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Indian stock markets open weak
Thu, 11 Aug 09:30 am

Most Asian stock markets have opened the day on a weak note. Stock markets in Hong Kong (down 1.7%), Singapore (down 1.9%), Japan (down 0.9%) and Indonesia (down 1%) are leading the losses. However, stock markets in China (up 0.4%) and South Korea (up 0.1%) are trading firm. The Indian stock markets have opened the day on a weak note as well. Stocks in the IT, realty, technology and auto space are leading the losses. However, healthcare stocks trading firm.

The BSE-Sensex is trading lower by around 34 points (0.2%), while the NSE-Nifty is down 7 points (0.1%). However, while the BSE Midcap stocks are trading flat, smallcap stocks are trading in the positive with the BSE Midcap index up by 0.1%. The rupee is trading at 45.35 to the US dollar.

Auto ancillary stocks have opened the day on a mixed note with Exide Industries, Ucal Fuel, Asahi India and Sundaram Fasteners trading firmly in the green. However, Amara Raja Batteries, Sona Koyo Steering Systems and Wheels India are trading in the red. Bharat Forge has announced its first quarter results for the financial year 2011-2012 (1QFY12). The company's standalone net sales have gone up by 36% YoY to about Rs 8.6 bn. The rise was led by a healthy 67% YoY growth in exports. Operating profits surged by 35% YoY to Rs 2.1 bn during the quarter. However, higher raw material and manufacturing expenses caused the operating margins to decline marginally from 24.5% in 1QFY11 to 24.3% in 1QFY12. Higher other income coupled with almost flat interest expenses led the bottomline to rise by a whopping 64% YoY. Net profit margins during the quarter improved to 11.4% from 9.4% in the corresponding quarter of the previous financial year.

Oil & gas stocks have opened the day on a mixed note as well with HPCL, BPCL and ONGC in the red while Reliance Industries (RIL) and Petronet LNG are trading in the green. Indian Oil Corporation (IOC) has announced its first quarter results for the financial year 2011-12 (1QFY12). The oil marketing company has reported a net loss of Rs 37 bn against Rs 34 bn in the corresponding quarter of the previous year. The reason for the loss is the unmet revenue loss on petroleum products that are sold at a subsidized rate. Interest outgo and inventory loss also increased the losses. IOC Chairman said that the unmet under-realization increased to Rs 76 bn from Rs 73 bn in the previous year. The interest burden increased by 100% to Rs 10.3 bn and the debt stood at Rs 67.4 bn. The company's gross refining margin (GRM) stood at US$ 4.7 per barrel versus US$ 3 per barrel as an outcome of higher oil prices.

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Feb 23, 2018 (Close)