Shares of Suzlon surged 18 percent intraday riding on its April-June quarter. The wind turbine maker’s Q1 consolidated net profit was at Rs 1,047.41 crore from a net loss of Rs 750.74 crore in the year-ago period.
The company's total income was 2,627.71 crore in first quarter compared to Rs 4,671.99 crore year-on-year. The company said its consolidated net debt (excluding foreign currency convertible bonds) was down to Rs 7,010 crore from Rs 14,821 crore as of 31 March 2015. It has also said that it has brought down interest cost down by 36
The market is standing firm ahead of RBI monetary policy tomorrow. According to a CNBC-TV18 poll, the Reserve Bank of India is likely to stay put on rates. Governor Raghuram Rajan has always maintained that RBI rate cut decision is data dependent and with falling inflation, RBI indeed cut repo rate by 75 basis points to 7.25 percent from January through June 2015. The 50-share index is up 17.75 points or at 8550.60. The Sensex is up 91.53 points at 28206.09. About 1790 shares have advanced, 883 shares declined, and 149 shares are unchanged.
Coal India, L&T, Lupin, M&M and HDFC are among laggards while SBI, ICICI Bank, Maruti, Tata Motors and ITC are top gainers in the Sensex. Oil prices fell in Asia on persistent concerns about the global supply glut after the OPEC cartel's indication that it will not budge from its current lofty output levels, analysts said. Prices were facing downward pressure following "signs that top producers in the Middle East were continuing to pump at record levels despite a growing global glut," said Singapore's United Overseas Bank in a market commentary.
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