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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets Close on a Firm Note
Tue, 17 May Closing

At the closing bell, the BSE Sensex closed higher by 120 points, while the NSE Nifty finished higher by 30 points. S&P BSE Midcap and S&P BSE Small Cap also ended the day higher by 0.1% and 0.2% respectively.

Barring China, major Asian markets finished on a positive note as of the most recent closing prices. Stock markets in Singapore and Japan ended the day higher by 1.6% and 1.1% respectively. Oil prices were trading at US$ 47.90 a barrel at the time of writing. The rupee was trading at 66.72 against the US$.

Sectoral indices finished the day on a positive note with stocks from oil & gas and automobile sectors witnessing buying interest.

As per an article in leading financial daily, Bharat Forge reported its results for the quarter ended March 2016. The company's revenues declined by 17.6% YoY to Rs 10 billion during the quarter. The revenue was impacted by subdued demand of commercial vehicles (CV) from North America. Reportedly, the exports declined by 28.7% as compared to a year ago. While, the business from America too declined by 41.8%.

Further, the operating profits fell by 17.1% YoY to Rs 2.9 billion. However, operating margins improved by 0.2% YoY to 29.6% during the quarter. The margins expanded on the back of lower raw material costs and other expense.

The company's net profits declined by 19% to Rs 1.6 billion during the quarter. The management expects the demand to worsen in the first quarter of FY17 as compared to the fourth quarter of FY16 because of inventory destocking and continued weakness in the export market.

The company is gearing itself to capitalise on the opportunities presented by the Modi government's 'Make in India' programme particularly in the rail, power, defense and aerospace sector. Going forward, a revival in demand from North America coupled with the order inflows from the 'Make in India' initiative will be the key things to watch out for the company.

In another news update, India's coffee output is expected to drop by around a quarter to the lowest in nearly two decades in the next crop year. This is on account of poor rains and hot temperatures hitting plantations during the crucial flowering stage.

Coffee growing regions in southern India received up to 70% lower rainfall than normal from March to mid-May. Reportedly, India is the sixth biggest coffee producer behind Brazil and Vietnam. India exports three-quarters of its coffee production and production problems are expected to dent shipments in FY17.

Nonetheless, lower production from India could provide more support to global prices, which are already surging due to a drop in the output in top producer Brazil.

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May 23, 2017 12:23 PM

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