Indian stock markets trade flat

Fri, 21 Oct 01:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   Closing   

Indian stock market shed gains on account of selling pressure in heavyweights during the last two hours of trade and are now trading flat. Stocks from the consumer durables, capital goods , Auto , and power sectors are leading the pack of losers, while those from the realty and metal space are trading weak.

The BSE-Sensex and NSE-Nifty are trading near the dotted line. The BSE Mid Cap and BSE Small Cap indices are trading flat as well. The rupee is trading at 50.20 to the US dollar.

Media stocks are trading mixed with PVR Limited, Zee Entertainment Enterprises, Cinemax India and Dish TV leading the pack of gainers. However, Next Mediaworks and Pritish Nandy Communications are trading in the red. Dainik Bhaskar Corp Limited (DBCL), has announced its financial results for the second quarter of the financial year 2011-12 (2QFY12) and half year ended September 30, 2011 (1HFY12) . The company reported 18% year-on-year (YoY) growth in total revenues for the quarter. The advertising revenues were up 16% YoY during the quarter on a consolidated basis. The consolidated operating margins for the company stood at 22% and factored onetime pre-operative expenses of Rs 37.3 m, on the launch of Jharkhand and Maharashtra, operating losses on 3 editions of Maharashtra and state of Jharkhand as well as loss on foreign exchange. The consolidated net profit for the quarter stood at Rs 403 m, with net profit margins at 11.4%. While the company's radio business achieved operating profits of Rs 11.4 m (9% margin) in the quarter, the digital business ramped up with 110 m page views registered in September 2011. The stock of the company is trading in the red.

Steel stocks are trading mixed as well with Tayo Rolls, Jindal Steel and Metals and Minerals Trading Corporation (MMTC Ltd) leading the pack of gainers. However, Adhunik Metaliks and JSW Ispat are trading weak. As per a leading financial daily, Tata Steel Ltd. is likely to spend additional GBP 4.5 m at its South Yorkshire operations in the United Kingdom (UK). It had already invested over GBP 20 m last year. The company will save GBP 850,000 pounds a year with this investment. This will help the company improve plant reliability and energy efficiency, by reducing energy bills and carbon dioxide emissions by 7,000 tonnes a year. The company is looking to spend GBP 1 m on new quality inspection equipments at Thrybergh Bar Mill, Rotherham, GBP 2 m to enhance fume extraction at Rotherham steelmaking plant, GBP 0.5 m to improve steelmaking in Rotherham and the remaining GBP 1 m to upgrade a re-heating furnace in Stocksbridge. The company will make more of the technically demanding and safety-critical products for the automotive industry with new equipments at the Thrybergh Bar Mill as it plans to reduce electricity usage by more than 9,000 MWh every year and save more than GBP 0.6 m a year in energy bills. However, the stock of the company is trading in the red.