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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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IIP rises, but Sensex falls 
(Fri, 12 Aug Closing) 
 
After starting out the day on a positive note, indices in the Indian stock market plunged into the negative during the closing stages. This was on account of fears that the central bank would continue its monetary tightening, on account of better than expected factory growth. India's industrial output growth jumped in June 2011 to 8.8% versus 5.9% in May.

At the end of the day, BSE-Sensex closed lower by around 220 points (1.3%) whereas decline on the NSE-Nifty stood at around 67 points. The smaller indices had a relatively better outing, the BSE-Midcap and BSE-Small cap indices were trading lower by 0.4% respectively. Overall the Sensex closed 3% lower for the week.

While stocks in Asia closed mixed today, Europe is trading significantly in the green. The rupee was trading at Rs 45.41 to the dollar at the time of writing.

Ess Dee Aluminium Ltd announced its first quarter results for the financial year 2011-2012(1QFY12). The company has reported a 14.2% YoY growth in sales. However, its operating margins declined to 25.1% as compared to the 28% seen during the same period last year. This was due to increase in all the heads of costs (as a percentage of sales). Net profit declined by 24.6% YoY during the quarter. This was mainly on account of higher tax rates and an increase in costs during the quarter. The company's effective tax rates rose to 40.6% during 1QFY12 as compared to 25.6% seen in 1QFY11. The stock closed almost 5% down for the day on account of its weak financial performance.

Tata Steel announced its first quarter results today for the financial year 2011-2012(1QFY12). It reported a 21% YoY growth in consolidated topline during the quarter. This was driven by a similar growth in its standalone sales. Growth in operating profits however came in flat for the consolidated entity as raw material as well as power expenses increased at a faster rate than the topline. Thanks to a huge jump in other income though, the net profits came in higher by 193% YoY, a near threefold increase. It should be noted that the company sold its entire stake in Riversdale Mining Ltd to Rio Tinto Jersey Holdings and booked a huge profit of close to Rs 29 bn on the same. This explains the huge jump in other income. Net profits for the standalone entity grew at a lower rate of 41% YoY. This growth was also largely a result of jump in other income. The stock closed lower by 1.7% in an overall weak market.

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Aug 23, 2017 03:36 PM

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