India’s Bombay Stock Exchange Sensitive Index, or Sensex, retreated 1 percent to 17,927.56, sliding below the 18,000 mark for the first time since June 24. The BSE200 Index dropped 1.1 percent to 2,218.01.
Bank of Baroda (BOB) Ltd dropped 2.1 percent to 849.50 rupees, set for the lowest close since June 23. The lender’s Tanzanian unit said second-quarter profit declined after impairments on loans and advances increased.
DLF Ltd. (DLFU) , the nation’s biggest developer, sank 4.5 percent to 217.45 rupees, headed for the steepest drop since April 18. DLF reported first-quarter profit that fell 13 percent from a year earlier to 3.58 billion rupees ($81 million) as construction costs rose. That’s lower than the 3.95-billion rupee average of 19 estimates compiled by Bloomberg.
Gati Ltd. (GTIC) rose 1.7 percent to 68.60 rupees, poised for its biggest gain in a week. Private equity firm Apollo Global Management is in talks with the Indian surface cargo services provider for $100 million investment, the Times of India reported, without saying where it got the information.
MMTC Ltd. (MMTC) retreated 1.5 percent to 865 rupees, on course for the lowest close since May 2009. The nation’s biggest state-run trading company said profit in the three months ended June 30 fell to 64.7 million rupees from 552.3 million rupees a year earlier.
Power Grid Corporation of India Ltd. (PWGR IN) declined 1.6 percent to 106.20 rupees, set for the steepest drop in a week. The nation’s biggest transmission company said profit for the three months ended June 30 rose to 7.05 billion rupees from 7.03 billion rupees a year earlier, missing the average analyst estimate of 7.11 billion rupees.
Tata Metaliks Ltd. (TML) , a pig iron manufacturer, plummeted 8.1 percent to 84.05 rupees, headed for the lowest close since Aug. 20, 2009. Tata Metaliks will shut its plant at Redi, near Goa, within a week, the Economic Times reported, citing Managing Director Harsh Jha, as the company is facing a shortage of iron ore supply from the Bellary district of Karnataka after the Supreme Court ordered mining to be stopped there.
United Breweries Holdings Ltd. (UB) , the owner of India’s biggest beer brand, tumbled 2.8 percent to 126.30 rupees after reporting first-quarter profit dropped to 18.8 million rupees from 77.7 million rupees a year earlier.
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