Elecon Engineering soared 5% after net profit surged 85.6%. EPC Industrie Ltd surged 20% after M&M will acquire 38% stake. KRBL slumped 8% after net profit fell 12%. Reliance Infrastructure soared 9.4% after ADAG group stocks recover from the sell-off.
Stocks in Mumbai fell for the third day in a row and the benchmark index fell 0.7%. The Sensex index fell 4% in the three-day sell off. Telecom companies declined after the regulator proposed one-time fee for 2G radio spectrum that may cost industry $1.3 billion. Weekly wholesale inflation declined.
Bharat Petroleum fell 2.1% after net profit plunged 50%. Everonn Education gained 4% after net profit rose 56%. Mahindra & Mahindra surged 4% and net profit soared 57%. Reliance Infrastructure slumped 19% and Reliance Communications dropped 14%.
Stocks in Mumbai decline for the second day more than 1% and closed down 3% in two days. The inflation worries and slower economic growth has worried foreign and domestic investors. Auto sales in January soared 26% and Maruti Suzuki sales surged 14.7% in the month.
Adani Power net profit surged 50% Bharati Shipyard tumbled after net profit declined 30%. Fortis Healthcare surged after net profit rose 59%. Mundra Port fell and net profit rose 40%. Punj Lloyd tumbled 10.8% after reports of third quarter net loss.
The benchmark index in India dropped 1.4% as investors worry another round of rate hike. Mixed earnings and selling from foreign investors also weighed on investor sentiment. Adani Power and Mundra SEZ earnings rose but Punj Lloyd reported net loss.
Aurobindo Pharma declined 1.2% and net profit rose 9.8%. Borosil increased 1.3% after third quarter net profit surged three-fold. Cipla plunged 3% after quarterly profit declined 20%. Eicher Motors rose 1% after net profit more than doubled. Suzlon Energy gained 3.5 on lower than expected loss.
Stocks in Mumbai closed higher after the government confirmed the current fiscal year economic growth of 8.6%. The higher growth also comes with a sharp rise in current account deficit and a surge in inflation to above 8%. Cipla third quarter net declined 20%. Suzlon swung to quarterly loss.
ACC fell after net profit tumbled 31%. Andhra Bank raises prime lending rate by 50 basis points. Cummins India tumbled after net profit declined 6%. Engineers India reported third quarter net profit rose 10%. Spicejet fell 12%.
Stocks in Mumbai dropped sharply and Prime Minister Singh noted inflation may derail India’s high growth initiatives. Delhi Court allowed five days of questioning of former telecom minister under arrest. A. Raja is the first minister to be arrested while the ruling party is in office.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.
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