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Market Update

Reliance Industries Net Surges 24%, Tata Power Wins Tariff Hikes

Author: Mukesh Buch
Last Update: 8:23 AM ET April 16 2013

6:00 PM Mumbai CMC fourth quarter net edged up. Shares of two gold loan companies dropped more than 9%. Reliance Industries said fourth quarter net profit surged 24% Power regulator approved Tata Power to lift power tariff in five states.

The Sensex Index climbed 387.13 or 2.1% to close at 18,744.93 The CNX Nifty jumped 120.55 or 2.2% to close at 5,688.95.

Gainers & Losers

CMC Limited slipped 1.3% to Rs 1,391.40 after the consolidated net profit in the fourth quarter rose 0.5% to Rs 61.33 crore.

Muthoot Finance Limited plunged 9.4% to Rs 118.95 and Manappuram Finance, Ltd. tumbled 9.8% to Rs 15.70 after gold price plunged more than 10%.

Minda Industries Limited climbed 4.9% to Rs 150 after the company acquired Spain based Clarton Horn S.A.U. from PMAn Domestic AG Germany for a consideration of 6.8 million.

Malwa Cotton Spinning Mills Limited closed unchanged at Rs 9 after the company reported fourth quarter net loss widened to Rs 51.40 crore.

Network 18 Media & Investments Limited rose 2.4% to Rs 31.50 after the television channels operator plans to raise capital through high yield bonds that offers 11% interest rate.

Reliance Industries Limited gained 1.4% to Rs 804.50 after net profit in the fourth quarter surged 23.9% to Rs 5,502 crore.

Sadbhav Engineering Limited jumped 2% to Rs 115.65 after the company secured contract for Rs.132.95 crore from department of irrigation, Uttar Pradesh.

Tata Power Company Limited climbed 2% to Rs 96.05 after the regulator offered the company to hike power tariff in five states.

Valecha Engineering Limited increased 1.9% to Rs 46.75 after the company received road project valued Rs. 195.73 crores in the state of Uttar Pradesh.

Wipro Limited rose 0.4% to Rs 381.70 and the company promoter plans to lower his stake in the company.

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