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Asian stock markets open firm
Wed, 18 May 09:30 am

Most Asian stock markets have opened the day on a firm note. Stock markets in South Korea (up 1.3%), Japan (up 0.9%), Indonesia (up 0.7%), China (up 0.6%) and Hong Kong (up 0.6%) are trading firmly in the green. The Indian stock markets have opened the day on a firm note. Stocks in the capital goods and FMCG space are leading the gains. However, auto and banking stocks are facing selling pressure.

The BSE-Sensex is trading higher by around 48 points (0.3%), while the NSE-Nifty is up by around 13 points (0.2%). While BSE Midcap index has opened flat, the BSE Small cap cap is up by about 0.2%. The rupee is trading at 45.03 to the US dollar.

Media stocks have opened the day on a weak note with UTV Software, IBN18 Broadcast and Dish TV trading in the red. HT Media has announced its results for the quarter and full year ended March 2011. The company's net sales for the quarter grew by 25% YoY. Higher volumes and better advertisement yields led advertising revenues to grow by 20% YoY. Also, there was a 9% increase in circulation revenues. High operating expenses caused the company's operating margins to decline from 25% in 4QFY10 to 21% in 4QFY11. At the bottomline level, lower effective tax rate led the company's profits to grow by 12% YoY. Net profit margins declined from 12% in 4QFY10 to 11% in 4QFY11. For the full year ended March 2011 (FY11), the company's net sales and profits grew by 25% YoY and 33% YoY respectively. The company's board has recommended a dividend of 18% (Rs 0.36 per share) for the financial year ended March 2011. Currently, the stock of HT Media is trading higher by 2.2%.

Engineering stocks have opened the day on a firm note with L&T and BHEL trading firm. Opto Circuits has declared its fourth quarter (4QFY11) as well as full year (FY11) results for financial year 2010-2011. The company saw its net sales increase by a whopping 63% YoY during the quarter. For the full year, net sales increased by 47% YoY. Operating margins declined to 22% during the quarter as compared to 33% during the same period last year. This was on account of higher operating expenses (as a percentage of sales) particularly, employee costs which more than doubled as a percentage of sales. For FY11, operating margins declined to 28% as compared to 34% in FY10. This was due to higher employee costs as well as higher other expenses (as a percentage of sales). Net profits during the quarter grew by 68% YoY. For FY11, net profits increased by 41% YoY. The company has also recommended a dividend of Rs 4.50 per share.

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May 14, 2021 03:37 PM