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Market Update

Sensex Drops to 4-Month Low on Third Weekly Decline

Author: Mukesh Buch
Last Update: 8:39 AM ET April 30 2015

6:00 PM Mumbai The benchmark index in India declined for the third week in a row. Axis Bank net climbed 18% on 22% increase in revenues. Biocon net soared 78%. Exide Industries net and revenues rose. TVS Motor net surged 74%.

Market indexes in India and rupee fell for the third week in a row and the Sensex dropped to a four-month low after weak economic growth in the U.S. and weaker-than-expected domestic corporate earnings.

Rupee weakened 18 paisa to 63.47.

The Sensex Index declined 214.62 or 0.8% to close at 27,011.31. The CNX Nifty decreased 58.25 or 0.7% to 8,181.50.

For the week, the Sensex Index plunged 2.4% and for the month tumbled 3.2% and for the week the CNX Nifty declined 2.3% and for the month plummeted 3.4%.

Gainers & Losers

ALSTOM India Limited declined 3.3% to ₹714.05 after the power generation equipment maker said net in the fourth-quarter tumbled 60.8% to ₹71.93 crore.

Net revenues in the quarter declined 18.7% to ₹848.09 crore.

Aptech Limited climbed 4.7% to ₹61.75 after the information technology services provider said net in the fourth-quarter plunged 54.52% to ₹4.93 crore.

Sales in the quarter fell 3.71% to ₹46.26 crore.

Axis Bank Limited jumped 2.7% to ₹567.85 after the financial services provider said net in the fourth-quarter climbed 18.4% to ₹2,180.59 crore.

Total revenues in the quarter soared 21.7% to ₹12,384.39 crore.

The ratio of net non-performing assets in the bank slightly increased to 0.44% from 0.4% in the same period last year.

The bank said its board approved to raise foreign institutional shareholding limit to 74% from 62% earlier.

Biocon Limited advanced 2.3% to ₹452.90 after the biopharmaceutical products maker said net in the fourth-quarter surged 78% to ₹201 crore.

Net revenues in the quarter climbed 15% to ₹830 crore.

Exide Industries Limited dropped 5.6% to ₹171.20 after the automotive and electric batteries maker said net in the fourth-quarter rose 4.12% to ₹137.59 crore.

Total revenues increased 1.99% to ₹1,657.47 crore.

Hexaware Technologies Limited plunged 9.1% to ₹281.05 after the software developer said net in the first-quarter climbed 18.56% to ₹83.35 crore.

Net sales in the quarter soared 21.15% to ₹713.23 crore.

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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