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European debt crisis drags global markets
Thu, 31 May 09:30 am

All Asian stock markets have opened the day in red, spooked by the symptoms of Europe's debt crisis making roads in bigger European economies like Spain and Italy. The stock markets in Hong Kong (down 1.2%), South Korea (down 1.3%) and Japan (down 1.8%) are leading the losses in the region. The Indian equity market indices have also opened the day on a negative note. All the sectors are trading in the red with stocks in the Banking and Consumer Durables leading the losses.

The Sensex today is down by around 159 points (1.0%), while the NSE-Nifty is down by around 47 points (1.0%). Mid and small cap stocks are also trading in the red with the BSE Mid cap and BSE Small cap indices down by around 0.5% and 0.3% respectively. The rupee is trading at Rs 56.42 to the US dollar.

Energy stocks have opened the day mainly in red with Reliance Industries and Mangalore Refinery and Petrochemicals Limited (MRPL) leading the losses. Gas Authority of India Ltd (GAIL) has announced its results for the quarter ending March 31, 2012 (4QFY12). The company has reported a net sales growth of 18% year or year (YoY) for the quarter. For full year (FY12), the topline was up by 24% YoY. The subsidy outgo for quarter was up by 55% YoY, leading to a 38% YoY decline in the bottomline. For FY12, the company had to shell out subsidies 51% YoY more than in FY11. As per the management, GAIL will be spending Rs 75 bn in FY13 to extend gas pipeline network (adding 5,500 kilometres of pipelines to its existing 9,000 kms network). To fund this, the company will be raising Rs 45 bn through debt. It will launch a local bond issue of upto Rs 7.5 bn and further plans to raise US$ 300 m through external commercial borrowings (ECBs). It has plans to spend nearly US$5.5 bn on capacity expansion over the next four years.

Auto stocks have opened the day on a weak note with Tata Motors and Maruti Suzuki leading the pack of losers. Mahindra & Mahindra (M&M) has announced its results for the quarter ended March 2012. The company reported sales of Rs 92.4 bn during 4QFY12, as against Rs 66.3 bn, an increase of 39% year-on-year (YoY). The company's automotive segment, which contributed about 70% of total sales, grew 67% YoY. M&M's overall expenses shot up by 43% YoY owing to high raw material prices. But due to good demand for its diesel-powered sports utility vehicles (SUVs) as well as an exceptional gain from the Mahindra Automotive Distributors (MADPL) business aided the company's bottomline. Net profits rose by 44% YoY from about Rs 6.1 bn to Rs 8.7 bn.

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