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Market Update

India Movers: Axis Bank, Bajaj Fin, Essar Port, IDBI Bank, Kotak Mahindra

Author: Mukesh Buch
Last Update: 8:42 AM ET July 18 2013

6:00 PM Mumbai Axis Bank net jumped 22% and Bajaj Finance net and revenue soared. Essar Ports first quarter profit surged 48%. IDBI Bank net declined 28% and Kotak Mahindra Bank profit climbed nearly 40%.

The Sensex Index increased 179.68 or 0.9% to close at 20,128.41 The CNX Nifty jumped 64.75 or 1.1% to close at 6,038.05.

Gainers & Losers

Axis Bank Limited climbed 3.8% to Rs 1,238.40 after net profit in the first quarter jumped 22.1% to Rs 1,408.93 crore and total income surged 15.9% to Rs 9,059.12 crore from the Rs.7,818.37 crore.

Bajaj Finance Limited dropped 2.5% to Rs 1,369.35 after net profit in the first quarter surged 27% to Rs 176 crore and total revenue climbed 33% to Rs 932 crore.

The lender added loan losses and provisions in the quarter surged 46% to Rs 41 crore.

Essar Ports Limited gained 2.7% to Rs 74.45 after consolidated net profit in the first quarter surged 48% to Rs 101.40 crore and revenue soared 22% to Rs 403.70 crore.

For the quarter, the company handled the cargo of 14.08 million tons from 12.65 million tons a year earlier, an increase of 11%.

Heritage Foods (India) Limited soared 5.5% to Rs 519.50 after the first quarter consolidated net profit jumped 73.6% to Rs 14.67 crore and net sales grew 4.7% to Rs 427.39 crore.

The company said its board of directors approved bonus issue of 1 for 1.

IDBI Bank Limited rose 1.2% to Rs 70.30 after net profit in the first quarter declined 28.2% to Rs 306.95 crore and total income jumped 9.7% to Rs 7445.42 crore.

As on June 30, the bank said non-performing assets to net advances increased to 2.16% from 2.07% and provisions and contingencies surged 62.73% to Rs 829.67 crore from a year ago.

Info Edge (India) Limited surged 10.3% to Rs 316.85 after net profit surged more than three-fold to Rs 29.40 crore and revenue rose 3.2% to Rs 120.76 crore.

Kotak Mahindra Bank Limited edged up 0.05% to Rs 710.60 after the first quarter stand-alone net profit climbed Rs.402.82 crore from Rs.282.45 crore and total income jumped to Rs.2,652.40 crore from Rs.2,056.98 crore in the same period of last year.

The bank''s ratio of net non-performing assets to net advances rose to 0.98% compared to 0.80% at the end of June 2012.

MindTree Limited gained 0.9% to Rs 914.40 and the software services provider estimated net profit to jump 24% to Rs 98 crore compared to Rs 78.90 crore a year ago period.

R.S. Software (India) Limited climbed 7.6% to Rs 133.20 after net in the first quarter swung to profit Rs 10.19 crores compared to loss of Rs.8.96 crores a year earlier.

Supreme Petrochem Ltd jumped 3.8% to Rs 63.05 after net profit doubled to Rs 13.03 crore and net sales soared 26.4% to Rs 755.31 crore.

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