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Market Update

Godrej Properties, GAIL, Power Grid, Tech Mahindra Net Jump; DLF Net Falls


Author: Sarla Buch
ticker.com
Last Update: 9:04 AM ET November 04 2015

6:00 PM Mumbai, India Nestle India readies the return of Maggi by the end of November. GAIL India quarterly profit rises 20%. DLF net tumbled 66%. Godrej Properties net and revenues surged. Power Grid profit soared 21% on 17% increases in revenues. Tech Mahindra profit jumped 16%.

Stocks in Mumbai traded higher and extended gains in the first three hours of trading but market began losing steam in the afternoon and indexes by the end of the day indexes closed down.

Stocks advanced after Tata Motors reported strong sales but investors took the market rally as an opportunity to book profit and the reference Sensex index closed at a one-month low.

Rupee strengthened 16 paisa to 65.48 against one U.S. dollar.

The Sensex Index fell 37.67 or 0.2% to close at 26,552.92. The CNX Nifty decreased 20.50 or 0.3% to 8,040.20.

Gainers & Losers

The Canara Bank Ltd decreased 1.8% to ₹274.30 after the lender said net in the second-quarter dropped 15.6% from a year ago to ₹528.86 crore.

Net revenues in the quarter increased 4.7% to ₹12,477.95 crore.

DLF Limited increased 1.7% to ₹122.15 after the real estate developer said net in the second-quarter tumbled 66.2% from a year ago to ₹440.51 crore.

Total revenues in the quarter edged up 0.3% to ₹14,466.68 crore.

GAIL (India) Limited slipped 1.9% to ₹301.55 after the natural gas producer reported net in the second-quarter soared 20.2% from a year ago to ₹131 crore.

Total revenues in the quarter slipped 7% to ₹1,992 crore.

Godrej Properties Limited declined 4.1% to ₹334.85 after the infrastructure developer said net in the second-quarter surged 127% from a year ago to ₹106.16 crore.

Net revenues in the quarter soared more than four-fold to ₹1,444.06 crore.

Gujarat Narmada Valley Fertilizers & Chemicals Limited surged 15.5% to ₹73.05 after the fertilizer maker said net in the second-quarter swung to profit from a year ago to ₹52.67 crore.

Net sales in the quarter declined 11% to ₹1,151.57 crore.

Jain Irrigation Systems Limited soared 6.6% to ₹67.75 after the irrigation system provider secured an order worth ₹473 crore from Maharashtra State Electricity Distribution Company.

Nestle India Limited edged up 0.2% to ₹6,247.15 after the food products maker said three laboratories certified by National Accreditation Board for Test and Calibration Laboratories declared the newly manufactured Maggi Noodles safe for consumption.

Power Grid Corporation of India Limited edged down 0.2% to ₹131.20 after the power transmission company reported net in the second-quarter surged 20.5% from a year ago to ₹1,448.04 crore.

Net sales in the quarter jumped 16.7% to ₹5,026.90 crore.

Sun Pharma Advanced Research Company Limited dropped 1.9% to ₹381.85 after the drug maker said net loss in the second-quarter widened from a year ago to ₹17.74 crore.

Net revenues in the quarter fell 7% to ₹43.33 crore.

Tech Mahindra Limited dropped 2.7% to ₹543.25 after the software developer said net in the second-quarter jumped 16.2% from a year ago to ₹785.60 crore.

Net revenues in the quarter increased 5.1% to ₹6,615.50 crore.

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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