Indices in the Indian stock market did make an attempt to claw back into the positive territory during the closing stages. However, the selling pressure proved too much and as a consequence, the benchmark indices closed the day marginally in the negative. The BSE Sensex edged lower by around 34 points whereas Nifty closed the day about 5 points lower. BSE Midcap and small cap indices however bucked the trend and closed higher by 0.9% and 0.6% respectively. Around 2 stocks gained for every 3 stocks that closed in the negative on the Sensex today.
As far as other Asian indices are concerned, most of them closed the day in the red. Europe though has opened the day on a positive note.
M&M, India's largest UV and tractor manufacturer reported its full year and fourth quarter results today. The company's gross revenues on a standalone basis came in higher by an impressive 26% YoY whereas the bottomline registered a slightly higher growth rate of 28% YoY. This was despite a fall in operating margins to the tune of 1%. For the year, all the products in the company's UV segment did well. Exports also saw a strong growth of 62% YoY. As far as the tractor segment is concerned, the company was the single largest tractor company in the world for the second year running, logging in growth of 22.3% YoY in volume terms. As far as consolidated performance is concerned, profit after tax grew by 36% YoY on the back of an 18% growth in gross revenues. The stock however, closed the day deep in the red.
BPCL, the oil refining and marketing major also announced its results today. The company put up a strong performance during the fourth quarter with net profits surging 33% YoY on the back of a 20% growth in topline. Full year profits however remained nearly flat despite a 23% YoY growth in topline. The strong performance during the quarter could be attributed to the hike in fuel prices taken by the Government in recent times. The board has recommended a dividend of Rs 14 per share for the year ended FY11.