Rupee in India at New Yearly Low; Tata Motors Net Rises, Essar Oil Net Falls
6:00 PM Mumbai – Rupee dropped to a new low in the year so far as oil price continues to hover near the high in 2015. Domestic earnings lifted market mood for selective companies. Tata Motors said net in the fourth-quarter rose 6%. Essar Oil net plunged 46%. Future Retail net and revenues surged.
In volatile trading, stocks in Mumbai closed lower, bonds were stable and Indian rupee dropped to a new low in the year so far.
Rupee closed down as traders accumulated U.S. dollar on the expectations of rising interest rates in the U.S. Federal Reserve is expected to raise rates in a gradual manner probably in the increment of 25 basis points according to several economists.
But the rupee has been on the slide in the last eight weeks of trading as oil price has rebounded 40% above $64 a barrel, high in the year so far.
Rupee weakened 42 paisa to 63.98 against one U.S. dollar.
The Sensex Index slipped 112.47 or 0.4% to close at 27,531.41. The CNX Nifty fell 30.90 or 0.4% to 8,339.35.
Gainers & Losers
Essar Oil Limited decreased 3.5% to ₹104.25 after the oil and gas explorer said net in the quarter plunged 45.8% to ₹546 crore.
Net revenues in the quarter declined 38.2% to ₹15,609 crore.
Future Retail Ltd increased 1.6% to ₹125.40 after the apparel retailer said net in the fourth-quarter surged more than five-fold to ₹10.31 crore.
Net revenues in the quarter soared 19.4% to ₹2,739.76 crore.
GMR Infrastructure, Ltd. rose 0.8% to ₹14.60 after the infrastructure developer’s subsidiary GMR Airports agreed to acquire 24.50 crore shares, representing 10% stake in Delhi International Airport.
HeidelbergCement India Limited dropped 1.9% to ₹69.05 after the cement maker said net in the first-quarter plunged 82.9% to ₹8.16 crore.
Total revenues in the quarter declined 11.9% to ₹410.20 crore.
INOX Leisure Limited decreased 1.3% to ₹152.55 after net in the quarter swung to a loss of ₹7.76 crore compared to profit of ₹3 crore in the same period last year.
Revenues in the quarter climbed 16% to ₹218 crore.
Punj Lloyd Limited increased 1.9% to ₹26.65 after the construction services provider secured road project worth ₹541.84 crore from the National Highways Authority in Bihar.
PTC India Financial Services Limited tumbled 17.3% to ₹48.35 after the financial services provider said net in the fourth-quarter plunged 66% to ₹15.81 crore.
Total revenues in the quarter surged 45.4% to ₹217.24 crore.
Tata Motors Limited slipped 1.4% to ₹498 after the truck and motor vehicle maker said net in the fourth-quarter advanced 6% to ₹4,150 crore.
Total revenues in the quarter rose 2% to ₹66,500 crore.
VA Tech Wabag Ltd. declined 4.5% to ₹743 after net in the fourth-quarter decreased 1.2% to ₹70.50 crore.
Total revenues in the quarter edged up to ₹907.73 crore.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc