On the back of poor GDP growth forecast by Central Statistical Organisation (CSO) at 5% for FY13, Indian stock markets shed gains in the last two hours of trade. Heavy selling is being witnessed across all the sectors with consumer durables and metal stocks being the biggest losers.
Most of the mining stocks are trading in the red with Sesa Goa and Guj. Nre Coke being among the top losers. Manganse Ore India Limited (MOIL Limited) declared its results for the quarter ended December 2013. The company has reported a 4.7% YoY decline in net sales. The decline on the topline was largely due to poor performance in its manufacturing and power segments. The company did total production of 285,100 MT and total sales were 285,500 MT during the quarter. The operating profits improved by 4.9% YoY on back of better realization from its mining segment. Further, the power segment witnessed loss at the EBIT level. At the bottom line level, net profits increased by 11.9% YoY, while net profit margin increased by 8% YoY. The company declared an interim dividend of Rs 2 per share for the financial year 2012-13. The stock is trading down by 1.23%.
Majority of the FMCG stocks are trading in the green with Paper Products and Bata India leading in gains. Procter & Gamble Hygiene & Healthcare (PGHH) has declared its results for the quarter ended December 2012. The company recorded a 33% increase in topline led by over 45% growth in the feminine care segment and 19% rise in the personal health care segment. Cost savings from rationalization in raw material expenses and wages was more than offset by a steep 63% jump in other expenses for the quarter. Other expenses were unreasonably high on account of escalation in distribution expense, unrealized foreign exchange loss and contract termination charge of Rs 70 m. As a result the operating margin of PGHH eroded by 3.3% to 14%. Earnings grew by a muted 5.5% on a 6.8% rise in operating income. Tax incidence rose to 26% from 24% in the year-ago quarter. PGHH stock is currently down 0.8%.