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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Bank and power stocks rally 
(Mon, 28 May Closing) 
 
In what was a positive trading session, the benchmark indices in Indian equity markets closed well above the dotted line. In fact the BSE Sensex was in the green right from early trades. Major markets in Asia were also trading well in the positive. The BSE-Sensex closed higher by around 199 points (1.2%). Gains on the NSE-Nifty came in at around 65 points (up 1.3%). The BSE Mid cap and BSE Small cap indices also ended the day in the positive closing 1.2% and 0.9% higher respectively. Heavily beaten stocks over the past few months from banking, power and consumer durables sectors saw strong gains. All sectoral indices ended higher.

Most other Asian indices closed higher today with European indices also seeing gains. The rupee was placed Rs 55.19 to the dollar at the time of writing.

Pratibha Industries (PIL) announced its results for the quarter and year ended March 2012. The company reported a standalone top line growth of 49% YoY during the quarter. Growth was led by the company's 'infrastructure and construction' business. At the operating level, PIL's profits grew at a slower pace of 24% YoY as margins fell by 2.5% YoY to 12%. Higher manufacturing, construction and operating coupled with higher other expenses were the key culprits for lower margins. Higher interest and depreciation costs reduced the pace of profit growth as profits during the quarter increased by 7% YoY only.

As for the full year, PIL's revenues and profits increased by 28% YoY and 17% YoY respectively. As compared to the performance during the quarter ended March 2012, the company performed relatively better at the operating level as margins declined by 0.6% YoY. For the full year FY12, PIL's operating margins stood at 13.9%. The company's Board has recommended a dividend of Rs 0.6 per share, translating to a dividend yield of about 1.5%

Mahindra & Mahindra (M&M) plans to reopen bookings of its popular after sports utility vehicle, XUV 5OO nationally by 8 June, 2012. This vehicle has seen a buoyant response from customers. The vehicle maker already sold out 9 months production capacity of XUV 5OO in just 2 round of bookings. Now to cater to the incremental demand, the company has doubled its capacity to 4,000 vehicles per month. During its 2011 launch, it expected only half this demand. Now since the capacity has increased, it will be better equipped to supply vehicles to its eager customers.

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May 26, 2017 10:57 AM

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