India’s Pension Fund Enters Stock Market, Piramal Net Drops
6:00 PM Mumbai – Siemens India quarterly profit surged. Cummins India surged 13% on 19% increase in revenues. Bajaj Electricals net soared 261%. Ramco Cements net surged 161%. NDTV Loss Widened.
Market indexes in Mumbai traded higher and Employees Provident Fund Organization began investing in stock with market.
Banks led the gainers in the afternoon trading and Tata Power was in focus after the company said it plans to nearly triple its power generation capacity in the next seven year.
EPFO, the largest pension fund organization is initially going to invest in Exchange Traded Funds only. The pension fund will invest in the stock market for the first time.
Separately, pension funds may be able to invest more assets in stock market and the current limit of 5% of total investable assets is likely to be increased from the next fiscal year, according to Labour Minister Banadaru Dattatreya.
Rupee weakened 2 paisa to 63.77 against one U.S. dollar.
The Sensex Index rose 75.05 to close at 28,298.13. The CNX Nifty added 20.70 to 8,588.65.
Gainers & Losers
Bajaj Electricals Limited climbed 4.4% to ₹272.75 after net in the first-quarter soared 261.3% to ₹20.34 crore.
Total revenues in the quarter jumped 13.9% to ₹1,014.21 crore.
Cummins India Limited soared 12.8% to ₹1,158.90 after net in the first-quarter slid 0.6% to ₹210.73 crore.
Total revenues in the quarter climbed 19.3% to ₹1,374.36 crore.
Dr. Reddy''s Laboratories Limited increased 1.8% to ₹4,270.10 after the drug maker entered into a strategic collaboration with U.S.-based Amgen to distribute its medicines in India.
FDC Limited surged 9.4% to ₹191.15 after net in the first-quarter climbed 27.5% to ₹43.72 crore.
Net sales in the quarter jumped 18.6% to ₹257.54 crore.
GPT Infraprojects Ltd added 0.5% to ₹131.60 after the company secured orders worth ₹52 crore.
New Delhi Television Limited declined 6.9% to ₹118.80 after net loss in the first-quarter widened to ₹24.29 crore compared to ₹1.49 crore in the same quarter last year.
The Ramco Cements Limited advanced 2.5% to ₹370 after net in the first-quarter surged 166.6% to ₹ 94.67 crore.
Net revenues in the quarter edged up 0.9% to ₹954.58 crore.
Piramal Enterprises Limited edged down 0.9% to ₹933.20 after net in the first-quarter plunged 93% to ₹203 crore.
Net revenues in the quarter climbed 25% to ₹1,474 crore.
Rolta India Limited climbed 5.8% to ₹128.90 after software developer secured Smart City and 3D mapping with City Modelling projects for about $15 million in the Middle East.
Siemens Limited increased 2.5% to ₹1,533.50 after net in the third-quarter soared to ₹168.25 crore.
Net revenues in the quarter rose 1.3% to ₹2,431.51 crore.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc