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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets down on profit booking 
(Tue, 3 Aug 01:30 pm) 
 
Indian indices lost their opening gains on profit booking in heavy weights during the last two hours of trade. Presently, the markets are trading flat. Stocks from banking and oil & gas space are trading firm while stocks from the capital goods and IT space are trading weak.

The BSE-Sensex is trading up 4 points while NSE-Nifty is trading flat. BSE-Midcap index is trading up by 0.1% while and BSE-Smallcap index is trading 0.4% above yesterday's closing levels. The rupee is trading at 46.20 to the US dollar.

Auto stocks are trading mixed with Eicher Motors and Hero Honda trading firm and M&M and Bajaj Auto trading weak. As per a leading daily, India's largest truck maker Tata Motors is expected to take up its sales of Land Rovers and Jaguars in China to 20,000 and 5,000 in FY11 respectively. The company has also announced setting up of an assembly plant in the country. The company is planning to launch a station wagon, an entry level Jaguar and a new roadster. Also, a new Range Rover sports utility vehicle is in development. The company also plans to introduce hybrid vehicles progressively in the country. It may be noted that Tata Motors had bought UK-based Jaguar and Land Rover brands from Ford in 2008 for US$2.3 billion. This is a step in the right direction as the company has been looking to increase the volumes of Jaguar and Land Rover and cut its operating costs.

Stocks of FMCG companies are currently trading mixed with Nestle, ITC and Dabur trading weak, while Britannia, Marico and GSK Consumers are trading firm. Gains in the stock of GSK Consumers are seen on the back of it announcing a good performance for the quarter and half year ended June 2010 (December ending company). During the quarter, the company's revenues and profits grew by 14% and 30% YoY respectively. Operating profits increased in line with the topline growth, indicating flat operating margins (18.9% during the quarter). Profit growth came in higher on the back of higher other income and lower depreciation and tax charges. With this, the company's net profit margin stood at 13% as compared to 11.4% during 2QCY09. As for its performance for the first half of the current calendar year (1HCY10), the company's revenues and net profits increased by 17% YoY and 21% YoY respectively. At the operating level however, the company clocked lower margins of 20.9% as compared to 21.8% during 1HCY09. During the preceding quarter i.e. 1QCY10, the company witnessed a margin contraction of 1.7% YoY. Operating margins during 1QCY10 stood at 22.4%.

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Jul 28, 2017 (Close)

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