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Indian mkts. continue to trade weak
Tue, 22 Oct 11:30 am

After a negative start, the Indian stock markets continued the downward trend in the last two hours of trade. Indices such as oil and gas and FMCG are leading the losses.

The BSE-Sensex is trading flat; up by just 9 points and the NSE-Nifty is also trading flat. However, the BSE Mid Cap index is trading up by 0.8% and BSE Mid Cap index is trading up by 0.9%. The Rupee is trading at 61.7 to the US Dollar.

Media stocks are trading mixed today. SAREGAMA and ZEE Media Corp are leading the gainers, while Next Mediawroks and Prime Focus are leading the losers. ZEE Entertainment Ltd. delivered good performance in the second quarter of FY14. The sales of the company grew by 15.5% YoY in 2QFY14. The growth in sales was driven by 16% YoY growth in subscriptions; while advertising revenues grew by just 10.5% YoY. Operating profit of the company increased by 42.7% YoY; which resulted in 5.4% increase in EBITDA margin from 22.8% to 28.2% in 2QFY14. Other income for 2QFY14 increased by 111% YoY. Profit after tax increased by 26% YoY during the quarter. Commenting upon the performance, ZEE's chairman Subhash Chandra stated that while overall business environment has stayed weak, ZEE continued to grow its business at a healthy pace. Also despite apprehension about the downward trend in advertising spends; the television media industry has continued to grow in double digits during the second quarter. ZEE is trading down 0.8% today.

Most of the IT stocks are trading higher today. HCL Tech and Wipro are among the stocks leading the gains. India's largest software firm, Tata Consultancy Services (TCS) has informed the exchanges that it has signed a multi-million dollar deal with Bombardier Transportation, a global leader in rail transportation technology, to manage IT infrastructure for its newly commissioned data centers in Germany. As part of this offshore deal, TCS will provide remote infrastructure management (RIM) services for the new data centers through the introduction of private cloud-based services. TCS will also provide SAP based service support to Bombardier. TCS did not disclose the financial details of the deal.This is the first deal that TCS has won in the rail transportation sector. TCS will execute the contract through its offshore center in Germany. The transportation sector contributed 16.6% of revenues for TCS in 2QFY14 while revenues from Europe contributed 31.9%. TCS is trading up 0.5% today.

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