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Markets open on a volatile note
Tue, 27 Jul 09:30 am

The Indian markets have started today’s session on a volatile note. The benchmark indices opened below the breakeven mark, but soon moved into the positive territory. However, they have not managed to hold on to their gains since then. Other key Asian markets are in the green with Indonesia (up 1.2%) leading the pack of gainers. The US markets closed higher by 1% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with auto majors attracting investors’ interest. The BSE-Sensex is trading flat, while the NSE-Nifty is down by about 2 points. However, buying interest is being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.2% and 0.1% respectively. The rupee is trading at 46.82 to the US dollar.

Software stocks have opened the day on a positive note. Gainers here include TCS and Wipro. Tech Mahindra announced its 1QFY11 results. The company’s net sales declined by 4% QoQ due to lower volumes in all its key business segments. Its 'telecom equipment manufacturer’ and 'others’ segments witnessed sharp declines of 17% QoQ and 27% QoQ respectively. The 'telecom service provider’ segment saw a decline of 3% QoQ. Operating margins declined by 4.8% QoQ, to 18.8%, during 1QFY11. This is in line with the decline in sales and adverse currency movements. Its bottomline declined by 36% QoQ due to lower operating margins and a 66% QoQ decline in other income. The company added around 1,743 employees during the quarter thereby taking the total strength to 35,267 at the end of June 2010. It also added around 4 new clients during the quarter taking the total number of active clients to 117.

FMCG stocks have opened the day on a positive note. Gainers here include Godrej Consumer and Nirma. Dabur India has acquired the Hobi Kozmetik Group, a Turkish personal care products company, for Rs 3.2 bn. Dabur International, the company’s overseas subsidiary, has acquired 100% stake in three Hobi Group firms - Hobi Kozmetik, Zeki Plastik and Ra Pazarlama. Hobi Kozmetik is the market leader in the hair gel category in Turkey with 35% share, and markets a wide range of hair care and skin care products under the ‘Hobby’ and ‘New Era’ brands. Its products are sold across 35 countries. The transaction is likely to be completed by the 3QFY11. It will be funded through internal accruals and bridge financing. It may be noted that Dabur India has earlier acquired skin care products maker Fem Care Pharma in 2008 and Balsara Hygiene and Home Products in 2005.

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Feb 16, 2018 (Close)