The major Asian stock markets have opened on a mixed note with stock markets in China (up 2.8%) and Hong Kong (up 0.6%) leading the gains. Stock markets in Singapore (down 0.7%) and Korea (down 0.8%) were leading the losses. US and European stock markets closed on a weak note in the week gone by. The rupee is trading at 63.72 per US dollar.
Mahindra & Mahindra (M&M) has announced its results for the quarter ending March, 2015. For the quarter, the tractor volumes and automobile volumes declined 30% and 12% respectively on a YoY (year-on-year) basis due to weak rural demand. Sales for the quarter fell 11% YoY to Rs 91.2 bn. However, the realizations improved sequentially for M&M, which helped arrest decline in sales. Consolidated operating margins for the quarter were reported at 11%, on weak volume offtake and higher discounting in the tractor segment. Further, the company also announced that it will be soon make launches in various categories for the upcoming period.
Engineering stocks today are trading on a mixed note with BEML Ltd and Opto Circuits witnessing maximum buying interest. As per a leading financial daily, Larsen & Toubro has reported a 27% drop in the net profit during the three months through March. The company has been watchful in recent quarters on the outlook for domestic demand for its engineering, construction and manufacturing goods. However the company said it is in the opinion that it would look to maintain a predominance of domestic business in future prospects.