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Market Update

Sensex in Mumbai Plunges 4%; Jain Irrigation, MMTC, United Breweries in Focus


Author: Mukesh Buch
ticker.com
Last Update: 12:30 PM ET August 16 2013

6:00 PM Mumbai – Gujarat Fluoro net and sales tumbled. Jain Irrigation loss widened. Kingfisher net loss widened and accumulated to Rs 17,180.37 crore. Nalco profit plunged 28.4% as revenue declined. Renuka Sugars net swung to loss. Whirlpool net and sales dropped.

The Sensex Index plummeted 769.41 or 4% to close at 18,598.18 The CNX Nifty plunged 234.45 or 4.1% to close at 5,507.85. For the week, Sensex slid 0.4%.

Gainers & Losers

Gujarat Fluorochemicals Limited plummeted 7.5% to Rs 207.95 after consolidated net profit in the first quarter plunged 68.8% to Rs 55.36 crore and net revenues tumbled 14.5% to Rs 682.68 crore.

Jain Irrigation Systems, Ltd dropped 7.8% to Rs 50 after the consolidated net loss in the first quarter widened compared to Rs 48.74 crore a year ago period.

Sales in the quarter surged 14.5% to Rs 965.81 crore.

JK Tyre & Industries Ltd. slipped 2.4% to Rs 90.05 after consolidated net profit in the first quarter soared more than two-fold to Rs 55.26 crore and net sales jumped 3.3% to Rs 1,866.94 crore.

The tyre maker said operating profit for the quarter surged 48% to Rs 238 crore.

Kingfisher Airlines Ltd plunged 5% to Rs 3.82 after net loss in the first quarter widened to Rs. 1,156.91 crore from Rs.650.78 crore a year earlier.

For the quarter, the company reported no revenue.

Airline’s total losses now accumulated to Rs.17,180.37 crore, as it already have banks debt of Rs 7,000 crore and Rs 8,000 crore to other lenders.

MMTC Limited declined 5% to Rs 49.70 after net profit in the first quarter dropped 50.1% to Rs 6.02 crore and revenues soared 68.6% to Rs 8,823.20 crore.

National Aluminium Company Limited plummeted 5.4% to Rs 26.10 after net profit in the first quarter plunged 28.4% to Rs 159.70 crore and net sales declined 10.6% to Rs 1,536.54 crore.

Net income from operations in the quarter dropped 11% to Rs.1,536.54 crore from Rs.1,718.30 crore.

Income from aluminium segment slumped 18% to Rs.1,022.77 crore and income from chemicals segment slid 2% to Rs.741.26 crore. Income from electricity segment tumbled 18% to Rs.423.85 crore.

Sundram Fasteners Limited declined 4% to Rs 32.75 after net profit in the first quarter dropped 5.7% to Rs 29.45 crore and net sales plunged 9.7% to Rs 515.30 crore.

Shree Renuka Sugars Limited tumbled 6.5% to Rs 15.80 after the company reported net in the first quarter swung to a loss Rs 63.60 crore compared to a net profit of Rs 13.30 crore.

For the quarter, net sales surged 30.6% to Rs 1,937.40 crore.

Subex Limited climbed 3.8% to Rs 5.93 after the company said consolidated net in the first quarter swung to profit Rs 7.42 crore compared to loss of Rs 5.09 crore in the same quarter last year.

Tecpro Systems, Ltd dropped 5.8% to Rs 30 after company reported consolidated net in the first quarter swung to a loss Rs 60.06 crore from net profit of Rs 7.04 crore.

For the quarter, net sales declined 45% to Rs 306.57 crore.

United Breweries Limited slumped 4.9% to Rs 721 after net profit in the first quarter climbed 22.6% to Rs 120.96 crore and net sales jumped 9.9% to Rs 1,208.33 crore.

Whirlpool of India Limited dropped 3.6%s to Rs 164 after net profit in the first quarter plunged 23.18% to Rs 49.59 crore and sales slid 2.9% to Rs 973.56 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