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Selling intensifies in the final hours
Mon, 24 May Closing

While the Indian markets traded well above the dotted line for the larger part of the day, selling activity across index heavyweights intensified in the final trading hours to pare most of the gains that were made. While the BSE Sensex closed higher by around 24 points (up 0.2%), the NSE Nifty gained around 13 points (up 0.3%). While the BSE Midcap ended flat, the Smallcap index notched gains of 1%. Gains were largely seen in oil & gas stocks while metals and auto stocks were at the receiving end.

As regards global markets, Asian indices closed mixed today while the European indices have also opened on a mixed note. The rupee was trading at Rs 46.94 to the dollar at the time of writing.

Sun Pharma announced its FY10 results a while ago. The company's topline declined by 4% YoY during the year. This was largely due to the 7% YoY decline in domestic formulations sales and the 12% YoY decline in international formulations. As far as the former is concerned, the decline in sales was largely due to a one time impact in 4QFY09. Thus, on excluding the same, domestic formulations sales grew by 15% YoY. As far as international formulations are concerned, sales declined largely due to the drop in revenues from the US business. Having said that, international formulations grew by 29% YoY during the year. The company's operating margins declined by 10.2% largely due to the higher margins that the company enjoyed in FY09 due to some exclusivity period for some products, which was not present this year. Decline in operating profits and higher depreciation charges led to the 26% YoY decline in net profits. The stock closed higher today.

Cement stocks closed mixed today. While Ambuja Cement and India Cements found favour, Madras Cements closed in the red. Madras Cement announced its FY10 results. Sales for the full year grew by 14% YoY. The operating profits were higher by 10.6% YoY as margins fell by 1%. Higher raw material costs, employee costs and transport & handling charges led to the decline in operating margins during the year. Net profits for the year declined by 3% YoY due to higher interest costs and depreciation charges. Board announced a final dividend of Rs 0.5 per share along with the interim dividend of Rs 1.5 per share.

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