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Indian share market open weak
Thu, 25 Jul 09:30 am

All major Asian stock markets have opened the day on a weak note with stock markets in Singapore (down 0.9%), Indonesia (down 0.8%) and Japan (down 0.6%) leading the losses in the region. The Indian share market indices have also opened the day on a negative note. Stocks in the consumer durables and metal space are leading losses. However, banking and oil & gas stocks are trading in the green.

The Sensex today is down by around 11 points (0.05%), while the NSE-Nifty is down by around 8 points (0.1%). While the BSE Mid Cap index is down 0.3%, the BSE Small Cap index is up marginally by around 0.04%. The rupee is trading at Rs 59.12 to the US dollar.

Cement stocks have opened the day on a weak note with Ambuja Cements and ACC leading the pack of losers with both the stocks down 11.1% and 3.9%, respectively. As per a leading financial daily, Swiss-based parent firm Holcim has chalked out a complex restructuring plan for its Indian operations. Currently, Holcim, the world's fourth largest cement maker holds a little over 50% in both Ambuja Cements and ACC. Through the restructuring exercise, Ambuja Cements is set to become the flagship company for its Indian operations. A series of transactions within the group involving cash and stock swaps will raise Holcim's equity stake in Ambuja to 61.3%. At the same time, Ambuja would buy Holcim's 50.1% stake in ACC, thus making the latter its subsidiary. However, it is said that both companies will continue to operate as listed entities with their existing brands and go-to-market strategies.

Auto stocks have opened the day on a mixed note with Hero MotoCorp and TVS Motor Company leading the gains. However, Escorts and Mahindra & Mahindra (M&M) are facing selling pressure. India's largest two-wheeler maker Hero MotoCorp has announced its results for the first quarter of financial year 2013-14 (1QFY14). During the quarter, the company's net sales declined marginally by 1.3% year-on-year (YoY) to Rs 61,268.4 m. Sales of domestic bikes and scooters dropped by 4% YoY during 1QFY14 to 15.59 lakh units from 16.42 lakh units sold in 1QFY13. Operating profits declined by 2.3% YoY to Rs 9,152.2 m. Operating profit margin declined marginally from 15% in 1QFY13 to 14.9% in 1QFY14. At the bottomline level, net profits declined by 10.9% YoY to Rs 5,485.8 m. Net profit margin declined from 9.9% in 1QFY13 to 9% in 1QFY14.

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