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Indian equity markets trade flat
Tue, 15 Oct 01:30 pm

Indian markets have recovered and are trading flat during the post noon trading session. Most of the sectoral indices are trading in red, with banking and consumer durable stocks witnessing maximum selling pressure. Only stocks from IT, metal and oil and gas sectors are trading in green.

BSE-Sensex is up by 2 points and NSE-Nifty is trading down by 4 points. While BSE Mid Cap is trading down by 0.73%, BSE Small Cap index is trading down by 0.70%. The rupee is trading at 61.53 to the US dollar.

Majority of the FMCG stocks are trading in the red with Emami and Godrej Consumer Products being the major losers. Colgate and Gillette are among the few stocks trading in the green. Bajaj Corp has announced its results for the quarter ended September 2013. During the quarter, the company registered sales growth of 16.5%. Despite a modest rise in raw material costs, the operating margin contracted by 1.6% to 27% due to steep rise in ad-spends and other expenditure. At the net level, profits fell by 6.2% due to 66 folds jump in interest costs. The company has taken long term borrowings of Rs 600 m to partly fund the NOMARKS acquisition. Moreover, the acquisition cost of brand has been amortized on a pro-rata basis. This has led to an outflow of Rs 51 m during the quarter, further pulling down profits earned for the quarter.

Most of the telecom stocks are trading in red with Tata teleservices and Mahanagar Telephone Nigam Limited (MTNL) being the top losers. As per the financial daily, the telecom minister Kapil Sibal said that the most awaited telecom's mergers and acquisition (M&A) guidelines have been postponed. These guidelines were earlier expected to be released today but now the same are expected to release in about next two weeks time. The report will take care of various issues in telecom M&A space. Reportedly, The panel on M&A has noted that many telecom service providers are listed on stock exchanges and have to go through a long process to complete the deal. Other various issues pertaining to spectrum held post acquisition, market share of the entity after acquisition and so on will form part of these guidelines.

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