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Indian markets open on a negative note
Mon, 2 Nov 09:30 am

The major Asian stock markets have opened the day on a disappointing note, with stock markets in Japan (down 2.1%) and Singapore (down 1.3%) being the top losers. The major stock indices in Europe ended their previous session in green. However, US markets closed in red owing to weak economic data. The rupee is trading at 65.36 per US dollar.

Indian stock markets have opened the day on a negative note too. BSE-Sensex is trading lower by 74 points (down 0.3%) and NSE-Nifty is trading marginally lower by 14 points (down 0.2%). S&P BSE Midcap has opened down by 0.3%, while S&P BSE Smallcap is trading higher by 0.2%. Sectoral indices have opened the day on a mixed note. Stocks from pharmaceutical and engineering sectors are the top losers in the pack. However stocks from automobile and FMCG sector are leading the gainers.

Larsen and Toubro Ltd reported its results for the quarter ended September 2015. The revenue of the company grew by 10.6% YoY. The growth in the topline was driven by infrastructure, power and financial services business segments. The company's operating margins stood at 11.1% for the reported quarter. The net profits of the company grew by 15.6% YoY. However there was an exceptional item to the tune of Rs 3 bn which boosted the profits.

Reportedly, the company has revised its guidance in relation to the order intake. The company now expects order intake to grow by 5-7% in a year. Previously, company expected order inflows to grow by 15%. The guidance for the order intake has almost been reduced by more than 50%. As per an article in leading financial daily, company has been trying to sell the infrastructure assets and dilute the stakes in the non-core assets in order to reduce its debt. The debt as at the end of the quarter stood at Rs 982.6 bn.

The stock of Larsen and Toubro is trading down by 1.7%.

According to a financial daily, Tata Motors reported a marginal growth of 1% in the overall sales of its vehicles in the month of October on a YoY basis. The performance was impacted due to sharp decline in the sales of light and small commercial vehicles. The, Light & Small Commercial vehicle declined by 19% YoY. However, passenger vehicle segment grew by 11% YoY, on the back of new launches. Further, the Medium & Heavy Commercial Vehicles grew by 20% YoY.

The stock of Tata Motors has corrected around 26% within a period of one year. Radhika Pandit, Managing Editor of ValuePro, recently wrote an article, on Tata Motors highlighting key concerns and prospects (Subscription). If you are interested in the stock, then this is a must read!

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Mar 16, 2018 (Close)