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Markets open on a volatile note
Mon, 26 Jul 09:30 am

The Indian markets have started today's session on a volatile note. The benchmark indices opened below the breakeven mark, but soon moved into the positive territory. However, they have not managed to hold on to their gains since then. Other key Asian markets are in the green with Japan (up 1.2%) leading the pack of gainers. The US markets closed higher by 1% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with telecom and software majors attracting investors' interest. The BSE-Sensex is trading lower by around 45 points, while the NSE-Nifty is down by about 15 points. The rupee is trading at 46.91 to the US dollar.

FMCG stocks have opened the day on a positive note. Gainers here include Dabur and HUL. Godrej Consumer Products recently announced its 1QFY11 results. The company reported a growth of 47% YoY in sales during the quarter. This came on the back of strong growth of domestic and overseas business as well as from the inclusion of the financials of Godrej Sara Lee. The company's operating margin fell by 1.2%% YoY during the period. This was due to the higher raw material and advertisement costs partly offset by lower staff costs and lower other expenditure (all as percentage of sales). Net profits grew by 67% YoY during the quarter, aided by strong topline growth and one time exceptional income. Adjusted for the one time exceptional income, net profit has grown by 9% YoY during the quarter.

Steel stocks have opened the day on a positive note. Gainers here include SAIL and Bhushan Steel. As per a leading business daily, SAIL's 20% follow-on public offer (FPO) may not happen in 2010 due to certain regulatory hurdles. It needs to appoint independent directors on its board, a proposal for which is with the Appointments Committee of the Cabinet. India's largest steel maker has 12 official directors on board, besides two independent directors. It would have to hire at least 10 more independent directors to become SEBI compliant. Earlier, the steel secretary had expressed hope that the FPO could hit the market by November this year. But now, March next year appears more likely for the Rs 160 bn issue.

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