The BSE-Sensex is trading higher by 46 points and NSE-Nifty is trading up by 10 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.6% and 0.9% respectively. The rupee is trading at 53.89 to the US dollar.
Retailing stocks are trading mixed with Titan Industries and Future Retail being the top gainers while Provogue (I) Limited and Trent Limited are trading weak. Titan Industries recently declared results for the fourth quarter of financial year 2013. The company reported 14.5% YoY growth in sales during the last quarter and 14.4% YoY growth in sales during the full year 2013. Segmentwise, jewellery revenue grew by 16.3% YoY, others including precision engineering, eyewear and accessories by 40% YoY and watches by just 1.5% YoY during the quarter ended March 2013. Operating profits increased by 28.7% YoY during the quarter. Operating profit margins were up by 1.1% as compared to the same quarter last year. Rise in interest costs was slightly subdued in the quarter as compared to the rise in the full 12 month period. Net profits increased by 28.2% YoY and net profit margins expanded by 0.8% during the March quarter. Titan has declared a dividend of Rs 2.1 per share which implies a dividend yield of 0.8%.
Automobile stocks are trading strong led by Tata Motors and Mahindra & Mahindra. As per a leading daily, sales of Tata Motors' Nano have been falling amid economic slowdown. The automobile company managed to sell just 948 units in April this year as compared to 8,028 units sold in April last year. For the full year, Tata Motors witnessed a fall of 27.75% in Nano's sales in FY13 at 53,848 units compared to 74,527 units in 2011-12. Also, the exports amounted to just 166 units as against 3,462 units in the previous year. However, for Tata Motors, Nano is not the only model that is witnessing declining sales. The entire range of vehicles produced by the Tata group company is facing tough times in line with the peers in the automobile industry. We may note here that car sales were down 6.7% in 2012-13, which is the first fall in a decade's time.