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Market Update

Sensex in India Extends Losses; ABB, Biocon, Wipro Net Rise


Author: Mukesh Buch
ticker.com
Last Update: 12:48 PM ET July 24 2015

6:00 PM Mumbai Market indexes on Dalal Street extended losses for the second day. Wipro said quarterly profit rose 4% on 10% increase in revenues. ABB India and Biocon net soared. Axis Bank profit jumped 19%. GAIL net plunged 32%. United Spirits net swung to profit.

Market indexes in Mumbai extended losses for the second day after the government struggled to pass Goods and Services Tax in Rajya Sabha and weaker-than-expected quarterly results also dragged market sentiment.

Wipro declined more than 3% after earnings failed to impress analysts and ICICI Bank led the decliners in the Sensex index ahead of earnings next week.

Rupee weakened 28 paisa to 64.04 against one U.S. dollar.

The Sensex Index dropped 258.53 or 0.9% to close at 28,112.31. The CNX Nifty slipped 68.25 or 0.8% to 8,521.55.

For the week, Sensex Index slipped 1.2% and CNX Nifty decreased 0.9%.

Gainers & Losers

ABB India Limited dropped 2.9% to ₹1,368.40 after net in the second-quarter climbed 20.5% to ₹57.45 crore.

Total revenues in the quarter rose 6% to ₹1,932.64 crore.

In the quarter, the company reported new order flows declined 6.1% to ₹1,895 crore.

Axis Bank Limited edged down 0.5% to ₹580.95 after net in the first-quarter jumped 18.8% to ₹1,078.44 crore.

Total revenues in the quarter climbed 22.6% to ₹12,234.41 crore.

Gross non-performing assets ratio in the quarter slightly increased to 1.38% compared with 1.34% in March and 1.34% in the same period last year.

The ratio of net non-performing assets in the quarter edged up to 0.48% from 0.44% in March and 0.44% in a year ago period.

Biocon Limited increased 1.7% to ₹466.15 after net in the first-quarter soared 22.7% to ₹126.24 crore.

Net revenues in the quarter climbed 15.4% to ₹856.51 crore.

GAIL (India) Limited dropped 2.3% to ₹361.05 after net in the first-quarter plunged 31.7% to ₹424.14 crore.

Net revenues in the quarter slipped 6.7% to ₹12,643.86 crore.

Rallis India Limited plunged 7.1% to ₹234.70 after net in the first-quarter declined 10.5% to ₹36.98 crore.

United Spirits Limited climbed 5.5% to ₹3,788.15 after net in the first-quarter swung to profit ₹19.92 crore compared to a loss of ₹61.83 crore in the same period last year.

Net revenues in the quarter advanced 10.7% to ₹2,020.11 crore.

Wipro Limited declined 3.7% to ₹566.45 after information technology services provider said net in the first-quarter increased 4% to ₹2,190 crore.

Total revenues jumped 10% to ₹12,240 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