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Market Update

Glaxo India Net Rises 8.5%; Trident Net Plunges 27%

Author: Mukesh Buch
Last Update: 8:48 AM ET August 07 2014

6:00 PM Mumbai Balrampur Chini net loss narrowed. Glaxo net and revenue climbed above 8%. Gati net soared 72% but the company plans to cut debt and exit from loss making freight shipping business. MM Forgings net climbed. Sundram Fasteners net soared. Trident profit declined 27%.

Market indexes in Mumbai declined for the second day in a row this week after world markets continued to slide on persistent geopolitical worries in Europe and Middle East.

The Sensex Index slipped 76.26 or 0.3% to close at 25,589.01 The CNX Nifty fell 22.80 to 7,649.25.

The rupee also edged lower and higher than expected local demand for dollar and rising imports of gold and petroleum goods.

Gainers & Losers

Balrampur Chini Mills Ltd slipped 2.6% to Rs 73.50 after net loss in the first-quarter narrowed to Rs 3.96 crore from Rs 9.77 crore a year ago period and sales surged 18.01% to Rs 804.36 crore.

GlaxoSmithKline Consumer Healthcare Ltd rose 0.2% to Rs 4,885.70 after net profit in the first-quarter jumped 8.5% to Rs 130.12 crore and total sales increased 8.9% to Rs 1,011.73 crore.

Gati Ltd climbed 4.8% to Rs 130.95 after net profit in the first-quarter soared 71.6% to Rs 11.50 crore and total revenue surged 23.4% to Rs 397.63 crore.

The logistics company said it plans to sell a minority stake in cold chain unit and exit from the freight shipping business to reduce debt and cut losses.

MM Forgings Limited surged 20% to Rs 283.90 after net profit in the first-quarter climbed 70% to Rs 13.24 crore and net sales jumped 26.7% to Rs 121.31 crore.

Puravankara Projects Limited plunged 8.7% to Rs 96.80 after net profit in the first-quarter declined 14.5% to Rs 58.25 crore and total revenue soared 25.1% to Rs 461.62 crore.

Sundram Fasteners Limited soared 12.3% to Rs 117.45 after net profit in the first-quarter climbed 29.4% to Rs 38.12 crore and revenues jumped 10% to Rs 566.81 crore.

Trident Ltd tumbled 10.4% to Rs 22.35 after net profit in the first-quarter declined 26.9% to Rs 32.30 crore and net revenue jumped 4.6% to Rs 913.30 crore.

Vesuvius India Ltd dropped 3.6% to Rs 787.70 after net profit in the first-quarter plunged 20.2% to Rs 14.11 crore and total sales increased 3.9% to Rs 157.65 crore.

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