Sensex declines; Infosys falls as Bharat Heavy advances

Sensex declines; Infosys falls as Bharat Heavy advances
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First Published: Mon, Jan 29 2007. 02 42 PM IST
Updated: Mon, Jan 29 2007. 02 42 PM IST
Mumbai: The Bombay Stock Exchange (BSE) benchmark sensex fell from a record. Infosys Technologies Ltd. led software exporters lower as some investors judged the recent gains excessive relative to earnings prospects.
“Software stocks ran up after their earnings earlier this month; investors are now taking a breather as there is no fresh trigger for the stocks near term,” said Sandeep Neema, who helps manage about $100 million in assets at J.M. Financial Mutual Fund in Mumbai.
Bharat Heavy Electricals Ltd., the nation’s biggest maker of power equipment, gained after posting a higher-than-expected third-quarter profit as its factories ran at full capacity.
The sensex slid 33.69, or 0.2 % to 14,249.03 as of 12:14 pm (local time).
The National Stock Exchange’s (NSE) S&P CNX Nifty fell 14, or 0.3% to 4133.70. The markets were closed on January 26 for a public holiday.
The Bombay stock exchange’s 10-member technology index, BSE IT Index, gained 3.9% since Jan. 11 after Infosys Technologies reported earnings.
Infosys, the country’s second-biggest software exporter, fell Rs.10.45 , or 0.5 % , to 2,230.9. The shares climbed 2.7% since it reported earnings on Jan. 11. Satyam Computer Services Ltd., India’s fourth-largest software exporter, slid Rs. 4.9 , or 1% , to 471.6.
Wipro Ltd., India’s third-biggest software-services exporter, declined Rs . 12.3 , or 1.9 %, to 638.1. Tata Consultancy Services Ltd., India’s largest software-exporter, fell Rs. 11.2 , or 0.9% , to 1,302.7.
Bharat Heavy rose Rs. 51.55 , or 2.1% , to 2,499.9. Net income rose to Rs. 68 billion ($151 million) in the three months ended Dec. 31, the company said on Jan. 25 after the close of markets. Six analysts had forecast profit at Rs. 5.71 billion . Sales gained 32 % to Rs. 43.4 billion .
Bharat Heavy will give one free share for each held, and pay a mid-year dividend of Rs. 12.50 a share, the company said.
Overseas investors bought a net Rs.1.73 billion ($38.7 million) worth of Indian shares on Jan. 24, according to the latest figures posted on the Securities & Exchange Board of India’s (SEBI) web site.
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First Published: Mon, Jan 29 2007. 02 42 PM IST
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