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Indian share markets open in the red
Wed, 7 Nov 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in China (down 0.3%), South Korea (down 0.4%) and Hong Kong (down 0.3%) leading the losses in the region. However, stock markets in Singapore (up 0.1%) and Indonesia (up 0.2%) have opened on a positive note. The Indian share markets have opened the day in red. The sectoral indices have opened mixed with stocks in the capital goods and FMCG leading the losses while software and realty stocks are leading the pack of gainers.

The Sensex today is down by around 21 points (0.1%), while the NSE-Nifty is down by around 3 points (0.1%). However, mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.3% respectively. The rupee is trading at Rs 54.27 to the US dollar.

Aluminium stocks have opened the day on a positive note with Hindalco Industries and National Aluminium Company Ltd. (Nalco) leading the gains. Hindalco has announced results for the second quarter of financial year 2013 (2QFY13). The company has reported a 1.6% year on year (YoY) decline in the revenues for the quarter. As per the management, drop in London Metal exchange prices and increase in input costs have impacted aluminium sales and production to the extent of Rs 2.1 bn. The operating profits for the quarter were down by 24.6% YoY with operating profit margins at 7.6%, as compared to 9.9% in 2QFY12. The net profits for the quarter declined by 29% YoY. As per the management, the overall slowdown along with high cost of inputs may impact the Hindalco's performance in the near future. However, the company will continue to take proactive measures to realize maximum value from various drivers of its businesses. It also plans to focus on commissioning and implementation of various greenfield projects.

Power stocks have opened the day on a mixed note with Gujarat Industries Power Company Ltd and Reliance Infrastructure Ltd leading the pack of gainers. However, Tata Power and KSK Energy were witnessing maximum selling pressure. Tata Power has announced its results for the second quarter of financial year 2013 (2QFY13). The company has reported a 22% year on year (YoY) growth in the revenues on a consolidated basis. The operating profit margins for the quarter stood at 20%. On a consolidated basis, the net losses booked by the company during the quarter stood at Rs 838m, significantly down from Rs 11.9 bn in 2QFY12. The losses were mainly on account of higher expenses and provision for impairment for its 4000 megawatt (MW) Mundra power plant. During the quarter, the company booked an impairment charge of Rs 2.5 bn in relation to Costal Gujarat Power Ltd (CGPL) mainly on account of a change in the long-term foreign currency outlook for the Indian rupee/U.S. dollar from 45 to 50.

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Feb 21, 2018 09:53 AM