Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Auto stocks lead markets higher
Wed, 21 Jul 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened at the breakeven mark, but soon moved into the positive territory. They have managed to hold on to their gains since then. Other key Asian markets are in the green with Hong Kong (up 0.5%) leading the pack of gainers. The US markets closed higher by 0.7% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with auto and metal majors attracting investors' interest. The BSE-Sensex is trading higher by around 80 points, while the NSE-Nifty is up by about 25 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.6% and 0.7% respectively. The rupee is trading at 47.22 to the US dollar.

Steel stocks have opened the day on a positive note. Gainers here include JSW Steel and Tata Steel. As per a leading business daily, SAIL has commissioned a newly renovated unit at its Bokaro Steel Plant. A blast furnace was upgraded at a cost of Rs 8.1 bn and will be followed by other units in the plant as part of the current phase of expansion and modernisation. In fact, a new cold rolling mill complex of 1.2 m tonnes (MT) per annum capacity will also come up by December 2011. It may be noted that SAIL has taken up Rs 700 bn overall expansion program, which will increase its hot metal production capacity to the level of 23.5 MT by FY13 from the present 14 MT.

Media stocks have opened the day on a positive note. Gainers here include Sun TV and Cinemax India. Balaji Telefilms announced its 1QFY11 results yesterday. The company reported a 22% YoY decline in sales during the quarter on account of a fall in both programming hours and average realisation per hour. Programming hours in the commissioned category fell from 174 hours in 1QFY10 to 147 hours in 1QFY11. Realisation in commissioned programming fell from Rs 1.9 m per hour to Rs 1.8 per hour during the quarter. Operating margins turned negative during the period. Other income declined by 16% YoY in 1QFY11. As a result of the decline in the topline and erosion in operating margins, profit after tax plummeted by 67% YoY.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Auto stocks lead markets higher". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.