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Stock Market indices lose ground
Mon, 13 Feb 01:30 pm

After opening positive but remaining staid, Indian stock markets slipped below the dotted line in the last two trading hours. Majority of the sectoral indices are trading negative with capital goods and realty stocks being the biggest losers. consumer durables, Oil and gas, auto & healthcare are the only gainers.

The BSE-Sensex is trading down 24 points and NSE-Nifty is trading down 12 points. The BSE Mid cap and BSE Small cap indices are up by 0.15% and 0.1% respectively. The rupee is trading at 49.28 to the US dollar.

Majority of the FMCG stocks are trading in the red. Britannia has announced its December 2011 quarter results. The company reported a revenue growth of 15.3% YoY backed by a combination of volume, mix and price hike. The company has been able to stem falling profitability through controlled raw material expenses that led to a 300 basis points fall in cost of goods to sales ratio. These have more than offset the higher conversion and other charges, advertisement costs and other expenditure (as a proportion of sales). As a result operating margin appreciated by 130 basis points to 6.7%. Riding on a 43% jump in operating income and 2.4% rise in other income earned during the quarter, Britannia saw its earnings swell by 44.8% during the quarter. The stock is currently 5% up.

Most of the energy stocks are trading mixed with Indraprastha Gas and Castrol being the biggest gainers. Bharat Petroleum Corporation Ltd. (BPCL) has announced the results for the third quarter of the current financial year (3QFY12). The corporation has reported a 60.4% year on year (YoY) growth in the topline during the quarter. The crude throughput for the quarter was up 22% YoY and the domestic market sales registered an annual growth of 8.6% YoY. The operating profits for the quarter increased fivefold (YoY) with margins at 6.3% (versus 2% in 3QFY11). The gross refining margins (GRMs) for the quarter stood at US$ 3.48 per barrel. At the bottomline level, the company has reported a seventeen fold increase on an annual basis. This was on account of subsidy from the Government (Rs 69.9 bn) and upstream sector (Rs 35.7 bn) to compensate for the loss on sale of regulated petroleum products. The stock is down 1%.

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