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Indian stock markets open in green
Tue, 24 Jan 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in Indonesia (up 0.4%) and Japan (up 0.3%) are in the green. The Indian stock markets have opened the day on a firm note. Stocks in the capital goods and consumer durables space are leading the gains.

The BSE-Sensex is trading higher by 54 points (0.3%) and the NSE-Nifty is higher by around 18 points (0.4%). Mid cap and small cap stocks have opened on a firm note, with the BSE Mid cap and BSE Small cap indices up by 0.4% and 0.5% respectively. The rupee is trading at Rs 50 to the US dollar.

Cement stocks have opened the day on a firm note with Shree Cement and Ambuja Cement in the green. Shree Cement has announced its financial results for the quarter and nine month period ended December 2011 (3QFY12 & 9MFY12). The company reported sales of Rs 12,586 m, a rise of 61% YoY. Operating profit surged by 111% YoY to Rs 3,324 m as operating margins improved from 20.2% in 3QFY11 to 26.4% in 3QFY12. The interest expenses increased 81.7% YoY during the quarter. Depreciation charges went up by 78.9% YoY on account of commissioning of a power plant. At the bottom line level, net profits rose by 115.3% YoY to Rs 592 m. Net margins improved from 3.5% in 3QFY11 to 4.7% in 3QFY12.

FMCG stocks have opened the day on a firm note with Hindustan Unilever Ltd and ITC in the green. Godrej Consumer Products Ltd. has announced its third quarter results of financial year 2011-2012. The company has reported a 20% YoY growth in sales and 13.7% YoY rise in net profit. The growth in sales was led by over 29% YoY jump in revenues of both household insecticides and soap segments. The hair colour segment sales saw a relatively muted increase of 9% during the quarter. Backed by cut in advertisement & promotion expenses and controlled rise in staff costs, the company has managed to offset higher input costs and other expenditure and maintain its operating margin at 20.5%. The company's net profits increased by a relatively slower 13.7% YoY due to a steep 173% YoY jump in interest cost and foreign exchange loss of Rs 75 m incurred during the quarter as compared to exchange gain of Rs 4.8 m in the year-ago quarter.

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