BSE Sensex remains flat for the week

Fri, 25 May Closing

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In what was a volatile trading session, the benchmark indices in Indian equity markets closed marginally below the dotted line. In fact the BSE-Sensex closed without any change for the week. While major markets in Asia closed mixed today, the Sensex closed lower by around 4 points. Losses on the NSE-Nifty came in at around 1 point. The BSE Mid cap and BSE Small cap indices however bucked the trend and closed in the positive. Select auto and commodity heavyweights led the pack of losers.

Most other Asian indices closed lower today with European indices too trading lower currently. The rupee was placed Rs 55.40 to the dollar at the time of writing.

As per a business daily, the Telecom Commission has recommended putting a minimum of 10 mhz of spectrum on auction in eight slots, reserving four slots for new entrants. The Telecom Regulatory Authority of India (TRAI) had suggested auction of only five mhz in the 2G auctions that are to be completed by August as per a Supreme Court order. Trai had last month suggested an auction starting price that is nearly 10 times what the operators had paid in 2008. It had also proposed auction of a limited number of slots. The auction will be the last chance for international companies, including Norway's Telenor and Russia's Sistema, as well as the fourth biggest Indian operator, Idea Cellular, to win back licences that they are going to lose as a result of the court order.

Opto Circuits has announced its March quarter results. The company has reported a topline growth of 21% YoY and a bottomline growth of 89% YoY for the quarter ended March 2012. The consolidated topline witnessed 21% YoY growth during the quarter driven predominantly by the company's medical equipment and consumables segment which registered a growth of 24% YoY. Its invasive segment on the other hand witnessed a slightly lower growth of 19% YoY. Topline for the full year grew by 47% YoY, driven again by the medical equipment segment as the same grew by a strong 62% YoY. It should be noted that the company has acquired 11 companies since 2002 and this strategy is helping it grow its topline in a healthy manner year after year. For FY13, the company expects a topline growth of 20% YoY. Operating margins contracted marginally by 0.5%, leading to 18% growth in operating profits during the quarter. The bottomline witnessed a strong growth of 89% YoY on the back of decent operating performance and recognition of deferred tax asset on its books Profits for the full year jumped 56% YoY on the back of a 47% growth in topline.