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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Capital goods stocks lead opening gains
Fri, 20 May 09:30 am

Most Asian stock markets have opened on a mixed note. Stock markets in South Korea (up 0.4%), Japan (up 0.3%) and Indonesia (up 0.1%) are trading firm whereas China (down 0.1%) and Hong Kong (down 0.1%) are trading in the red. The Indian stock markets have opened the day on a firm note. Stocks in the capital goods and auto space are leading the gains. However, IT and realty are trading marginally in the red.

The BSE-Sensex is trading higher by around 90 points (0.5%), while the NSE-Nifty is up by around 27 points (0.5%). Midcap and small cap stocks are trading in the positive as well, with the BSE Midcap and the BSE Small cap indices up by about 0.3% and 0.2% respectively. The rupee is trading at 44.95 to the US dollar.

Auto stocks have opened the day on a firm note. Ashok Leyland is currently leading the pack of gainers. Commercial vehicles manufacturer, Ashok Leyland announced its fourth quarter results of financial year 2010-2011 (4QFY11) and year ended March 2011. For the full year, revenues and profits rise by 54% and 49% YoY respectively. During the quarter, the company has reported a 30% YoY increase in revenues, while profits grew by 34% YoY. Operating margins improved marginally despite higher input costs on account of lower staff costs and other expenditure. Increase in operating profit coupled with higher other income led to the 34% YoY growth in net profits. The company rewarded a dividend of Rs 2 per share (dividend yield of 4%) to its shareholders.

Power stocks have opened the day on a firm note with Tata Power, Reliance Power and Suzlon trading firm. Tata Power has announced its results for financial year ended March 2011. During FY11, the company's standalone revenues declined by 4.3% YoY mainly on the back of lower sales of the power business. The company's operating margins dropped from 24% in FY10 to 18.6% in FY11 due to higher cost of power purchased. At the bottomline level, the company's net profits registered a flat growth of 0.4% YoY due to the poor operating performance. However, a substantial rise in other income and lower effective tax rate caused net profit margins to improve marginally from 13.6% in FY10 to 14.3% in FY11. The company's board has recommended a dividend of Rs 12.5 (125%) per share for the financial year 2010-11. It has also approved subdivision of the company's equity shares of Rs 10 each into equity shares of Rs 1 each.

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Oct 19, 2017 (Close)

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