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Indian share markets open firm
Mon, 27 May 09:30 am

Asian stock markets have opened the day on a mixed note with Singapore (down 1.8%) and Malaysia (down 0.6%) leading the losses. However, markets in Japan (up 0.9%) and Indonesia (up 0.7%) are trading firm. The Indian share markets indices have opened the day on a firm note. Stocks in the oil & gas and realty space are leading the gains. However, auto and information technology stocks are trading weak.

The Sensex today is up by around 87 points (0.4%), while the NSE-Nifty is up by around 31 points (0.5%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.7% and 0.5% respectively. The rupee is trading at Rs 55.09 to the US dollar.

Mining stocks have opened the day on a firm note with Ashapura Minechem, Coal India Ltd (CIL) and Moil Ltd leading the gains. As per a leading financial daily, coal mining giant CIL will not be able to supply more than 65%-75% of the required coal from its domestic production. In a bid to meet balance requirement, CIL will supply imported coal to 78,000 MW of power plants on a cost-plus basis. Of this, 60,000 MW would comprise post-2009 power plant, 7,000 MW would be those that have Letter of Assurance and 11,000 MW of projects that have tapering linkage. Moreover, power producers will also have the freedom to import coal directly. As per the note prepared by CIL for the Cabinet Committee on Economic Affairs (CCEA), the company will sign fuel supply agreement for domestic coal quantity of 65%, 65%, 67% and 75% of annual contracted quantity for next four years of the 12th Five Year Plan.

Food stocks have opened the day on a firm note with Britannia Industries up nearly 14% over the previous session's closing price. GSK Consumer Healthcare, Nestle and Tata Global Beverages are also trading firm. Confectionery major Britannia Industries has announced its financial results for the quarter and year ended March 2013. During the quarter (4QFY13), the company reported standalone net sales (including other operating income) of Rs 15,024.2 m, higher by 13.7% year-on-year (YoY). Operating profits increased by 64.1% YoY to Rs 1,318.7 m on account of lower operating expenses. Operating profit margin improved from 6.1% in 4QFY12 to 8.8% in 4QFY13. The company's bottomline also grew in line with the operating performance, rising by 65.7% YoY to Rs 878.5 m. Net profit margin improved from 4% in 4QFY12 to 5.8% in 4QFY13. During the financial year 2012-13 (FY13), the company's standalone net sales were higher by 12.9% YoY at Rs 56,154.9 m. Net profits for the year stood at Rs 2,338.7 m, higher by 25.2% YoY.

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Feb 19, 2018 11:53 AM


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