Backed by buying interest in index heavyweights, Indian share markets traded above the dotted line in the post noon trading session. Majority of the sectoral indices are trading positive with oil & gas, pharma and auto stocks being the biggest gainers. Realty, IT and metal are among a handful of stocks trading in red.
Majority of the food stocks are trading in red with Godfrey Phillips and Agro Tech Foods being the biggest losers. Britannia Industries has announced its results for the quarter ended December 2012. The company posted an 18% increase in revenues during the quarter. However, a steep rise in advertisement and promotion expenses offset the cost savings arising from easing input prices and rationalization of other expenses. As a result, the operating margin remained flat at 6.3%. At the net level, earnings grew by a muted 5.2% on account of higher depreciation and a 37% fall in other income earned during the quarter. Britannia stock is currently 1.6% up.
Most of the aluminium metal stocks are trading in red with Sterlite Industries Ltd and Hindalco being the top losers. As per a financial daily, the government is looking at divesting stake in National Aluminium Company Limited (NALCO) the largest public sector aluminium company in India to raise around Rs 14 bn (based on current market price). The government holds 87.2% stake in NALCO and would divest approx 12.5% from its current holdings. The stake sale would happen through the offer-for-sale (OFS) or auction route. Reportedly, owing to volatile markets, the company has scheduled the offer-for-sale in the beginning of the March post budget. Shares of Nalco are trading up by 0.21%.