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Greek worries weigh on stock markets
Wed, 2 Nov 09:30 am

Most Asian stock markets have opened the day on a weak note due to worries that the Euro deal on Greece may fall through resulting in a debt default by the latter. Stock markets in Japan (down 1.7%), Hong Kong (down 1.1%) and South Korea (down 1.1%) leading the losses. However, markets in Indonesia (up 0.5%) and Singapore (up 0.2%) are seeing buying interest. The Indian stock market have also opened the day on a weak note. Stocks in the metal and capital goods space are leading the losses.

The BSE-Sensex is trading lower by 71 points (0.4%), while the NSE-Nifty is down by around 22 points (0.4%). BSE Midcap and BSE Small cap stocks are trading in the red as well, with the BSE Mid Cap and BSE Small Cap indices down by 0.2% and 0.1% respectively. The rupee is trading at 49.36 to the US dollar.

Cement stocks have opened the day on a mixed note with UltraTech Cement and ACC Ltd trading in the green. However, Ambuja Cements is facing selling pressure. Ambuja Cements has announced its standalone financial results for the third quarter ended September 2011 (3QCY11). During 3QCY11, the company has reported 15% YoY and 13% YoY rise in sales and net profits (the company has a December year ending). Cement sales volume grew by 7.6% YoY from 4.36 m tonnes in 3QCY10 to 4.69 m tonnes during the current quarter. Operating profits grew only marginally by about 3% YoY on account of higher cost of raw materials and freight. Operating margins declined by from 18.1% in 3QCY10 to 16.1% in 3QCY11. Other income grew by 73% YoY during 3QCY11. As a result, net profits rose by about 13% YoY. Net margins declined from 9.7% in 3QCY10 to 9.5% in 3QCY11

Energy stocks have opened the day on a mixed note with Essar Oil and Indraprastha Gas trading in the red while Gujarat Gas and BPCL (Bharat Petroleum Corp Ltd) are trading in the green. As per a leading financial daily, Mukesh Ambani-led Reliance Industries is likely to pool resources with Anil Ambani-led Reliance Communications, marking the first major collaboration between the two Ambani siblings after they took charge of separate business empires in 2005. RIL is planning to use the towers and fibre optic cables owned by a telecom company to provide high-speed data services. The non-compete agreement which had been in place between the Ambanis for five years terminated in May 2010. As a result, RIL was eligible for venturing into the telecom sector. The company acquired licenses for nationwide wireless broadband services for Rs 130 bn. The stock of RIL and Reliance Communications are trading in the green.

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Feb 23, 2018 03:35 PM