Indian markets edged lower in the first trading session of the month and closed on negative note yesterday as auto makers such as Tata Motors fell because of disappointment over their April sales, while banks suffered from profit-taking after recent gains. Investors were betting that sales will improve after an interest rate cut was seen bringing down the cost of vehicle financing loans. The downward movement was mainly led by selling pressure in auto, power, capital goods and oil & gas stocks while consumer durable, IT, bank and FMCG stocks witnessed some buying activities which gave some support to the markets. IT stocks were mostly higher on positive economic data in US, the biggest outsourcing market for the Indian IT firms. India's second largest software services exporter by revenue, Infosys gained 0.35%. India's largest consumer goods company Hindustan Unilever advanced 1.77% after reporting a better-thanexpected 21% rise in quarterly profit. Bharti Airtel rose 2.47% after the company said that its consolidated net profit fell 28.19% to Rs.1006Cr on 15% growth in total revenue to Rs.18729Cr in Q4 March 2012 over Q4 March 2011. Revenue growth in Q4 was fuelled by increased customer additions and strong minutes growth in India. Despite a national strike for 9 days in Nigeria, Africa revenues continued its growth trend. The bottom line was adversely impacted by higher costs on account of 3G license fee amortisation (Rs.106Cr), 3G interest costs (Rs.84Cr), forex fluctuation losses (Rs.132Cr) and tax provisions (Rs.198Cr).
Thursday, May 3, 2012
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment