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Market Update

India Movers: Asahi India Glass, DEN Networks, Essar, Indiabulls, Sesa Goa

Author: Mukesh Buch
Last Update: 10:34 AM ET August 19 2013

6:00 PM Mumbai Asahi Glass net loss widened and DEN Networks net swung to loss but sales surged 24%. Essar Steel plan to raise $2 billion. Indiabulls buyback its stake from a private equity firm. Tecpro net swung to loss as sales declined. Varun Shipping net tumbled 99%.

The Sensex Index declined 290.66 or 1.6% to close at 18,307.52 The CNX Nifty dropped 93.10 or 1.7% to close at 5,414.75.

Gainers & Losers

Asahi India Glass Limited jumped 2.5% to Rs 31 after net loss in the first quarter widened to Rs 29.70 crore compared to Rs 24.98 crore a year earlier and sales grew 2.9% to Rs 496.97 crore.

DEN Networks Limited declined 2.8% to Rs 150.55 after net in the quarter swung to a loss Rs 12.59 crore and compared to a profit of Rs 11.89 crore. Sales surged 24.4% to Rs 161.71 crore.

Essar Steel Ltd and the company plans to raise $2 billion from pre-export finance by the end of this financial year to reduce the debt.

Indiabulls Real Estate Ltd. gained 3.6% to Rs 59.10 and the company bought back its entire stake of FIM, the U.S. based private equity fund and its affiliates for Rs 1,172.16 crore.

IFGL Refractories Limited declined 4.6% to Rs 28 after the quarter net profit decreased 2% to Rs 5.40 crore and sales climbed 6.9% to Rs 81.25 crore.

Sesa Goa Limited slid 0.5% to Rs 129.95 and the Vedanta group''s proposed merger of its subsidiaries Sesa Goa and Sterlite Industries (India) became effective.

Tecpro Systems Limited plunged 9.9% to Rs 26.90 after the company said net in the first quarter swung to a loss Rs 60.06 crore compared to a net profit of Rs 7.04 crore.

Net sales in the quarter declined 45% to Rs 306.57 crore.

Varun Shipping Company Limited advanced 2.2% to Rs 6.02 after net profit in the first quarter tumbled 98.6% to Rs 2.05 crore and sales plunged 68.7% to Rs 55.86 crore.

VTX Industries Limited climbed 3.8% to Rs 8 and net in the quarter swung to a loss Rs 13.43 crore compared with a profit of Rs 0.54 crore. Sales plummeted 64.5% to Rs 17.40 crore.

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