The Bombay Stock Exchange's Sensitive Index rose for a third day today. ICICI Bank, the nation’s second-largest by assets, advanced after its rating was raised by Goldman, Sachs & Co on improving earnings.
ICICI jumped to the highest in almost four months. Ranbaxy Laboratories, the nation’s largest drugmaker, dropped after it posted a loss for the third straight quarter as sales fell in the US and it forecast loss for the year.
The Sensex rose 0.4 per cent to 11,371.85. The S&P CNX Nifty Index on the National Stock Exchange fell 0.3 per cent to 3,470. The BSE 200 Index dropped less than 0.1 per cent to 1,343.73. Nifty futures for April delivery declined 0.5 per cent to 3,465.
ICICI surged 8.2 per cent to Rs 467.95, the highest since January 7. Net income fell 35 per cent to Rs 744 crore ($149 million) in the three months ended March 31, higher than the Rs 730 crore median estimate of analysts surveyed by Bloomberg. The stock was raised to "buy" from "neutral" at Goldman Sachs, which said ICICI’s fundamentals were improving.
"The core earnings have improved even though treasury income was lower," said Jayesh Shroff, who helps manage $5.5 billion in assets at SBI Asset Management Company in Mumbai. "That’s encouraging."
Cipla, India’s second-largest drugmaker by value, added 1.5 per cent to Rs 244. The stock rose after fourth-quarter profit climbed 41 per cent to Rs 253 crore.
The company also said it could supply 1.5 million doses of generic Tamiflu drugs to help fight an outbreak of swine flu within four to six weeks.
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Jaiprakash Associates gained 3.5 per cent to Rs 130.30. India’s biggest dam builder said profit in the quarter ended March 31 rose 83 per cent to Rs 385 crore. That beat the Rs 195 crore median profit estimate in a Bloomberg survey.
Ranbaxy fell 4.7 per cent to Rs 167.65. The net loss for the first quarter was Rs 761 crore compared with a profit of Rs 137 crore a year earlier. That’s wider than the Rs 18.1 crore median estimate in a survey after the company booked Rs 919 crore in losses on foreign-currency options.
The company expects to post a loss of about Rs 800 crore in 2009 on full-year sales of Rs 7,000 crore, according to an e-mailed statement. Ranbaxy shares were downgraded by Citigroup and Credit Suisse.
Overseas funds bought a net Rs 312 crore of Indian stocks on April 23, according to the nation’s market regulator.
Aban Offshore dropped 8.9 per cent to Rs 442.60 after it reported a loss of Rs 93.04 crore in the fourth quarter, compared with a profit of Rs 33.92 crore a year earlier.
Ballarpur Industries fell 5.1 per cent to Rs 16.75. India’s biggest paper maker said profit in the three months ended March 31 dropped 76 per cent to Rs 17.89 crore. The company will buy back bonds worth $60 million.
Indiabulls Real Estate declined 11 per cent to Rs 130.75. The company plans to raise as much as $600 million or its Indian rupee equivalent selling shares to institutions.
Raymond fell 3.9 per cent to Rs 90.15. India’s biggest maker of woolen fabrics reported a loss of Rs 239 crore in the fourth quarter, compared with a profit of Rs 26.97 crore a year ago.
Wockhardt slid 5.4 per cent to Rs 97.10. The drugmaker reported a loss of Rs 20.24 crore in the fourth quarter ended March 31, compared with a profit of Rs 50.9 crore a year ago.