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Auto stocks lead markets higher
Wed, 21 Jul 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened at the breakeven mark, but soon moved into the positive territory. They have managed to hold on to their gains since then. Other key Asian markets are in the green with Hong Kong (up 0.5%) leading the pack of gainers. The US markets closed higher by 0.7% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with auto and metal majors attracting investors' interest. The BSE-Sensex is trading higher by around 80 points, while the NSE-Nifty is up by about 25 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.6% and 0.7% respectively. The rupee is trading at 47.22 to the US dollar.

Steel stocks have opened the day on a positive note. Gainers here include JSW Steel and Tata Steel. As per a leading business daily, SAIL has commissioned a newly renovated unit at its Bokaro Steel Plant. A blast furnace was upgraded at a cost of Rs 8.1 bn and will be followed by other units in the plant as part of the current phase of expansion and modernisation. In fact, a new cold rolling mill complex of 1.2 m tonnes (MT) per annum capacity will also come up by December 2011. It may be noted that SAIL has taken up Rs 700 bn overall expansion program, which will increase its hot metal production capacity to the level of 23.5 MT by FY13 from the present 14 MT.

Media stocks have opened the day on a positive note. Gainers here include Sun TV and Cinemax India. Balaji Telefilms announced its 1QFY11 results yesterday. The company reported a 22% YoY decline in sales during the quarter on account of a fall in both programming hours and average realisation per hour. Programming hours in the commissioned category fell from 174 hours in 1QFY10 to 147 hours in 1QFY11. Realisation in commissioned programming fell from Rs 1.9 m per hour to Rs 1.8 per hour during the quarter. Operating margins turned negative during the period. Other income declined by 16% YoY in 1QFY11. As a result of the decline in the topline and erosion in operating margins, profit after tax plummeted by 67% YoY.

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