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Indian share markets open weak
Wed, 29 May 09:30 am

Barring Hong Kong (down 0.7%) and Indonesia (down 0.3%), all major Asian equity markets have opened the day on a firm note with Taiwan (up 0.9%), South Korea (up 0.7%) and Japan (up 0.7%) leading the gains. The Indian share markets indices have opened the day on a weak note. Stocks in the banking and power space are leading the losses. However, information technology and healthcare stocks are trading firm.

The Sensex today is down by around 73 points (0.4%), while the NSE-Nifty is down by around 22 point (0.4%). However, mid and small cap stocks are trading marginally in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.03% and 0.1% respectively. The rupee is trading at Rs 56 to the US dollar.

Power stocks have opened the day on a weak note with Adani Power, Reliance Power and Reliance Infrastructure leading the losses. As per a leading financial daily, Tata Power has set a target of generating 20-25% of its total generation capacity from clean energy sources. As a part of this strategy, the company plans to add 150-200 megawatt (MW) of wind energy and 30-50 MW of solar energy capacity every year. So far, it has invested Rs 23.9 bn in wind and solar energy. Currently, it's domestic power generation capacity from clean energy sources such as hydro, wind and solar is 873 MW. Of this, the wind energy segment comprises 397 MW across states such as Maharashtra, Gujarat, Tamil Nadu, Karnataka and Rajasthan. On the other hand, the installed capacity in the solar energy segment is 28 MW.

Aluminium stocks have opened the day on a weak note with Hindalco Industries, Sterlite Industries and National Aluminium Company (Nalco) leading the losses. State-run aluminium player Nalco has announced its financial results for the quarter and year ended March 2013. During the quarter (4QFY13), the company reported net sales (including other operating income) of Rs 18,672.7 m, higher by 4.6% year-on-year (YoY). Operating profits increased by 37.5% YoY to Rs 4,216.3 m on account of lower operating expenses. Operating profit margin improved from 17.2% in 4QFY12 to 22.6% in 4QFY13. Other income declined by 25.3% YoY to Rs 1,189.7 m. In 4QFY12, the company had reported exceptional gains of Rs 639.4 m. As a result, net profits during the quarter declined by 12.8% YoY to Rs 2,460.3 m. Net profit margins declined from 15.8% in 4QFY12 to 13.2% in 4QFY13. During the financial year 2012-13 (FY13), the company's net sales were higher by 4.6% YoY at Rs 69,164.8 m. Net profits for the year stood at Rs 5,828.3 m, lower by 31.4% YoY.

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Feb 22, 2018 03:37 PM


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