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Indian share markets continue in the red
Thu, 30 May 11:30 am

Indian share markets traded in the red during the previous two hours of trade. Sectoral indices traded weak except for auto and FMCG stocks.

The BSE-Sensex is trading lower by 60 points and NSE-Nifty is trading down by 20 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.3% and 0.4% respectively. The rupee is trading at 56.08 to the US dollar.

Media Stocks are trading weak led by Broadcast Initiatives and Zee News. Print media company Jagran Prakashan recently announced results for the fourth quarter as well as the year ending March 31, 2013. The company reported 10.5% YoY growth in sales helped by 8.2% YoY growth in advertising and 21.2% YoY growth n subscriptions. Event and outdoor revenues were up by 4.5% YoY during the quarter. Operating expenditure increased more than the increase in sales resulting in operating profits falling by 18% YoY. Net profits were down by 10% YoY due to lower growth in topline and higher interest expenses (up by 44% YoY). Jagran has recommended a dividend of Rs 2 per share (dividend yield of 2%).

Power stocks are trading weak led by Torrent Power Limited and GVK Power & Infra. As per a leading daily, Power Grid Corporation is looking at raising Rs 80 bn through domestic and international bonds. The company plans to raise these funds during the current fiscal itself. This forms a part of Power Grid''s Rs 200 bn capital expenditure planned for FY14. The company is looking to borrow some funds from the World Bank and Asian Development Bank. It will also utilize its internal accruals for the purpose and the remaining Rs 80 bn will be sourced through these bonds.

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