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Indian share markets lose ground
Mon, 29 Oct 01:30 pm

Indian share markets pared gains in the last two trading hours but continued to trade above the dotted line. Majority of the sectoral indices are trading positive with consumer durables, oil and gas and pharma stocks leading the pack of gainers. Capital goods, power & FMCG are among the losers.

BSE-Sensex is up 20 points and NSE-Nifty is trading up 6 points. While BSE Mid Cap Index is up marginally, BSE Small Cap index is up 0.1%. The rupee is trading at 53.9 to the US dollar.

Most of the FMCG stocks are trading in the negative led by Emami and Dabur. Henkel India and Godrej Consumer Products are among the few gainers. Hindustan Unilever has announced its September 2012 quarter results. The company posted a 12.5% rise in revenues led by 16% growth in its domestic consumer business. All the product segments reported double-digit growth with the soap & detergent segment reporting the sharpest growth of 22%. The personal care segment clocked a relatively subdued growth of 12% as budget rationalization by Canteen Store Department impacted offtake during the quarter. The company managed to expand operating margin by 0.8% to 15.5% aided by controlled rise in cost of goods sold. Only soaps & detergents and beverage segments have posted incremental margins during the quarter. Earnings grew by 17% backed by 18.3% jump in other income earned. The stock is down 1.5%.

Construction stocks are trading mixed with Prestige Estates and GMR Infra being the biggest gainers and Peninsula Land and Pratibha Industries being the biggest losers. Pratibha Industries announced its results for the quarter ended September 2012 recently. The company reported a 31% YoY increase in net revenues and profits each. The company's performance remained quite stable as its operating margins came in lower by 0.1% YoY to 13.5%. However, had it not been for the high other income, the profits would have been lower on the back of a relatively higher increase in depreciation and finance costs. In addition, the tax payout this quarter was higher than the corresponding quarter last year. As for the six month period ended September 2012, revenues were higher by 44% YoY while profits were higher by 26% YoY.

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