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Market Update

India Movers: Allahabad Bank, Clariant, Kajaria, Lupin, Syndicate Bank


Author: Mukesh Buch
ticker.com
Last Update: 10:31 AM ET May 07 2014

6:00 PM Mumbai Allahabad Bank net jump 25%. Clariant Chemicals net plunged 39%. Hindustan Media Ventures climbed 20%. IRB Infra won contract for a road project in Haryana. Kajaria Ceramics profit and sales surged and agreed to acquire 51% stake in Taurus Tiles. Lupin net jumped 35%.

The Sensex Index dropped 184.52 or 0.8% to close at 22,323.90. The CNX Nifty slipped 62.75 to close at 6,652.55.

Gainers & Losers

Allahabad Bank tumbled 8.7% to Rs 95.05 after net profit in the fourth-quarter surged 25.05% to Rs 157.75 crore and total revenues increased 9.6% to Rs 5,237.68 crore.

At the end of fiscal year in March, ratio of gross non-performing assets to gross advances jumped to 5.73% from 3.92% a year ago.

Clariant Chemicals (India) Ltd declined 3.5% to Rs 670.60 after net profit in the fourth-quarter plunged 38.9% to Rs 15.13 crore and net sales fell 1.2% to Rs 274.21 crore.

Hindustan Media Ventures Ltd dropped 2.9% to Rs 134 after net profit in the fourth-quarter climbed 19.8% to Rs 27.21 crore and total revenues jumped 18.3% to Rs 183.88 crore.

IRB Infrastructure Developers Ltd surged 7% to Rs 124 after the company received a letter of award from National Highways Authority of India for a road project in Haryana.

Kajaria Ceramics Limited climbed 3.8% to Rs 483.20 after net profit in the fourth-quarter surged 36.8% to Rs 42.11 crore and total revenue soared 19.9% to Rs 524.27 crore.

Separately, in a statement to the stock exchanges, the ceramic tiles maker said it agreed to acquire 51% stake in Taurus Tiles Pvt Ltd by subscribing to the equity shares of the company for an undisclosed amount.

The board of the Kajaria has approved a plan to hike its stake in Jaxx Vitrified Pvt Ltd to 61% by acquiring an additional 10% for an undisclosed sum.

Lupin Limited slipped 1.2% to Rs 990.20 after net profit in the fourth-quarter jumped 35.5% to Rs 553 crore and total revenue soared 20.7% to Rs 3,120.53 crore.

For the year, net profit jumped 39.7% to Rs 1,836.37 crore and revenues climbed 25.5% to Rs 8,939.38 crore.

The pharma company said formulation sales in the U.S. and Europe climbed 29% to Rs 5,180.50 crore from Rs 4,005.10 crore a year ago and domestic formulations revenues jumped 5% to Rs 2,479.50 crore.

Syndicate Bank Ltd plummeted 7.2% to Rs 99.20 after net profit in the fourth-quarter declined 30.9% to Rs 409.30 crore and revenues climbed 12.06% to Rs 5,357.40 crore.

At the end of the year in March, ratio of gross non-performing assets climbed 2.62% from 1.99% and net ratio non-performing assets doubled to 1.56% compared to 0.76% a year ago.

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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