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Market Update

India Movers: HCL, MRPL, Religare, Tata Steel Net Swings to Loss


Author: Mukesh Buch
ticker.com
Last Update: 8:24 AM ET May 24 2013

6:00 PM Mumbai – HCL profit climbed but revenues declined. MRPL net swung to loss and revenues increased 16%. Religare net loss widened Rs 895 crore. Tata Steel reported loss of $1.17 billion on weak demand and asset write-downs in Europe.

The Sensex Index edged up 30 to close at 19,704.33 The CNX Nifty rose 16.50 to close at 5,983.55. For the week, the Sensex declined 2.9%.

Gainers & Losers

Hindustan Copper Limited gained 2.7% to Rs 100.10 after net profit in the quarter climbed 36.9% to Rs 188.09 crore and revenues tumbled 11.6% to Rs 550.45 crore.

For the year, net profit jumped 9.9% to Rs 355.64 crore and revenues nearly flat to Rs 1,572.84 crore.

JBF Industries Limited declined 3% to Rs 102.40 after the polyester chip maker said fourth quarter net profit surged five-fold to Rs 13.76 crore and sales rose 3.1% to Rs 1,212.33 crore.

For the year, net profit climbed 5.6% to Rs 51.50 crore and sales rose 2.76% to Rs 4,500.98 crore.

The Karur Vysya Bank Limited rose 0.5% to Rs 474.15 after net profit climbed 8% to Rs 158.58 crore and total interest income soared 21.2% to Rs 1,283.95 crore.

For the year, net profit gained 9.7% to Rs 550.32 crore and total interest income surged 29.7% to Rs 4,694.99 crore.

The bank’s capital adequacy ratio as per Basel II increased 14.41% as on March from 14.33% a year ago.

The ratio of gross non-performing assets fell to 0.96% at the end of March from 1.33% and provisions and contingencies surged 1197.7% to Rs 88.76 crore.

Mangalore Refinery and Petrochemicals Limited increased 1.2% to Rs 42.45 after the company reported net in the fourth quarter swung to loss Rs 61.90 crore compared to net profit of Rs 601.97 crore.

Total revenue in the fourth quarter climbed 15.9% to Rs 18,675.57 crore and for the year surged 21.6% to Rs 65,807.54 crore.

For the year, reported net swung to loss Rs 756.91 crore from net profit of Rs 908.58 crore.

PTC India Limited gained 2.2% to Rs 57.45 after the fourth quarter net profit jumped 23.3% to Rs 37.05 crore and total revenue surged 50.9% to Rs 2,201.13 crore.

For the year, net profit advanced 7% to Rs 128.74 crore and total revenue climbed 15.2% to Rs 8,870.56 crore.

Religare Enterprises Limited jumped 2.5% to Rs 296.85 after the financial service provider reported fourth quarter net loss widened to Rs 894.38 crore compared to Rs 701.33 crore a year ago period.

For the year, net loss narrowed to Rs 760.95 from Rs 816.21 crore a year earlier.

Tata Steel Limited climbed 4.6% Rs 313.15 after the fourth quarter consolidated net swung to loss Rs 6,529 crore compared to net profit of Rs 433 crore. Revenue increased 1.9% to Rs 34,650 crore.

The steel maker took large non-cash charges on few assets write down of $1.51 billion due to weak market condition and asset in Europe.

The company has also written down some of its assets in South Africa, Thailand and one of a plant in India.

The company generates more than 50% of its total revenue from Europe and steel demand dropped by one third since the global financial crisis in 2008-2009.

For the year consolidated net swung to loss Rs 7,058 crore compared with net profit of Rs 5,390 crore. Revenues rose 1.4% to Rs 1.34 lakh crore.

EBITDA slipped 6.5% to Rs 12,654 crore and EBITDA margin dropped to 9.4%

Technofab Engineering Limited soared 4.9% to Rs 114.95 after net profit in the fourth quarter rose 3.4% to Rs 13.11 crore and sales rose 3.6% to Rs 138.10 crore.

For the year, net profit slipped 4.8% to Rs 32.53 crore and sales jumped 13% to Rs 425.24 crore.

Va Tech Wabag Limited slid 0.2% to Rs 459 after net profit in the fourth quarter grew 1.86% to Rs 51.02 crore and sales dropped 3.68% to Rs 499.30 crore.

For the year, net profit climbed 19.9% to Rs 90.11 crore and sales rose 4.09% to Rs 1,041.05 crore.

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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