Indian share markets open flat

Tue, 22 Jan 09:30 am

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The major Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (up 0.3%) , South Korea (up 0.3%) and Taiwan (up 0.4%) leading the gains. However, markets in Malaysia (down 0.8%) and Indonesia (down 0.6%) have opened in the red. The Indian share market indices have opened the day on a flat note. Among the sectoral indices, stocks in the metal and power stocks are witnessing gains. However, IT and software stocks have opened in the red.

The Sensex today is up by around 5 points (0.02%), while the NSE-Nifty is up by around 3 points (0.1%). Mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.2% respectively. The rupee is trading at Rs 53.47 to the US dollar.

Barring Akzo Nobel Ltd, Paint stocks have opened the day in green with Jenson & Nicholson Ltd and Asahi Songwon Colors Ltd leading with substantial gains. Asian Paints has reported results for the third quarter of financial year 2013 (3QFY13). During the quarter, the net sales of the company were up 19% on a year on year (YoY) basis. The growth was supported by high consumer demand for painting and repainting jobs during the three-month period due to festivals such as Dussehra, Diwali and Christmas. The raw material costs for the quarter increased by 8.1% YoY. Advertisement spends were also higher during the quarter. As such, the 'other expenditure' that includes expenses on sales promotion registered a growth of 20.3% YoY .The firm has registered 30.5 % year on year (YoY) growth in the consolidated net profits .

Power stocks have opened the day mainly in green with Calcutta Electric Supply Corporation (CESC) and generator National Thermal Power Corporation Ltd (NTPC) leading with substantial gains. The country's leading power generator NTPC has reported results for the third quarter of financial year 2013 (3QFY13). The company has reported a 1.7% year on year (YoY) growth in the total income during the quarter. The net profits for the quarter registered a growth of 22% YoY. This was mainly on account of improved capacity addition, higher generation and reduction in raw material cost. NTPC has successfully commissioned a 500 megawatt (MW) unit at Rihand thermal power project during the third quarter. Overall, the company added 3,820 MW during the entire calendar year 2012. In a related development, power minister Mr. Jyotiraditya Scindia has said that the company will be reallocated three coal blocks (that were earlier taken away from it by the coal ministry) after getting law ministry's approval. The move is likely to help the impending 9.5% government stake sale in the firm.