Indian share markets open flat

Mon, 6 May 09:30 am

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   11:30 am   

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All major Asian equity markets have opened the day on a firm note with stock markets in Malaysia (up 3.2%), Hong Kong (up 1%) and China (up 0.9%) leading the gains. The Indian share market indices have also opened the day on a flat note. Stocks in the information technology and metal space are leading the gains. However, banking stocks are trading in the red.

The Sensex today is up by around 6 points (0.03%), while the NSE-Nifty is down by around 9 point (0.2%). Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.6% respectively. The rupee is trading at Rs 53.80 to the US dollar.

Cement stocks have opened the day on a firm note with JK Lakshmi Cement and Birla Corporation leading the gains. Holcim group companies Ambuja Cements and ACC have announced the financial results for the quarter ended March 2013. During the quarter, Ambuja Cements reported net sales of Rs 25,448 m, lower by 3.3% YoY over the corresponding quarter of the previous financial year. ACC, on the other hand, reported net sales of Rs 29,111 m, higher by 2.4% YoY. Both companies witnessed a decline in cement volume sales on account of sluggishness in the cement sector. While Ambuja Cements saw its operating profit margins decline from 28.4% in 1QCY12 to 21.3% in 1QCY13, ACC's operating margins declined from 21.1% in 1QCY12 to 15.2% in 1QCY13. Ambuja Cements and ACC reported a rise of 56.3% YoY and 181.7% YoY in net profits, respectively. But the rise was mainly attributable to certain exceptional losses in the previous year's corresponding quarter.

Textile stocks have opened the day on a mixed note with Pioneer Embroideries and Himatsingka Siede witnessing gains. However, the stocks of Arvind Ltd and Raymond Ltd are witnessing losses. Grasim Industries has announced its financial results for the quarter and year ended March 2013. During the quarter (4QFY13), the company's standalone sales stood at Rs 13,765 m, marginally lower by 1.1% YoY. While viscose staple fibre (VSF) sales volumes improved marginally, downward pressure on realisations led to decline in revenues. The company managed to maintain its operating profit margin at 15.6%, the same level seen in 4QFY12. While other income declined by 21.4% YoY, depreciation and interest expenses shot up by 22.2% YoY and 96.7% YoY respectively. The company reported exceptional gains of Rs 2,044 m on account of sale of long-term investments. This lifted the company's net profits to Rs 3,724 m, higher by 52.9% YoY. During the financial year 2012-13 (FY13), sales and net profits rose by 6.3% YoY and 4.2% YoY respectively.