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Market Update

India Movers: Gujarat Pipavav, Godrej, HCC, IndusInd Bank, Jubilant Food, TCS

Author: Mukesh Buch
Last Update: 11:32 AM ET April 16 2014

6:00 PM Mumbai – Godrej received regulatory approvals to merge with Wadala Commodities. HCC secured a contract worth Rs 300 crore from Delhi Metro. IndusInd Bank net climbed 29%. Tata Steel production and sales jumped.

The Sensex Index slipped 207.70 or 0.9% to close at 22,277.23. The CNX Nifty dropped 57.80 to close at 6,675.30.

Gainers & Losers

Gujarat Pipavav Port Ltd increased 1.5% to Rs 86.15 after the company said its board schedule to meet on April 17 to consider revision in expansion plan.

Godrej Industries Limited rose 1.9% to Rs 313.40 after the National Stock Exchange approved the company’s merger plan with Wadala Commodities.

The merger is yet to be approved by the Bombay Stock Exchange.

Hindustan Construction Company Limited declined 4% to Rs 18.05 after the company secured a contract worth Rs 300 crore to build twin tunnels for Delhi Metro.

IndusInd Bank Limited gained 0.6% to Rs 487.20 after net profit in the fourth-quarter climbed 28.8% to Rs 396.05 crore and total revenue jumped 23.3% to Rs 2,702.19 crore.

For the quarter, ratio of gross non-performing assets to gross advances rose to 1.12% compared to 1.03% a year ago period.

Jubilant FoodWorks Ltd dropped 2.5% to Rs 1,004.20 after the Reserve Bank of India increased foreign institutional investors limit to 55%.

Tata Steel Limited advanced 1.3% to Rs 413.75 after the company said yearly production and sales reached to recorded levels to 9.15 million tons and 8.52 million tons respectively.

Tata Consultancy Services Limited dropped 2.5% to Rs 2,195 after net profit in the fourth-quarter surged 48.2% to Rs 5,358 crore and total revenues climbed 31.7% to Rs 21,551 crore.

For the year, net profit soared Rs 19,164 crore and total revenues Rs 81,809 crore.

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