6:00 PM Mumbai – Sensex on the first day of fiscal year traded higher as foreign and domestic investors commit additional capital to stocks. Dr.Reddy''s Lab plans to acquire Belgian-based UCB SA’s brands in India for ₹800 crore. Maruti Suzuki total sales in March fell 1.6%. L&T won an order worth ₹5,580 crore from NTPC.
Stocks in Mumbai surged on the first day of fiscal year as investors’ committed new risk capital and looked for market advance.
However, corporations are struggling with heavy debt loads and weak earnings and earnings in the current calendar year are not expected to grow faster than 3%.
Rupee decreased 16 paisa 62.83 against one dollar.
The Sensex Index climbed 302.65 or 1.1% to close at 28,260.14. The CNX Nifty rose 95.25 or 1.1% to 8,586.25.
Gainers & Losers
eClerx Services Limited
rose 1.7% to ₹1,616.40 after the outsourcing service provider agreed to buy Italy-based CLX Europe SpA for €25 million.
Dr.Reddy''s Laboratories Ltd
advanced 1.7% to ₹3,545 after the drug maker plans to acquire Belgian-based UCB SA’s brands in India for ₹800 crore or $128.38 million.
Kalpataru Power Transmission Ltd
jumped 3.5% to ₹227.85 after the transmission and distribution systems provider secured orders of ₹835 crore from Africa.
Maruti Suzuki India Limited
decreased 1.5% to ₹3,642.55 and the largest automaker reported total sales in March fell 1.6% to 111,555 units compared to 113,350 units in the same period last year.
The company added domestic sales rose 1.4% to 103,719 units and exports declined 29.3% to 7,836 units in the same period a year ago.
For the fiscal year, sales at Maruti climbed 11.9% to 12,92,415 units compared to 11,55,041 units in the same period in the previous year.
And, exports in the fiscal year soared 20.1% to 121,713 units compared to 101,352 units in the same period last year.
Larsen & Toubro Limited
rose 0.9% to ₹1,734.20 after the engineering infrastructure maker won an ultra-supercritical thermal power plant order worth ₹5,580 crore from NTPC.
Tata Steel Limited
climbed 2.3% to ₹324 and the steel producer sold its entire stake in Sri Lanka-based subsidiary for around ₹20.40 crore in an all cash deal.