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Market Update

AAP Sweeps in Delhi; Cadila, JK Tyre Net Climb; DLF Net Falls

Author: Mukesh Buch
Last Update: 9:25 AM ET February 10 2015

6:00 PM Mumbai – Arvind Kejriwal led AAP won stunning 67 of the 70 seats in Delhi local election as voters demand basic services. Aditya Birla said net rose 7%. Cadila net surged 52%. DLF net slipped 9%. JK Tyre net soared 56%. Hexaware net declined 15% but revenues climbed 14%.

Market indexes in Mumbai shot up at opening and soared as high as 1% but indexes trimmed gains in the afternoon session.

Indian rupee rose 20 paisa to 61.98 against one dollar.

The Sensex Index advanced 128.23 or 0.5% to close at 28,355.62. The CNX Nifty gained 39.20 or 0.5% to 8,565.55.

Aam Admi Party won stunning victory in Delhi region election defeating the ruling BJP and also wiping out Congress, the party once ruled the city for many years.

Arvind Kejriwal led AAP won 67 of the 70 seats in the legislature and BJP won the rest. Congress did not win a single seat.

The record and historic win is likely to impact local and region’s politics as voters prefer a party that is more likely to root out corruption and provide long needed basic services.

Delhi Assembly election also wiped out the dominant Indian National Congress Party. Congress failed to win a single seat after rampant corruption and the party which ruled Delhi for 15 years until 2013.

Local election was won on providing free access to water, cheap electricity and access to schools to the poor in city where nearly one in three lives in a slum that lacks basic facilities.

Gainers & Losers

Adani Enterprises Limited jumped 4.1% to ₹634.75 after the company signed an agreement with Rajasthan government to set up country's largest solar park in the state with 10,000 MW capacity and to investment about ₹40,000 crore.

Aditya Birla Nuvo Limited slipped 2.1% to ₹1,706.05 after the financial service provider said net in the third-quarter increased 6.62% to ₹368.14 crore.

Revenues rose 1.11% to ₹6,539.35 crore.

Cadila Healthcare Limited jumped 2.6% to ₹1,513.95 after the pharmaceutical company said net in the third-quarter soared 51.59% to ₹281.91 crore.

Net revenues climbed 16.72% to ₹2,199.47 crore.

DLF Limited rose 0.4% to ₹157.95 after the real estate developer said net in the third-quarter slipped 9.3% to ₹131.79 crore.

Total revenues declined 19.7% to ₹2,079.82 crore.

JK Tyre & Industries Ltd climbed 16% to ₹121.90 after the automotive tyre maker reported net in the third-quarter surged 55.5% to ₹91.81 crore.

Net revenues rose 6.3% to ₹1,842.29 crore.

Hexaware Technologies Limited increased 2% to ₹242.50 after the software service said net in the fourth-quarter declined 15.4% to ₹87.3 crore.

Total revenues climbed 14.4% to ₹711.8 crore.

Navneet Education Limited added 0.1% to ₹105.15 after the educational product provider said net in the third-quarter fell 4.4% to ₹11.94 crore.

Net revenues gained 0.8% to ₹135.08 crore.

NESCO Limited rose 2.1% to ₹1,663 after the engineering products maker reported net in the third-quarter soared 43.11% to ₹30.77 crore.

Net sales climbed 28.13% to ₹59.03 crore.

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