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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open weak 
(Fri, 31 May 09:30 am) 
 
Asian stock markets have opened the day on a mixed note with Singapore (down 0.7%) and Indonesia (down 0.6%) leading the losses. However, markets in Japan (up 1.6%) and Taiwan (up 0.5%) are trading firm. The Indian share market indices have opened the day on a weak note. Stocks in the FMCG, banking and auto space are leading the losses. However, information technology stocks are trading firm.

The Sensex today is down by around 162 points (0.8%), while the NSE-Nifty is down by around 51 point (0.8%). However, the BSE Mid Cap and BSE Small Cap indices up are almost on a flat note. The rupee is trading at Rs 56.38 to the US dollar.

Steel stocks have opened the day on a weak note with Steel Authority of India Ltd (SAIL), JSW Ispat and JSW Steel leading the losses. State-run steel firm SAIL has announced its financial results for the quarter and year ended March 2013. During the quarter (4QFY13), the company reported standalone net sales (including other operating income) of Rs 123,304.20 m, lower by 9.9% year-on-year (YoY). Operating profits plunged by 50.5% YoY to Rs 9,238.6 m. Operating profit margin nearly halved from 12.4% in 4QFY12 to 6.7% in 4QFY13. Interest expenses shot up by 77.1% YoY to Rs 2,145.9 m. Exceptional gains were lower by 97.7% YoY at Rs 164.9 m. As a result, the company's bottomline dropped sharply by 71.7% YoY to Rs 4,465.3 m. Net profit margin declined from 10.5% in 4QFY12 to 3.2% in 4QFY13. During the financial year 2012-13 (FY13), the company's standalone net sales were lower by 3.8% YoY at Rs 445,982.6 m. Net profits for the year stood at Rs 21,703.5 m, lower by 38.7% YoY.

Media stocks have opened the day on a weak note with Deccan Chronicles and Zee Entertainment trading in the red. Navneet Publications has announced its financial results for the for the quarter> and year ended March 2013. During the quarter (4QFY13), the company reported standalone net sales (including other operating income) of Rs 1,661.9 m, higher by 32.9% year-on-year (YoY). Operating profits increased by 80.4% YoY to Rs 227.8 m on account of lower operating expenses. Operating profit margin improved from 10.8% in 4QFY12 to 13.7% in 4QFY13. Interest expenses declined by 20.6% YoY to Rs 20.1 m. As a result, the company's profit after tax from ordinary activities rose sharply by 89.5% YoY to Rs 133 m. Net profit margin expanded from 6% in 4QFY12 to 8% in 4QFY13. During the financial year 2012-13 (FY13), the company's consolidated net sales were higher by 30.2% YoY at Rs 8,056.6 m. Profit after tax from ordinary activities for the year stood at Rs 1,086.3 m, higher by 39.9% YoY.

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