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- Indian Stock Market News July 14, 2011
Indian stock markets move into green Thu, 14 Jul 01:30 pm
Indian stock markets have moved into green over the last two hours. All sectoral indices are trading firm except Information Technology (IT) index. Stocks from the realty, banking and metals are the biggest gainers.
The BSE-Sensex is trading up by 113 points while NSE-Nifty is trading 44 points above the dotted line. The BSE Midcap and BSE Small cap indices are up by 0.6% and 0.4% each. The rupee is trading at 44.55 to the US dollar.
Auto stocks are currently trading mixed with Force Motors, Maruti Suzuki and Tata Motors leading the pack of gainers. However, Bajaj Auto and Hero Honda are trading weak. Bajaj Auto, the country's second largest two wheeler company has reported first quarter FY12 results. The profit after tax for the quarter came at of Rs 7.1 bn, up 20.5% YoY. The company reported revenues at Rs 47.8 bn, up 22% YoY. The sales for the quarter were highest ever quarterly sales.
The operating margins for the company stood at 19.1% versus 20% margins last year. The margins were impacted due to high commodity prices. The auto major sold 10.93 units in the first quarter, up 18% year on year. These included two wheeler and three wheeler commercial vehicles.
Energy stocks are trading mixed led by Gujarat Gas, Petronet LNG and Indraprastha Gas. However, Gujarat State Petronet, GAIL and Essar Oil are trading weak. As per a leading financial daily, BPCL has lined up investments worth Rs 500 bn to expand its capacities in refining, retail and upstream projects over the next five years. Besides preparing for impending oil deregulation, it is also working on a project with Accenture to map its consumers and differentiate its petroleum products. As per company management, the company wants to invest money to keep pace with growth. Of the total, about Rs 300 bn will be spent on infrastructure projects like expanding refining capacities, storages and pipeline. Another Rs 100 bn will be spent on development of upstream projects.
The corporation aims to add another 10 million tonnes of capacities to three of its refineries to take its total refining capacity to 40 million tonne. This does not include the proposed Allahabad refinery project, with a capacity of 6 million tonne, for which it has already acquired 2,000 acres of land.
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rohit kumar choudhary
Jul 14, 2011coz of short covering.
people who have shorted has squaring off his position.