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Indian stock markets tumble lower
Tue, 12 May 01:30 pm

The Indian stock markets slipped further into the red in the post noon trading session. Almost all the sectoral indices are trading lower with steel and mining sectors bearing the maximum burnt.

The BSE-Sensex plunged over 566 points (2%) while the NSE-Nifty is trading lower by 180 points (2.1%). BSE Mid Cap index is trading down by 1.7% and the BSE Small Cap index is trading down by 1.5%. In the commodity markets, Gold prices are trading at Rs 26,938 levels, Silver at Rs 37,743 levels and Crude oil at Rs 3,824 price levels.

At the time of writing, the INR was trading at 64.2 to the US dollar.

Stock of consumer products are trading mixed with Lakshmi Energy and Emami Ltd being the leading losers. Hindustan Unilever (HUL), the country's largest consumer goods company, has reported a year-on-year (YoY) rise in net profit by 16.7% at Rs 10.2 bn for the quarter ended March 2015. The net profit stood at Rs 8.72 bn in the corresponding period of the last fiscal. However, the numbers for the quarter ended March 2015 are a mixed bag. While the company's sales grew 9% to Rs 75.6 bn, volume growth was 6%. The earnings were driven by the sale of real estate assets which in turn resulted in a higher tax payout that impacted adjusted earnings growth. The big positive during the quarter has been strong margin expansion on account of lower input costs which shored up gross margins by 317 basis points (3.17%). The stock of HUL is trading lower by 2%.

Textile stocks are trading in the red with Arvind Ltd and Bombay Dyeing bearing major losses. According to a leading financial daily, SRF Ltd closed FY15 with 86% YoY profit growth at Rs 3 bn, while growing revenues by 13% YoY to Rs 44.9 bn at a consolidated level. The company, during the year, has acquired the global 134a (Solkane) pharma business from DuPont India and completed first order of supply of HFC 134a cans to Walmart in US. Also the board of company had approved two separate capex proposals, one for setting up a plant at Dahej to manufacture existing range of specialty chemicals to cater to the increased demand and the other for improving the product development capability in Engineering Plastics. The aggregate investment for the same would be around Rs 540 m. The stock of SRF Ltd is currently down nearly 2.3%.

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