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Market Update

India Movers: Bajaj, DLF, GVK Power, Hindalco, Pfizer, Muthoot Finance

Author: Mukesh Buch
Last Update: 10:37 AM ET May 15 2013

6:00 PM Mumbai – Bajaj Finance fourth quarter net soared 52% and DLF offering was oversubscribed. GVK Power net loss widened and Novelis controlled by Hindalco said its net dropped to $202 million. Pfizer net climbed 21% and Karnataka Bank declined 19%. Muthoot Finance net plunged 26%.

The Sensex Index climbed 490.67 or 2.5% to close at 20,212.96 The CNX Nifty jumped 151.35 or 2.5% to close at 6,146.75.

Sensex in Mumbai soared 2.5% after the latest read on wholesale inflation index fell below 5%, the target set by the Reserve Bank of India. Market expectations ran high for a rate cut.

In addition, foreign investors have pumped nearly $13 billion in India’s financial markets so far in the year.

Gainers & Losers

Bajaj Finance Limited increased 1.5% to Rs 1,339.95 after net profit in the fourth quarter soared 52% to Rs 164 crore and net revenues jumped 35% to Rs 843 crore.

For the year, net profit surged 46% to Rs 591 crore and total revenues advanced 43% to Rs 3,111 crore.

DLF Limited jumped 4.9% to Rs 241.65 after the sale of 8.1 crore shares to institutional investors was oversubscribed by 1.3 times of the raised capital of Rs 1,888 crore.

Fortis Healthcare Limited rose 0.05% to Rs 102.20 and the hospital chain is planning to raise between Rs 350 crore and Rs 450 crore.

GVK Power & Infrastructure Limited advanced 1.6% to Rs 9.42 after the fourth quarter consolidated net loss widened to Rs 171.01 crore from Rs 20.88 crore in the same quarter last year. Net sales plunged 23.95% to Rs 500.07 crore.

For the year, net loss was Rs 335.97 crore and net sales increased 4.64% at Rs 2,607.65.

Hindalco Industries Limited advanced 2% to Rs 107.50 after its subsidiary Novelis reported net income for the year dropped to $202 million compared to $218 million and net sales declined 11% to $9.8 billion.

The Karnataka Bank Limited gained 3% to Rs 159.95 after net profit declined 18.96% to Rs 67.39 crore and total income climbed 14.1% to Rs 1,090.32 crore.

For the year, net profit soared 41.5% to Rs 348.08 crore and total income jumped 20.7%to Rs 4,161.93 crore.

The ratio of gross non-performing assets slid to 1.51% at the end of March from 2.19% and provisions and contingencies dropped 28.3% to Rs 54.29 crore.

Linde India Limited declined 4% to Rs 251.50 after the company''s foreign promoter plan to decrease its stake tomorrow.

Muthoot Finance Limited climbed 6.2% to Rs 159.15 after net profit in the fourth quarter plunged 25.82% to Rs 220 crore compared to Rs 235 crore a year earlier.

For the year, net profit jumped 13% to Rs 1,004 crore compared to Rs 892 crore in the last year and total income soared 18% to Rs 5,387 crore from Rs 4,549 crore.

Mirc Electronics Limited soared 6.6% to Rs 6.98 after net profit in the fourth quarter swung to Rs 12.20 crore compared to net loss of Rs 21.21 crore.

Pfizer Limited gained 1.4% to Rs 1,100 after the fourth quarter net profit climbed 20.9% to Rs 58.16 crore and net sales rose 0.2% to Rs 252.19 crore.

For the year, net profit surged 172.6% to Rs 503.20 crore and net sales slipped 6.8% to Rs 947.98 crore.

Tube Investments of India Limited rose 0.5% to Rs 159.90 after consolidated net profit in the fourth quarter declined 22.1% to Rs 59.91 crore and net sales jumped 14.5% to Rs 2,010.97.

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