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Indian share markets open firm
Tue, 28 May 09:30 am

The major Asian stock markets have opened the day in the green with Japan (up 0.9%) and Indonesia (up 0.9%) leading the gains. The Indian share market indices have also opened the day on a firm note. Barring banking, consumer durables and FMCG, all sectoral indices have opened in the green with stocks in the oil and gas and metal space leading the gains.

The Sensex today is up by around 55 points (0.3%), while the NSE-Nifty is up by around 10 points (0.2%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.5% respectively. The rupee is trading at Rs 55.66 to the US dollar.

PSU stocks have opened on a mixed note with Coal India Ltd (CIL) and National Aluminium Company Ltd (NALCO) leading the gains. However, Container Corporation of India Ltd and State Bank of India have opened in the red. Container Corporation of India Ltd has announced its results for the fourth quarter of the financial year 2013 (4QFY13). The company has reported 15% year on year (YoY) growth in the revenues. The operating profits for the quarter registered a 16% YoY growth with margins at 21.1% versus 20.9% in 4QFY12. The reported net profits for the quarter were down marginally by 0.5% YoY with margins at 18.3% versus 21.2% in 4QFY12. For the full year (FY13), the revenues grew by 8.5% YoY. The operating profits in FY13 grew by 2.3% YoY with margins at 23.8% versus 25.2% in FY12. The reported net profits for full year were up by 7.1% YoY with margins at 21.3% versus 21.6% in FY12.

Mining stocks have opened the day on a mixed note with Coal India Ltd and Gujarat NRE Coke leading the gains. However, Sesa Goa Ltd and Ashapura Minechem Ltd are leading the losses. The stock of Coal India is trading higher on news of the company's board deciding to make revision in coal prices. It is believed that prices of two grades of coal (G3 and G4), which are premium grades of coal, have been increased by about 12.5%. On the other hand, prices of lesser grades of coal (G5 to G17) have been lowered by nearly 10%. These revisions in prices will be made effective today. The last time the company made price changes was more than two years ago. Given that the company sells more quantity of lower quality coal, it is expected that the overall realization would increase by about 5%. As per the company, this move should bring in addition revenues of Rs 21.25 bn for the rest of the year. If the company was to annualize the figure, the additional revenues would stand at about Rs 25 bn.

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