The Indian equity markets ended the day on a firm note, and witnessed gains in the afternoon trading session of the day. Barring stocks from the metals and consumer durables' spaces, stocks across the board ended on a firm note with those from the realty, banking and auto sectors leading the pack of gainers. While the BSE Sensex closed higher by about 283 points, the NSE-Nifty closed higher by 87 points. The BSE Mid Cap and the BSE Small Cap closed on a firm note and were up by 1.1% and 1.0% respectively.
As regards global markets, Asian indices closed on a firm note. European indices have opened on a firm note. The rupee was trading at Rs 61.03 to the dollar at the time of writing.
Barring TVS motors, Ashok Leyland, and Eicher Motor, most of the automobiles' stocks ended the day on a firm note with Force Motors and Tata Motors leading the gains. Mahindra & Mahindra (M&M) has declared its first quarter earnings for the financial year 2013-2014 (1QFY14). The company witnessed a healthy 29% YoY growth in its net profits at Rs 9.38 bn on account of robust other income and strong tractor business. The total income from operations has grown by a mere 7% YoY to Rs 100.2 bn in the first quarter. The EBITDA (Earnings before Interest, Depreciation and Amortization) grew by 16% YoY to Rs 12.87 bn while operating profit margins increased to 12.8%. The other income performance improved vis-a-vis previous year and it amounted to Rs 1.64 bn. Dividend from subsidiaries also contributed to the strong other income show. The automobile industry in India has been facing severe challenges and the first quarter witnessed a shrinkage of 2%. The company has sold 56,969 passenger vehicles during the quarter and has maintained its leadership position. The stock was up at 1.3% at the time of closing.
Coal India has received 14 expressions of interests from international consultancy firms for suggesting improvements in mining techniques for the company. The consultant is expected to prepare a road map for the technology up-gradation covering the different plan periods for the company. Assessment of existing technology for safety, production and productivity in the underground and opencast coal mines of various coalfields is also a part of the improvement program. Coal India has already adopted certain modern technologies for coal mining and has proposed to further modernize mining operations at its mines. A committee has been constituted to look after the issues for technology up-gradation and modernization of the company through hiring of international consultants. Coal India which accounts for almost 80% of the domestic coal production had missed its production target of 464 MT in the last fiscal. These slew of measures are expected to aid the company