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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Indian markets extend losses
Tue, 27 Oct 11:30 am

After opening the day on a weak note, the Indian Indices slipped further into the red. Sectoral indices are trading on a mixed note with consumer durables and metal stocks leading the losers. However, healthcare stocks are trading in the green.

The BSE-Sensex is trading lower 109 points (down 0.4%) and the NSE-Nifty is trading down 30 points (down 0.4%). Both, S&P BSE Midcap index and the S&P BSE Smallcap index are trading flat. The rupee is trading at 64.94 to the US$.

Stocks in the power space are trading mixed with RattanIndia Power and PTC India Ltd witnessing maximum selling pressure. As per a leading financial daily, Power Finance Corporation'S latest report suggests that India's state utilities collectively owe Indian banks Rs 5,459 billion. The figure is around two-and-a-half times the defence budget and is enough to wipe out India's fiscal deficit.

As per the report, electric utilities have incurred a net loss of Rs 6,215 billion during the financial year 2013-14. And this is not a one off as the losses have been in this range for the several past years in a row. The reason for the same has been the distorted pricing structure and lack of infrastructure upgradation due to cash crunches. This highlights an urgent need for electricity reforms in this sector.

Engineering stocks are trading on a mixed note with Bharat Bijlee leading the gains and Jindal Drilling leading the losses. Air-conditioning and commercial refrigeration major, Blue Star has announced its results for the second quarter ended September 30, 2015. The company has reported a standalone loss of Rs 58 million as against a net profit of Rs 91 million in the same period last year. The loss is said to be on account of exceptional loss made by the company during the quarter. The same was recorded at Rs 158 m on account of voluntary retirement scheme.

Total income on a standalone basis witnessed a surge of 11.6% to Rs 7,166 million on a YoY basis for the concerned quarter. Other Income was Rs 19.7 million as compared to 27.8 million during the same period last year.

Blue star's standalone net profit for the first half of 2015-16 also stood down by 16.99% on a YoY basis. Its total income during the first half of the current fiscal stood up by 9.82% on a YoY basis.

The company's electro mechanical projects business is showing a modest revival in order inflow and execution. Moreover, the cooling products business is performing reasonably well with the residential and light commercial segments contributing significantly to growth in the business.

Stock of the company is presently trading down by 1.2%.

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Jun 23, 2017 (Close)

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