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Market Update

India Movers: January Auto Sales Declines; Grasim, IDBI Net Drop

Author: Mukesh Buch
Last Update: 9:20 AM ET February 03 2014

6:00 PM Mumbai Ashok Leyland sales in January plunged 26% and net swung to a loss. Bajaj sales declined 8%. Berger Paints net grew 7%. Grasim profit dropped 34%. IDBI Bank profit tumbled after non-performing loan ratio jumped. Lupin net surged. M&M sales fell 14%. TVS sales jumped.

The Sensex Index declined 304.59 or 1.5% to close at 20,209.26. The CNX Nifty slumped 87.70 to close at 6,001.80.

Gainers & Losers

Ashok Leyland Limited dropped 3.3% to Rs 15.90 after the company said its total sales in January plunged 26% to 7,847 units.

The commercial vehicles maker said sales of medium and heavy commercial vehicles declined 19% to 5,530 units and sales of light commercial vehicles plummeted 37% to 2,317 units

Ashok Leyland reported net in the third-quarter swung to a loss Rs 167.21 crore compared to a profit of net profit of Rs 74.14 crore. Net sales dropped 19% to 1,903.28 crore.

Bajaj Auto Limited slipped 3.5% to Rs 1,835.85 after the vehicle maker said total sales in January declined 8% to 3,18,171 lacs units from 3,47,624 a year ago..

Bajaj added total motorcycle sales dropped 7% to 2,81,390 units and total commercial vehicles sales declined 20% to 36,781 units. Total exports jumped 7% to 1,37,644 units.

Berger Paints India Ltd gained 1.3% to Rs 206.70 after net profit in the third-quarter jumped 7.1% to Rs 82.30 crore and net sales climbed 11.9% to Rs 1,029.80 crore.

The company inaugurated its largest water-based paint manufacturing unit with an initial capacity of 80,000 tons in Andhra Pradesh.

The paint company raised its rates by 2.2% on its decorative paint products from February 1.

Grasim Industries Limited slumped 2.4% to Rs 2,510.85 after net profit in the third-quarter declined 39.6% to Rs 331.93 crore and total revenue rose 3.9% to Rs 7,226.18 crore.

IDBI Bank Limited slipped 1.9% to Rs 54.40 after net profit in the third-quarter tumbled 75.05% to Rs 103.96 crore and total revenue rose 1.1% to Rs 7,149.88 crore.

The bank said ratio of gross non-performing assets to gross advances for the quarter jumped to 5.44% compared to 4.98% in second-quarter and from 3.67% from a year ago.

Lupin Limited climbed 4.5% to Rs 921.90 after net profit in the third-quarter surged 42% to Rs 476.10 crore an net sales climbed 21% to Rs 2,983 crore.

The pharmaceutical company said profit-before-tax jumped 33% to Rs 737.90 crore.

Mahindra & Mahindra Limited slid 0.6% to Rs 885 after the automaker reported total auto sales in January declined 13.8% to 42,685 units.

Total domestic sales in January plummeted 15.7% to 40,324 units but exports surged 42.05% to 2,361 units. Passenger vehicles segment declined 25.5% to 19,792 units.

The company added four-wheel commercial vehicle sales fell 4.5% to 15,100 units and three-wheeler sales plunged 18.9% to 4,710 units. Total tractor sales rose 15% to 20,109 units.

Magma Fincorp, Ltd dropped 2.2% to Rs 65.25 after net profit in the third-quarter fell 3.3% to Rs 35.24 crore and revenue soared 20.2% to Rs 535.57 crore.

Petron Engineering Construction Ltd surged 8.2% to Rs 92 after the company secured a contract worth Rs 99.76 crore from VISA Power for Raigarh thermal power plant, Chhattisgarh.

TVS Motor Company Limited jumped 2.4% to Rs 79.35 after the two and three-wheel vehicle maker said its total sales in January advanced 6% to 186,313 units.

The company said total exports surged 39% to 28,875 units and two-wheeler exports surged 35% to 23,438 units.

Total two-wheeler sales increased 5% to 179,576 units and domestic two-wheeler sales rose 156,138 units from 154,107 units a year ago month.

Scooters sales jumped 19% to 45,198 units and motorcycles sales marginally increased to 65,449 units.

TVS Motor Company''s net profit in the third-quarter surged 31.2% to Rs 68.80 crore and net sales climbed 12.9% to Rs 2,034.71 crore.

Vijaya Bank fell 1.3% to Rs 36.65 after net profit in the third-quarter plummeted 91.01% to Rs 11.39 crore and total revenue climbed 22.9% to Rs 2,745.21 crore.

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