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Market Update

India Movers: Hindalco, HCL, IOC, M&M, ONGC, United Bank

Author: Mukesh Buch
Last Update: 11:19 AM ET August 13 2013

6:00 PM Mumbai Hindalco net climbed but revenues slid. HCL net and sales plunged. IOC net loss narrowed. Mahindra & Mahindra combined net jumped 17%. Nitin Fire profit slid 34% but revenue grew 4%. ONGC net tumbled 34% on higher subsidy discount.

The Sensex Index increased 157.64 or 0.8% to close at 18,946.98 The CNX Nifty gained 46.75 to close at 5,612.40.

Gainers & Losers

Hindalco Industries Limited dropped 2.5% to Rs 91.45 after net profit in the first quarter climbed 11.5% to Rs 474 crore but revenue from operations dropped 3.2% to Rs 5,838 crore.

The company said during the quarter, lower metal prices led to a 3% drop in sales revenue.

Yesterday, U.S. subsidiary Novelis Inc. reported weak result for the quarter with a decline in net profit of 84.6% to $14 million on 5.6% slump in net sales to $2.41 billion, due to 7% decline in average aluminum prices and lower shipments.

Hindustan Copper Limited declined 2.9% to Rs 61.60 after net profit in the first quarter plunged 61.3% to Rs 18.57 crore and total revenues plummeted 26.9% to Rs 245.75 crore.

Indian Oil Corporation Limited rose 0.5% to Rs 201.10 after the company reported net loss in the first quarter narrowed to Rs 3,093.23 crore compared to Rs 22,450.95 crore.

Total revenues in the quarter climbed 13.8% to Rs 1,10,959 crore and forex loss jumped at Rs 4,024.10 crore from Rs 3,187.01 crore.

Average gross refining margin in the quarter was $1.67 per barrel compared to loss of $4.81 per barrel.

Mahindra & Mahindra Limited advanced 1.8% to Rs 875.85 after the combined net profit in the first quarter with its subsidiary jumped 16.9% to Rs 909.70 crore.

Gross revenue in the quarter of Mahindra & Mahindra and Mahindra Vehicle Manufacturers Limited was Rs 10,801.50 crore from Rs 10,003.90 crore a year ago.

The M&M group consolidated gross revenues in the quarter jumped 9.5% to Rs 19,356 crore.

Nitin Fire Protection Industries Limited climbed 4.7% to Rs 56.55 after net profit in the first quarter declined 33.9% to Rs 11.10 crore and total revenue from operations grew 4.2% to Rs 199.12 crore.

The company said its board approved the proposal of buy back equity shares at a fix price of Rs 66.60 per share.

Oil and Natural Gas Corporation Limited slid 1% to Rs 274.95 after net profit in the first quarter tumbled 33.9% to Rs 4,015.98 crore and total revenues fell 3.3% to Rs 20,505.03 crore.

In the quarter, ONGC gave gross subsidy discount of Rs 12,622 crore higher than Rs 12,346 crore a year ago period.

During the quarter, the company sold crude at $102.90 per barrel but after subsidy discounts the net realization was $40.17 compared to $45.91 a barrel a year ago.

United Bank Of India fell 0.7% to Rs 35.50 after net profit in the first quarter declined 74.3% to Rs 44.73 crore and total revenues jumped 14.8% to Rs 2,868.81 crore.

As on June 30, ratio of gross non-performing assets to gross advances climbed to 5.59% from 3.47% a year earlier.

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