in the second-quarter tumbled 44.7% to Rs 226 crore.

Net revenues in the quarter slipped 7.9% to ₹2,493 crore.

Housing Development Finance Corporation Limited declined 2.7% to ₹1,300 after the housing loan provider said net in the first-quarter increased 1.2% to ₹1,360.98 crore.

Net revenues in the quarter jumped 9.4% to ₹7,068.28 crore.

Hero MotoCorp Limited slipped 2.8% to ₹2,531.55 after the largest maker of motorcycles’ subsidiary plans to acquire the U.S.-based bike-maker Erik Buell Racing Inc.’s consulting business for $2.8 million.

Just Dial Limited dropped 2.5% to ₹1056.90 after net in the first-quarter jumped 18% to ₹33.17 crore.

Net revenues in the quarter climbed 21.4% to ₹175.74 crore.

KEC International Limited gained 1.5% to ₹152.25 after net in the first-quarter soared 167.3% to ₹30.39 crore.

Total revenues in the quarter advanced 9.2% to ₹1,881.16 crore.

Maruti Suzuki India Limited edged up 0.4% to ₹4,194 after the largest automaker in India said net in the first-quarter surged 56.5% to ₹1,192.92 crore.

Net revenues in the quarter climbed 16.6% to ₹13,596.96 crore.

Punjab National Bank climbed 4.4% to ₹141.05 after net in the first-quarter dropped 48.7% to ₹720.71 crore.

Net revenues in the quarter gained 4.7% to ₹13,432.05 crore.

The bank said ratio of gross non-performing assets in the quarter climbed 6.47% compared with 6.55% in March and 5.48% in the same period last year.

In addition, bad loan provisions and contingencies in the quarter surged 95.3% to ₹1,811.39 crore.

Tech Mahindra Limited rose 0.5% to ₹522.20 after net in the first-quarter surged 43.2% to ₹676 crore.

Net revenues in the quarter rose 2.9% to ₹6,294 crore.

Torrent Pharmaceuticals Limited closed nearly flat 0.2% to ₹1400.25 after the pharmaceutical products maker said net in the first-quarter surged 75.4% to Rs 449 crore.

Trident Limited soared 8.2% to ₹32.45 after net in the first-quarter soared 88.8% to ₹60.97 crore.

Net revenues in the quarter gained 3.7% to ₹879.08 crore.

Union Bank of India Ltd advanced 2.3% to ₹157.60 after net in the first-quarter tumbled 21.9% to ₹518.78 crore. Total revenues in the quarter increased 5.8% to ₹9,043.17 crore.

The bank added the net non-performing assets ratio in the quarter increased 3.08% compared with 2.71% in March and 2.46% in the same period last year.

The ratio of gross non-performing assets climbed 5.53% from 4.96% in March and 4.27% in a year ago period.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc