Indian Markets Trade in the Green

Wed, 4 Nov 01:30 pm

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After opening the day on a firm note, the Indian equity markets continued to trade in the positive during the post noon trading session. Gains were led by stocks from auto, metal and realty segments.

The BSE-Sensex is trading up 113 points (0.4%) and the NSE-Nifty is trading up by 24 points (0.3%). The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.6% and 0.3% respectively. Gold prices, per 10 grams, are trading at Rs 25,943 levels. Silver price, per kilogram, is trading at Rs 35,760 levels. Crude oil is trading at Rs 3,144 per barrel. At the time of writing, the rupee stood at 65.53 to the US$.

Stocks in the power sector are trading mixed with Reliance Power and Neyveli Lignite leading the gains. Power Grid Corporation of India Ltd (PGCIL) has reported its results for the quarter ended September 30, 2015.

The company has posted 20.54% rise in its standalone net profit at Rs 14.48 billion on a YoY basis. The same was aided by higher income from operations. Total income from operations during the quarter registered an increase of 17.6% YoY.

Revenues from transmission business rose 16.83% YoY at Rs 47 billion. Telecom segment witnessed a surge of 55.2% on a YoY basis. With regard to consultancy, the company posted an increase of 62.8% YoY at Rs 993 million.

The company had recently won Vemagiri-II transmission project which is said to be one of the costliest projects to come under the bidding route this year. The same was bagged by the company at a value of Rs 70.3 billion.

It may be noted that Power Grid Corporation of India Ltd is India's principal electric power transmission company. The company is engaged in the transmission of bulk power across different states of India. It owns and operates more than 95% of India's interstate and inter-regional electric power transmission system. Scrip of the company is presently trading up by 0.3%.

Stocks in the paints sector are trading on an encouraging note with Asahi Songwon and Berger Paints witnessing maximum buying interest. Kolkata based Berger Paints has reported a 32.7% YoY jump in its consolidated net profit at Rs 889 million for the quarter ended September 30, 2015. Consolidated net sales during the quarter rose 5.5% to Rs 11.6 billion on a YoY basis. Moreover, net sales during the first half of the fiscal increased by 5.6% to Rs 22 billion on a YoY basis.

The company has performed well domestically in the decorative and industrial segment which led to a standalone revenue growth of 7.2% YoY.

However, one of Berger's international joint ventures saw a 27% degrowth. This was on the back of dumping by Chinese firms which limited the growth in consolidated income.

Stock of Berger Paints is trading up by nearly 1%.