After achieving a record closing high yesterday, the Indian Indices shed some gains in the morning session and are trading nearly flat. Banking and pharma stocks are witnessing the selling pressure.
Both the BSE-Sensex and NSE-Nifty are trading flat. However, buying interest is seen in Mid cap and Small cap indices. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.5%. The Rupee is trading at 61.4 to the US Dollar.
Media stocks are trading mixed today. Broadcast Initiatives and Balaji Telefilms are leading the gainers; while ZEE Entertainment and Siti Cable Network Ltd are leading the losers. Jagran Prakashan has declared its 2QFY14 results. The company's standalone sales have risen by 10.8% YoY to Rs 3.9bn. Advertisement revenue has increased by 10.7% YoY to Rs 2.6 bn, while circulation revenue has risen by 14.5% to Rs 830m. The company's operating profit grew by about 22% YoY. Consequently, operating margin went up by around 2.1% YoY to 23.6% for the quarter. However, net profits declined by 28% YoY to Rs 469.7m. Decline in net profit was a result of foreign exchange loss booked under the head 'other income'. Also, in the corresponding quarter of last year, there were no tax expenses due to accumulated losses of 'Naidunia' business. Jagran Prakashan is trading flat today.
Most Mining stocks are trading higher today. Sesa Sterlite and Metals and Mining Trading Corporation (MMTC) are among the stocks leading the gainers. According to a leading news daily, the recently announced decision of the government to auction coal blocks to private firms is likely to be delayed. The auctions would take place in March 2014. The Coal Ministry had earlier said that the auction of mines would be held in December this year. The reason being cited for the delay is that the coal ministry has sought a detailed report from the Central Mine Planning and Design Institute (CMPDI), the mine planning and consultancy division of Coal India, regarding the assessment of reserves of a further four coal mines. The initial decision to auction six coal blocks has now been increased to ten. According to the government's auction proposal, an upfront payment of 10% of the intrinsic value of the coal block would be paid on commencement of production and in addition to this; a production linked payment would be paid on a rupee per tonne basis.