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Market Update

India Stocks Extend Rally, Adani Restructuring Wins Court Approval


Author: Mukesh Buch
ticker.com
Last Update: 9:38 AM ET May 11 2015

6:00 PM Mumbai Sensex in Mumbai Gains ahead of inflation and industrial production data tomorrow. Adani Power net in the quarter soared 72%. Bank of Baroda quarterly net plunged 48% but bad loan ratio fell to 1.9%. Kansai Nerolac Paints net increased 5%.

Market indexes on Dalal Street soared ahead of the release of industrial production and consumer price inflation data tomorrow.

Stocks opened higher after China eased its monetary policy and speculators bid up prices in anticipation of two economic data tomorrow. Foreign investors drove additional buying in the session today.

Rupee strengthened 6 paisa 63.87.

The Sensex Index jumped 401.91 or 1.5% to close at 27,507.30. The CNX Nifty rose 133.75 or 1.6% to 8,325.25.

Gainers & Losers

Adani Power Limited climbed 4.1% to ₹43.40 after the thermal power plant operator said net in the fourth-quarter soared 71.7% to ₹715.05 crore.

Total revenues in the quarter declined 22.2% to ₹4,661.34 crore.

Separately the Adani group of companies in a filing with the Bombay Stock Exchange confirmed restructuring plan approval from the Gujarat High Court.

Five group companies Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission and Adani Mining Private will consolidate in three companies as proposed in January.

Adani Enterprises increased 2.8% and Adani Ports and Adani Power gained 1.4%.

Bank of Baroda surged 16.9% to ₹169.65 after the financial services provider said net in the fourth-quarter plunged 48.3% to ₹598.35 crore. Total revenues in the quarter increased 3.8% to ₹12,057.39 crore.

The ratio of net non-performing assets in the quarter declined to 1.89% compared to 2.11% in the same period last year.

Eveready Industries India Limited advanced 2.9% to ₹270.80 after the lighting products maker said net in the fourth-quarter soared 336% to ₹5.45 crore.

Total revenues in the quarter advanced 7% to ₹275.13 crore.

Fedders Lloyd Corporation Limited surged 14.7% to ₹81.80 after the cooling system and air conditioner maker said net in the fourth-quarter jumped 12.8% to ₹15.15 crore.

Net sales in the quarter climbed 19.4% to ₹373.08 crore.

Gillette India Limited decreased 0.9% to ₹4,493.90 after the consumer goods maker said net in the third-quarter soared 262.7% to ₹30.76 crore.

Net sales in the quarter jumped 8.5% to ₹493.68 crore.

Havells India Limited increased 2.7% to ₹286.30 after the power distribution equipment maker said net in the fourth-quarter dropped 11% to ₹121.85 crore.

Net revenues in the quarter increased 2.8% to ₹1,361.71 crore.

IVRCL Limited soared 9.1% to ₹14.95 after the construction services provider received a project worth₹3,624 crore from the Ministry of Interior - Kingdom of Saudi Arabia.

Kansai Nerolac Paints Limited fell 0.7% to ₹219.40 after the coating products maker said net in the fourth-quarter soared 34.6% to ₹60.37 crore.

Net revenues in the quarter gained 7.7% to ₹807.84 crore.

Siyaram Silk Mills Limited surged 11.3% to ₹1,066.75 after the fabric and textile maker said net in the fourth-quarter climbed 59.2% to ₹32.14 crore.

Net sales in the quarter jumped 18.3% to ₹479.45 crore.

Unichem Laboratories Ltd added 3% to ₹199.65 after the pharmaceutical products maker said net in the fourth-quarter tumbled 67.8% to ₹9.82 crore.

Net sales in the quarter increased 5.5% to ₹250.56 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