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Banks lead indices into the green
Tue, 15 Feb 01:30 pm

Indian indices managed to climb into the positive territory during the previous two hours as buying interest in heavyweights was restored. Banking stocks are currently leading the pack of gainers. However, stocks from the capital goods and realty space continue to trading weak.

The BSE-Sensex is up by 42 points while NSE-Nifty is trading 17 points above the dotted line. While the BSE Midcap index is trading flat, the BSE Small cap index is trading 0.41% above yesterday's closing. The rupee is trading at 45.54 to the US dollar.

Power stocks are currently trading mixed with Jaiprakash Power, NTPC and Tata Power trading firm, while PTC and Neyvelli Lignite are trading in the red. Tata Power released its 3QFY11 results. Consolidated net sales dropped by 2% YoY during 3QFY11 largely due to a decline in sales of the power business. The decline was a result of lower realisation per unit on the company's merchant sales. Tata Power's operating margins improved to 23.7% during 3QFY11, from 12.1% in 3QFY10. This was on account of the fall in power purchase costs. Consolidated net profits grew by a substantial 348% YoY during 3QFY11, largely as a result of the rise in operating margins and higher other income.

Media stocks are currently trading mixed with Fame India, Zee Entertainment and NDTV trading firm while Deccan Chronicle, HT Media and UTV Software are leading the pack of losers. Losses in the stock of Deccan Chronicle are on the back of the company announcing a poor set of numbers for the quarter and nine month period ended December 2010. During the quarter, the company's revenues declined by 15% YoY. This decline in revenues is seemingly on the back of lower advertisement revenues, the state where majority of the company's revenues accrue. On the back of a decline in revenues and a 16% YoY increase in operating expenses, the company's margins declined to 37.8% from 54.3% during 3QFY10. Operating profits declined by 40% YoY.

Led by a poor operating performance, coupled with a relatively higher tax rate, the company's profits declined by 55% YoY during the quarter ended December 2010. As for 9mFY11, Deccan Chronicle's revenues and profits declined by 5% YoY and 18% YoY.

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