6:00 PM Mumbai – Stocks in Mumbai traded lower and investors focused on earnings announcements. Gammon secured two new projects worth ₹840.65 crore. IndusInd Bank said net in the fourth-quarter jumped 25%. Tata Steel production fell 1%. TCS, the flagship company of Tata Group reported flat quarterly sales.
Market indexes in Mumbai edged lower in the absence of new catalyst and investors reacted to individual company news.
Tata Consultancy, the leading profit maker in the Tata Group, reported flat sales in the latest March quarter and net income declined 1.6%.
Investors look ahead to earnings from Infosys and Wipro, two other leading IT services companies, as a leading indicator of industry profit direction.
Rupee decreased 7 paisa to 62.30 against one dollar.
The Sensex Index dropped 133.65 or 0.5% to close at 28,666.04. The CNX Nifty decreased 43.50 or 0.5% to 8,706.70.
Gainers & Losers
Eicher Motors Limited
slid 0.2% to ₹15,837.45 after The Reserve Bank lifted foreign investment limit to 49% in the company.
Gammon India Limited
soared 12.3% to ₹23.30 after the infrastructure developer secured two new projects worth ₹840.65 crore.
IndusInd Bank Limited
fell 1.6% to ₹933.10 after the financial service provider said net income in the fourth-quarter climbed 25.05% to ₹495.27 crore.
Net revenues in the quarter jumped 19.18% to ₹3,287.43 crore.
KEC International Limited
climbed 9.1% to ₹110 after the power and telecom cable maker plans to sell its 381 telecom sites in the states of Chhattisgarh, Meghalya and Mizoram to ATC Telecom Tower Corp. Pvt Ltd.
Tata Steel Limited
slid 0.1% to ₹337.30 after the steel producer reported crude steel production in the fourth-quarter slid 1.45% to 2.44 million tons and saleable steel production fell 1.68% to 2.38 million tons compare to in the same period last year.
Tata Consultancy Services Limited
slipped 2.1% to ₹2,574 after the information technology services provider said quarterly net sales rose 0.1% to ₹24,539.9 crore, while net profit decreased 1.6% to ₹5,392.10 crore.
Separately, Tata Motors rose 2% after the vehicles marker reported 9% increase in global sales in March. Sales included Jaguar Land Rover unit sales.