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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open flat
Mon, 13 Aug 09:30 am

The key Asian stock markets have opened the day on a mixed note with markets in China(down 0.5%), South Korea (down 0.4%) and Hong Kong (down 0.2%) leading the losses in the region. However, the markets in Japan (up 0.1%) and Malaysia (up 0.2%) were trading in green. The Indian share market indices have opened the day on a flat note. The sectoral indices are trading mixed with stocks in Oil and gas and pharma space registering maximum gains. However, power and capital goods stocks are witnessing losses.

The Sensex today is up by around 8 points (0.05%), while the NSE-Nifty is up by around 3 points (0.05%). The mid cap and small cap stocks are trading in the green as well with the BSE Mid Cap and BSE Small Cap indices trading up by around 0.2% and 0.3% respectively. The rupee is trading at Rs 55.31 to the US dollar.

Energy stocks have opened on a mixed note with Oil and Natural Gas Corporation Ltd. (ONGC) and Indraprastha Gas Ltd. (IGL) leading the pack of gainers. However, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have opened weak. ONGC has announced its results for first quarter of financial year 2012-13 (1QFY13). The firm reported a 23.9% year on year (YoY) growth in the revenues on account of higher crude prices and rupee depreciation against the dollar. However, the growth was restricted to some extent due to subsidy costs (that the firm incurs to compensate oil refining companies for under recoveries on selling sensitive fuel products). The net realizations for the quarter stood at US$ 46.6 per barrel, down from US$ 48.7 per barrel in 1QFY12. The net profits for the quarter registered a growth of 48.0% YoY on account of favorable foreign exchange rate movement and lower depreciation charges. The gross subsidies to state run oil refiners stood at Rs 123.5 bn during the quarter. The firm's domestic crude oil production has declined both on a year on year basis and sequentially.

Indian Pharma stocks have opened on a mixed note with Natco Pharma Ltd and Sun Pharmaceuticals Ltd registering gains while Panacea Biotech Ltd. and Indotech Remedies are witnessing some losses. Sun Pharmaceuticals Ltd plans to transfer its domestic formulations business to a wholly owned subsidiary Sun Resins And Polymers Private Ltd. As per the management, the purpose is to improve its focus and to allow quicker responses to competitive market conditions. The domestic business of the company accounts for one third of the overall business and has been registering above average sales growth and profits. The restructuring announcement came along with results declaration for the quarter ending June 2012 (1QFY13). The company has reported 64% year on year (YoY) growth in the revenues while its operating profit registered a growth of 126% YoY. The operating margins for the quarter were up by 12% YoY. This was mainly on account of falling rupee as well as a strong growth in the base business.

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