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Indian stock markets open on a weak note
Wed, 9 May 09:30 am

Asian stock markets have opened the day on a weak note. Markets in Japan (down 1.5% ) and China (down 1.3%) are leading the losers in the region. The Indian stock markets have opened the day on a negative note as well . Stocks in the metal and realty sectors are witnessing maximum selling pressure while capital goods and FMCG stocks are leading the gainers.

The BSE-Sensex is down by around 35 points (0.21%), while the NSE-Nifty is down by around 20 points (0.4%). BSE Mid cap and BSE Small cap stocks are trading in the red and are down by 0.15% each. The rupee has fallen further and is trading at Rs 53.54 to the US dollar.

Aluminium stocks have been trading in the red led by Hindalco . Hindalco has reported its results for the quarter ending March 2012 (4QFY12). The company reported a 9.6% YoY (year on year) decline in the bottomline. This was on account of low aluminium prices on London Metal exchange (LME) and a steep rise in costs of production. The company's standalone net sales for the quarter were up 11.9% YoY. As per the management, the prices on LME and hence margins will remain under pressure .Rising cost of coal are expected to increase costs further. While aluminium segment did not perform well due to above mentioned reasons,earnings before interest and taxes was up 43% YoY in copper business due to higher production, improved efficiencies, higher treatment and refining charges and by-product credit, offset to some extent by higher energy costs. The company has recently allotted 150 million warrants on a preferential basis to the promoters .

Paint stocks are trading mixed with Jenson and Nicholson and Akzo Nobel leading the losers and Asahi Songwon Colours and Berger Paints trading the strongest.Asian Paints has announced results for the quarter ending March 2012 (4QFY12). The company reported 39.5% year on year (YoY) increase in its consolidated net profit during the quarter. The consolidated revenues for the quarter also registered a growth of 29.3% YoY. For full year (FY12) , the topline and bottomline registered a growth of 24.7% YoY and 17.3% YoY respectively. The company's board of directors has recommended a final dividend of Rs 30.5 per equity share for FY12. The stock was trading in the red.

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