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Markets continue to slide
Tue, 2 Aug 11:30 am

Indian stock market indices have extended losses after opening trade on a weak note. All sectoral indices are trading weak except healthcare stocks.

The BSE-Sensex is down by 188 points while NSE-Nifty is trading weak by 55 points. BSE Midcap and BSE Small cap indices are down by 1.2% and 1.1% respectively. The rupee is trading at 44.24 to the US dollar.

Retailing stocks are trading in the red with Pantaloon and Koutons leading the losses. Titan Industries declared results for the first quarter of FY 2011-12 ended June 2011. The company reported 61.3% YoY growth in sales during the quarter. The increase in sales was led by the jewellery segment which grew by around 71.9% YoY during the quarter, and formed a staggering 80.7% of the company's total sales for the quarter. The company's second major business segment of watches saw relatively lower growth in sales and grew by 23.2% YoY during the quarter. Operating profits saw a very minor increase of 0.2% YoY. Net profits have risen by 76.4% YoY during the quarter. The increase in net profit was because of lower interest costs and higher other income.

Finance stocks are trading in the red on heavy selling witnessed in Power Finance Corp and Geojit BNP Paribas. Mahindra Finance declared results for the first quarter of FY 2011-12 ended June 2011. The company reported 42% growth in interest income while net profits have grown by 32% YoY. Interest income grew on back of 47% YoY growth in advances. The increase in net profit was a combination of interest income and lower provisioning and was high despite the company not undertaking any securitization in the quarter. Capital adequacy ratio was at a healthy 18.7% at the end of the June quarter. Other income grows 51% during the quarter. Non-performing assets (NPA) at the gross level moved lower from 6.9% in 1QFY11 to 4.6% in 1QFY12. The net NPA were lower at 1% at the end of 1QFY12 as compared to 1.3% of total assets at the end of 1QFY11.

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Mar 16, 2018 (Close)