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Market Update

Sensex in India Declines 1.3%, Rupee Slides Following Yuan Devaluation

Author: Mukesh Buch
Last Update: 9:05 AM ET August 12 2015

6:00 PM Mumbai – Sun Pharma said quarterly profit plunged 60% but Cadila Healthcare surged 47%. Aditya Birla net soared 50%. Ashok Leyland net swung to profit. IDBI Bank net climbed 27%. NMDC profit declined 47%.

Market indexes in Mumbai plunged for the second day in a row following an Asia-wide correction after China devalued yuan by 2%.

The rupee continued its downward spiral against the US dollar amid dollar demand from importers as traders adjusted to a new range for the Indian currency against the dollar following Tuesday’s devaluation of the yuan by the People’s Bank of China.

The rupee was trading at 64.82 per dollar, down 0.95% from its previous close of 63.20, a level last seen in September 2013 when the rupee was recovering from the record low of 68.82.

Rupee weakened 57 paisa to 64.76 against one U.S. dollar.

The Sensex Index declined 353.83 or 1.3% to close at 27,512.26. The CNX Nifty slipped 112.90 or 1.3% to 8,349.45.

Gainers & Losers

Aditya Birla Nuvo Limited edged down 0.5% to ₹2,226.30 after the conglomerate reported profit in the first-quarter surged 50.4% to ₹396.66 crore.

Net sales in the quarter jumped 9.4% to ₹6,704.86 crore.

Ashok Leyland Limited increased 1.6% to ₹88.25 after net in the first-quarter swung to profit of ₹159.32 crore compared to a loss of ₹47.95 crore.

Net revenues in the quarter surged 55% to ₹3,841 crore.

Cadila Healthcare Limited climbed 5.2% to ₹2,017.30 after the drug maker said net in the first-quarter soared 47.1% to ₹353.39 crore.

Net revenues in the quarter surged 22.4% to ₹2,521.48 crore.

IDBI Bank Limited declined 4.2% to ₹62.30 after net in the first-quarter climbed 27% to ₹135 crore.

Net revenues in the quarter gained 9.2% to ₹7903 crore.

The bank added gross non-performing assets in the quarter increased to 6.64% from 5.64% a year ago.

KEC International Limited slid 0.9% to ₹145.80 after infrastructure developer won new orders of about ₹838 crore in transmission & distribution and cables businesses.

Nestle India Limited fell 1.9% to ₹6,184.70 after the consumer products maker said that the government has filed a legal claim of ₹640 crore in damages for alleged malpractices in the sale and marketing of Maggi noodles.

NMDC Limited declined 3% to ₹99.90 after net in the first-quarter tumbled 47.3% to ₹1,010.12 crore.

Total revenues in the quarter plunged 42.9% to ₹2,295.17 crore.

Sun Pharmaceutical Industries Ltd advanced 2.9% to ₹866.25 after the generic pharmaceutical products maker said profit in the first-quarter plunged 60.2% to ₹478.96 crore.

Net sales in the quarter increased 5.2% to ₹6,862.96 crore.

TRF Limited dropped 2.3% to ₹369.80 after the company secured an order worth ₹73.90 crore from BHEL ISG Bangalore.

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