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Markets continue in the red
Fri, 19 Aug 11:30 am

Indian stock market indices traded in the red over the past two hours of trade on the back of weak global cues. All sectoral indices are trading weak except for realty and PSU stocks.

The BSE-Sensex is down by 245 points and NSE-Nifty is down by 70 points. BSE-Midcap and BSE-Small cap indices are down by 1.4% and 1.8% respectively. The rupee is trading at 45.95 to the US dollar.

Food stocks are trading in the red on heavy selling witnessed in Tata Coffee and Agro Tech Foods. Britannia Industries declared results for the quarter ended June 2011 (1QFY12). The FMCG company posted a 21% YoY growth in sales and a 27.3% YoY growth in net profits. The growth in sales was driven by a 6-8% hike in product prices and a 10-12% rise in offtake. The company was able to maintain operating margin at around 4.7%. Recently launched products in health and wellness category also helped Britannia in posting such good numbers. These have contributed at least 7-8% to total sales. Higher other income earned from property sale and reduction in cost of borrowings resulted in the 27% rise in net profits.

Auto stocks are trading weak led by Eicher Motors and Tube Investments. As per a leading financial daily, Maruti Suzuki is considering making engines to meet demand for diesel cars in India. The automobile company is also thinking of buying these from other companies. The widening gap between prices of petrol and diesel has resulted in a surge in demand for diesel cars. Diesel models constitute about 20-25% of total demand for Maruti cars. Maruti has asked Suzuki Powertrain, its joint venture company, to develop an all new diesel engine range. It may be noted that Suzuki Powertrain had recently expanded its capacity by 25% to 0.3 m engines per year.

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Feb 20, 2018 03:17 PM