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Markets open on a positive note
Fri, 28 May 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened at the breakeven mark but soon surged into the positive territory. They have managed to hold on to their gains since then. Other key Asian markets are in the green with Japan (up 1.7%) leading the pack of gainers. The US markets closed higher by 2.9% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with metal, auto and construction majors finding investors' favour. The BSE-Sensex is trading higher by around 167 points, while the NSE-Nifty is up by about 52 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 1.4% each. The rupee is trading at 46.61 to the US dollar.

Auto stocks have opened the day on a positive note. Gainers here include Tata Motors and TVS Motor. Tata Motors announced its FY10 results. The company reported a standalone topline growth of 39% YoY for the full year. This growth was led by an equally impressive volume growth of 32% YoY. Operating profits came in higher by a huge 137%, as margins expanded by nearly 5% on a standalone basis. Bottomline witnessed a growth of 124%, mainly on account of growth in operating profits. Higher taxes and extraordinary items offset gains on account of interest and depreciation charges. Consolidated bottomline turned a corner, raking in a strong Rs 26 bn in profits as against a similar loss on a YoY basis. This came on the back of a 31% growth in topline and a more than fourfold jump in operating profits.

FMCG stocks have opened the day on a positive note. Gainers here include Colgate and Marico. Colgate-Palmolive (India) announced its 4QFY10 results. Sales for the company grew by 13.5% YoY during the quarter. Of this, 11% growth was derived from volumes while the remaining was due to price increases. The company increased its volume market share in the toothpaste category to 53.4% from 51.7% during the previous quarter. Contribution from flagship brands like Colgate Dental Cream, Active Salt and Cibaca contributed to the increase in market share. Operating (EBITDA) margins for the quarter grew by 7.2% to stand at 27% on the back of fall in raw material costs. However, higher advertisement spending and other expenditure capped operating margin expansion. Net profit increased by 48% YoY during the quarter aided by higher operating income and lower tax expenses.

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Feb 23, 2018 10:27 AM