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Indian share markets remain buoyant
Fri, 18 Jan 01:30 pm

Backed by strong buying in the index heavyweights, Indian share markets continued to trade firm in the post noon trading session. Sectoral indices are trading mixed with oil and gas, capital goods and realty being the biggest gainers. IT, auto and pharma stocks are among the stocks trading in red.

BSE-Sensex is up 102 points and NSE-Nifty is trading up by 30 points. While BSE Mid Cap is up 0.3%, BSE Small Cap index is marginally up. The rupee is trading at 53.9 to the US dollar.

Auto stocks are trading mixed with Maruti Suzuki being the biggest gainer and Hero MotoCorp being the biggest loser. According to a leading financial daily, Mahindra & Mahindra (M&M) is in the final lap of testing its premium 390 cc motorcycle brand, Mojo before launching it in the market. The engine for the motorcycle has been designed in the research & development centre set up in Pune at a cost of Rs 1 bn. The company recently launched 110 cc motocycles, Centuro and Pantero in Tamil Nadu. M&M has plans of launching three scooter variants in 2013. The company has been exporting scooters and also has plans of exporting motorcycles in the future to countries in South Africa, Latin America and South East Asia. M&M stock is currently down 1.7%.

Most of the technology stocks are trading in the negative. Wipro and Moser-Baer India are among the top losers. Wipro has declared its third quarter results for financial year 2012-13 (3QFY13). The company witnessed 10% growth in its revenues and 18% growth in its net profit for the quarter. The IT business, which contributed around 78% of total revenues during the October-December 2012 period, witnessed growth of 13% YoY. The EBIT of IT services, increased by 13% YoY and operating margin was 20.8% for the quarter, up 0.1% sequentially. The Consumer Care and Lighting business contributed 9% of total revenues and 7% of operating income for the quarter ended December 31, 2012. This segment, registered growth of 17% YoY, and operating margin was 14% for the quarter. The IT products segment contributed 9% to total revenues and 1% to the operating income for 3QFY13. This segment, registered growth of 11% YoY, and operating margin was 2% for the quarter. Wipro has declared an interim dividend of Rs 2 per equity share. The stock is trading down by 4%.

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