Indices in the Indian stock market started off the session on a positive note today with news of the Greek referendum being cancelled. However, they came off the day's highs during the closing stages and were trading very close to the dotted line. In the last hour, the indices managed to edge past breakeven. While the BSE-Sensex managed to ramp up gains of around 80 points (0.5%), NSE-Nifty edged higher to the tune of around 18 points. The smaller indices however traded higher than their larger counterparts. The BSE Mid Cap and BSE Small Cap
indices closed higher by 0.8% and 0.4% respectively. Advance to decline ratio on the Sensex was more or less evenly split as one stock gained for every other that closed the day in the red.
While most stocks across Asia closed the day in strong positive territory, India came in as one of the least gainers, being overshadowed by the likes of Hong Kong and Japan. Europe is trading in the positive currently on hopes of a solution to the regions crisis. The rupee was seen trading at Rs 49.2 to the dollar at the time of writing.
Leading hair oil manufacturer Marico recently announced its results for the second quarter of the financial year 2011-12. Its turnover showed a robust growth of 26% YoY over 2QFY11. Its volumes grew by around 14% in its domestic consumer products business, despite price hikes. The company continues to prioritise its customers. This enabled it to sustain robust volume growth despite inflation in India sustaining above comfort levels. Profit after tax grew by around 9% YoY over 2QFY11. The company continues to maintain its number one rank in coconut oils with a market share of 53% in India. Its Kaya skincare solutions also sustained its number one rank with a market share of 35%. The board also declared a first interim dividend of 30% on its equity share capital. The stock closed marginally lower for the day.
India's oil marketing companies raised petrol prices by about 3% effective from today in order to combat losses on sales of fuel due to higher crude oil prices globally and due to rupee depreciation. Oil prices were raised by Rs 1.8 per liter. This is the fourth price hike by retailers since January. Following the increase, petrol now costs Rs 68.64 per litre in Delhi, up from Rs 66.64 a litre earlier. The retail selling price in different cities will vary according to local sales tax. While prices of petrol are now deregulated, kerosene, diesel and LNG are still sold at regulated rates. Oil marketing companies like Indian Oil, (Hindustan Petroleum Corporation Limited) HPCL and (Bharat Petroleum Corporation Limited) BPCL were initially trading higher on the price hike, yet towards the end of the session the oil and gas index was the only one to close in the red for the day.