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Indian markets inch upwards
Fri, 30 May 11:30 am

After opening in the red; the Indian indices have inched upwards in the last two hours of the trading session. All indices are trading in positive except IT. Capital Goods, realty and metal stocks are leading the pack of gainers.

The BSE-Sensex is trading up 80 points and the NSE-Nifty is trading up 16 points. The BSE Mid Cap index is trading up 0.8%, while the BSE Small Cap index is trading up 1.2% today. The rupee is trading at 59.05 to the US dollar.

Engineering stocks are trading mixed today. KSB Pumps and BEML Ltd are leading the gainers; while TRF Ltd and Blue Star are leading the losers. Voltas has declared its fourth quarter and annual results for FY14. Voltas' net sales in 4QFY14 declined by 8.9% YoY. Operating profit for the quarter was higher by 58% YoY. The company reported consolidated net profit of Rs 1 bn as compared to just Rs 90 m in the January-March quarter of the FY13. This is because the company had reported exceptional loss of Rs 956 m towards an onerous contract in 4QFY13. For FY14 as a whole, sales declined by 5% YoY. Operating profit was higher by 19% YoY. The order book of the company at the end of FY14 stands at Rs 36.12 bn. The company has declared an annual dividend of Rs.1.85 per share. Voltas is trading 3.1% up today.

Banking stocks are trading mixed today. Yes Bank and Karur Vysya Bank are leading the gainers. J&K Bank and Dhanlaxmi Bank are leading the losers. Yes Bank has launched its US$ 500 m or Rs 30 bn share sale to institutional investors. The bank is selling its shares in an indicative price band of about Rs 531 to Rs 550 per share. The sale of new shares will dilute the bank's equity by about a fifth or by 11-12%. Yes bank has gained 3.4% today.

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