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Market Update

State Bank of India Drops on Rising Bad Loans, Tata Steel Sales Fall 15%


Author: Mukesh Buch
ticker.com
Last Update: 1:30 PM ET August 11 2015

6:00 PM Mumbai State Bank of India said quarterly profit and revenues jumped 10% and bad loans surged but said outlook is improving. Adani Enterprises revenues declined 9%. Tata Steel profit more than doubled while revenues slipped 15%. Bosch net rose 12%. Power Grid Corp net climbed 20%.

Stocks in Mumbai traded lower and banks led the decliners after State Bank of India reported widening loan loss ratio.

The largest bank in India said gross loan loss ratio increased marginally to 4.29% from 4.25% in the prior quarter and new bad loans increased to ₹7,318 crore from ₹4,769 crore in the prior period.

Rupee weakened 32 paisa to 64.19 against one U.S. dollar.

The Sensex Index dropped 235.63 or 0.8% to close at 27,866.09. The CNX Nifty decreased 63.25 or 0.7% to 8,462.35.

Gainers & Losers

Adani Enterprises Limited increased 1.4% to ₹92.60 after the oil and gas explorer said profit in the first-quarter soared 43% to ₹380 crore.

Total revenues in the quarter slipped 9% to ₹11,275 crore.

Apollo Tyres Ltd plunged 12.5% to ₹182.95 after the largest tyre maker said net in the first-quarter climbed 27.5% to ₹290.59 crore.

Net revenues in the quarter jumped 12.3% to ₹2,870.78 crore.

Bosch Limited advanced 2.2% to ₹26,566.40 after net in the first-quarter jumped 12.1% to ₹343.74 crore.

Net sales in the quarter advanced 8.3% to ₹2,664.52 crore.

Chennai Petroleum Corporation Limited surged 17.4% to ₹240.75 after net in the first-quarter soared 81% to ₹923.51 crore.

Net sales in the quarter climbed 30.3% to ₹9,051.43 crore.

Engineers India Limited declined 6.5% to ₹220.35 after net in the first-quarter tumbled 29.4% to ₹56.80 crore.

Net revenues in the quarter advanced 9% to ₹459.15 crore.

Gujarat Mineral Development Corporation Limited dropped 3% to ₹86.90 net in the first-quarter plunged 43.7% to ₹73.55 crore.

Total revenues in the quarter declined 25.3% to 316.60 crore.

Housing Development and Infrastructure Limited slipped 1.4% to ₹87.05 after net in the first-quarter increased 2.9% to ₹59.24 crore.

Net revenues in the quarter advanced 6.4% to ₹272.51 crore.

Power Grid Corporation of India Limited edged down 0.3% to ₹137.65 after net in the first-quarter soared 20.2% to ₹1,366.51 crore.

Net revenues in the quarter climbed 17.5% to ₹4,787.96 crore.

State Bank of India declined 4.9% to ₹269.30 after net in the first-quarter jumped 10.3% to ₹3,692.43 crore.

Net revenues in the quarter advanced 9.8% to ₹44,730.87 crore.

After the release of the results, the State Bank stock extended year-to-date loss to 14%.

Tata Steel Limited plunged 5.5% to ₹246.90 after the largest steel maker said profit in the first-quarter surged 126.4% to ₹762.96 crore.

Net sales in the quarter declined 15% to ₹36,643.35 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