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Market Update

Rupee Extend Loss in Asia-wide Currency Decline, ONGC Net Jumps

Author: Mukesh Buch
Last Update: 10:14 AM ET August 13 2015

6:00 PM Mumbai Oil & Natural Gas Corp said quarterly profit jumped 14% on 4% increase in revenues. Abbott India net soared 34%. Aurobindo net rose 4%. Nalco net plunged 40%. Coal India net fell 7%. RInfra net slipped 12% but revenues rose 5%. Tata Power net swung to profit.

Stocks in Mumbai traded higher after two days of decline in choppy trading and rupee dropped to a new low as currencies in Asia continue to slide after China weakened the yuan for two days in a row.

Chinese policy makers have advocated that the recent devaluation of 3.5% over the last two trading days should be extended to 10% to help exporters and sustain economic growth.

China has essentially pegged the currency to the U.S. dollar and in the year so far before the devaluation the yuan had appreciated 14% against the euro and other emerging market currencies reflecting the rise of the U.S. dollar.

Sugar makers rose after the central government extended deadline to repay loans issued with fewer conditions and at a discounted interest rates.

Balrampur Chini Mills climbed 5.4%, while Bajaj Hindusthan gained 6.2%. Shree Renuka Sugars advanced 2.2% and Dhampur Sugar jumped 3.9%.

Telecom stocks gain as the government on Wednesday allowed companies to share airwaves in the same band to reduce call drops, but did not allow leasing of spectrum.

Bharti Airtel gained 4.1%, Idea Cellular jumped 2.6% and Reliance Communications Ltd increased 3.5%.

Rupee weakened 33 paisa to 65.10 against one U.S. dollar.

The Sensex Index rose 37.27 to close at 27,549.53. The CNX Nifty added 6.40 to 8,355.85.

Gainers & Losers

Abbott India Limited climbed 6.3% to ₹4,802.75 after healthcare products maker said net in the first-quarter soared 34.6% to ₹68.56 crore.

Net sales in the quarter climbed 20.8% to ₹623.28 crore.

Aurobindo Pharma Ltd decreased 1.1% to ₹736.15 after the natural and ayurvedic medicine maker said net in the first-quarter increased 4.1% to ₹432.40 crore.

Net revenues in the quarter jumped 14.1% to ₹3,320.40 crore.

Crompton Greaves Limited edged up 0.4% to ₹183.10 after the electrical products maker secured orders worth ₹300 crore from Power Grid at various substations across India.

Coal India Limited rose 1.5% to ₹377.10 after net in the first-quarter slipped 6.7% to ₹3,764.35 crore.

Net revenues in the quarter fell 4.9% to ₹20,965.20 crore.

Max India Limited slid 0.5% to ₹554 after net in the first-quarter tumbled 69.7% to ₹24.59 crore.

Total revenues in the quarter plunged 59.8% to ₹45.63 crore.

National Aluminium Company Limited declined 9.7% to ₹33.10 after the aluminium producer said net in the first-quarter plunged 39.7% to ₹163.44 crore.

Net revenues in the quarter dropped 13.3% to ₹1,622.03 crore.

Nucleus Software Exports Limited surged 14.1% to ₹292 after the software developer announced a partnership with the U.S.-based Microsoft Corporation.

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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