Infrastructure Stocks Power India Rally; Tata Motors, M&M Net Fall
6:00 PM Mumbai – Infrastructure builders led by road contractors power India stocks rally. Tata Motors said quarterly profit plunged 48%. BHEL net tumbled 83%. M&M profit fell 3%. Future Retail net plunged 93% but revenues surged 23%.
Stocks in Mumbai trading reacted to earnings release and road construction stocks extended weekly gains.
Transportation Ministry said it plans to accelerate the road construction pace to 30 kilometers a day from the current rate of 13 kilometers a day.
The road construction has picked up steam after Modi government took over administration from 3 kilometers a day in 2014. The ministry said it plans to complete 8,000 kilometers in the current fiscal year ending in March 2016 and plans to finish 20,000 kilometers in three years.
India has second largest road network with 4.8 million kilometres of roads, trailing the U.S. network of 6.6 million but slightly ahead of 4.6 million in China.
Rupee weakened 5 paisa to 63.81 against one U.S. dollar.
The Sensex Index fell 61.74 to close at 28,236.39. The CNX Nifty slid 24.08 to 8,564.60.
For the week, Sensex Index and CNX Nifty rose 0.5%.
Gainers & Losers
Arvind Limited slipped 1.6% to ₹304.80 after net in the first-quarter plunged 35.9% to ₹58 crore.
Net revenues in the quarter increased 6% to ₹1,877 crore.
Bharat Heavy Electricals Limited plunged 5.8% to ₹265.80 after net in the first-quarter tumbled 82.5% to ₹33.89 crore.
Net revenues in the quarter slipped 11.8% to ₹4,854.07 crore.
The Bombay Dyeing and Manufacturing Company Limited declined 5.7% to ₹81.75 after net loss in the first-quarter narrowed to ₹53.37 crore compared to ₹53.63 crore in the same period last year.
Total revenues in the quarter plunged 27% to ₹404.71 crore.
Coal India Limited dropped 3.6% to ₹415.55 after the coal producer plans to invest ₹13,900 crore to increase production capacity to 908 million tons by 2019-20.
Future Retail Limited slipped 1.7% to ₹126.25 after net in the first-quarter plunged 90.8% to ₹6.10 crore.
Net sales in the quarter surged 22.9% to ₹2,846.84 crore.
Grasim Industries Limited increased 1.5% to ₹3,808 after net in the first-quarter slid 0.4% to ₹485 crore.
Net revenues in the quarter gained 7% to ₹8,599 crore.
Neyveli Lignite Corporation Limited climbed 5.6% to ₹89.65 after net in the first-quarter advanced 9.83% to ₹366.90 crore.
Total revenues in the quarter soared 19.9% to ₹1,965.79 crore.
Mahindra & Mahindra Ltd edged down 0.4% to ₹1,387.65 after the tractor maker said net in the first-quarter fell 3.4% to ₹852.20 crore.
Net revenues in the quarter decreased 3.5% to ₹9,999.58 crore.
Mangalore Chemicals & Fertilizers Ltd dropped 2.6% to ₹59.10 after net loss in the first-quarter widened to ₹211.56 crore compared to ₹9.76 crore a year ago period.
Net sales in the quarter soared 79.7% to ₹774.66 crore.
Praj Industries Limited plunged 6.2% to ₹102.80 after net in the first-quarter surged 108.9% to Rs 5.18 crore.
Net revenues in the quarter jumped 13% to ₹192.50 crore.
Tata Motors Limited advanced 2.5% to ₹392.55 after net in the first-quarter declined 48% to ₹2,770 crore.
Net revenues in the quarter decreased 5.7% to ₹61,020 crore
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc