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Indian share markets open in the red
Wed, 14 May 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Singapore (up 1.1%) and Indonesia (up 0.9%) leading the gains. However, the stock markets in Japan have opened in the red (down 0.2%). The Indian share markets have opened the day on a weak note. The sectoral indices have opened mixed with stocks in auto and capital goods space leading the losses. However, stocks in realty and metal space were leading the gains.

The Sensex today is down by around 18 points (0.1%), while the NSE-Nifty is down by about 2 points (0.03%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.6% each. The rupee is currently trading at Rs 59.48 to the US dollar.

Energy stocks have opened on a mixed note with Castrol India Ltd and Indian Oil Corporation Ltd (IOCL) leading the losses. However, Jindal Drill Ltd and Gujarat State Petronet Ltd were leading the gains. Castrol India Ltd has announced results for the quarter ending March 2014. The company's revenues for the quarter registered a growth of 4.1% on a year on year (YoY) basis. The operating profits declined by 14.9% YoY during the quarter (with margins at 17.9% as compared to 21.9% in the 1QCY13). The decline was on account of stagnated volumes, higher base oil prices, rupee depreciation and higher staff and advertising expenses. The net profits for the quarter declined by 19.4% YoY with net profit margins at 12.3% versus a net profit margin of 15.8% in 1QCY13.

Nestle India Ltd has announced results for the quarter ending March 2014. The company reported a net sales growth of 2.9% year on year (YoY) during the quarter. The net sales from the domestic market grew by 3.4% YoY, while net sales from exports declined by 4.4% YoY during the quarter under review. The operating margins were adversely impacted by high price of milk solids. The net profits for the quarter declined 7.1% YoY. As per the management, the tax expenses during the quarter was not fully comparable with the corresponding quarter. The Board of Directors has declared an interim dividend for 2014 of Rs 12.50 per equity share of Rs 10 each.

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