Indian equity markets continued to trade in the green during the last two hours of trade. Sectoral indices traded mixed with energy and metal stocks leading the gains. Realty and capital goods stocks witnessed maximum losses.
Telecom stocks are trading mixed with ITI Limited and AGC Networks leading the gains while Reliance Communications and Tata Communications are on the losing side. Telecom company Idea Cellular declared results for second quarter of financial year 2012-2013 (2QFY13). The company reported a 15% YoY increase in total revenues and a whopping 127% YoY growth in net profits during the quarter. Growth in sales was led by both a growth in the subscriber base as well as by higher minutes on the network. Total count of subscribers stood at around 115.5 m at the end of September 2012. Operating profit margins were up from 25.7% in the same quarter last year to 26.8% at present. Net profits increased by 127% YoY during the quarter while net profit margins expanded by 2.2% during the same period.
Energy stocks are trading in the green led by Essar Oil and Oil and Natural Gas Corporation (ONGC). Castrol India Limited announced results for third quarter of the calendar year 2012 (3QCY12). The company reported a growth of 7% YoY in topline and a decline in bottomline of 10% YoY. The sales growth in automotive volumes was offset by decline in industrial and marine volume on account of an overall industrial slowdown. Operating profits declined by 8.5% YoY during the quarter. The fall in operating profits was attributed to higher cost of goods. A weakening in base oil prices was offset by rupee depreciation. This impacted the operating profit margins which were down to 16.8% from 19.7% as compared to same quarter last year. Net profit margins too were down by nearly 2%.