Key benchmark indices edged lower in early trade. The barometer index, the S&P BSE Sensex was currently off 70.81 points or 0.25% at 27,886.69. The market breadth indicating the overall health of the market was positive.
Index heavyweight and cigarette major ITC dropped after reporting muted growth in Q4 net profit. Divi's Laboratories advanced after strong Q4 March 2015 earnings.
Foreign portfolio investors bought shares worth a net Rs 211.42 crore on Friday, 22 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 237.62 crore on Friday, 22 May 2015, as per provisional data released by the stock exchanges.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire on Thursday, 28 May 2015.
In the overseas markets, Asian stock markets were higher today, 25 May 2015. US stock markets closed lower on Friday, 22 May 2015, failing to hold highs touched during the session, as investors eyed inflation data and Fed Chair Yellen's speech ahead of the long weekend.
At 9:21 IST, the S&P BSE Sensex was down 70.81 points or 0.25% at 27,886.69. The index lost 130.70 points at the day's low of 27,826.80 in early trade. The index fell 54.21 points at the day's high of 27,903.29 in early trade.
The CNX Nifty was down 29.30 points or 0.35% at 8,429.65. The index hit a high of 8,441.15 in intraday trade. The index hit a low of 8,418.70 in intraday trade.
The BSE Mid-Cap index was down 2.70 points or 0.03% at 10,617.11. The decline in the index was lower than Sensex' decline in percentage terms. The BSE Small-Cap index was up 16.89 points or 0.15% at 11,224.55, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 519 shares rose and 453 shares fell. A total of 36 shares were unchanged.
Index heavyweight and cigarette major ITC dropped after reporting muted growth in Q4 net profit. The stock was off 2.53% at Rs 320.15. ITC's net profit rose 3.65% to Rs 2361.18 crore on 1.66% increase in total income to Rs 9663.15 crore in Q4 March 2015 over Q4 March 2014. The result was announced after trading hours on Friday, 22 May 2015.
ITC said that Q4 March 2015 performance was impacted by steep increase in excise duty and VAT on cigarettes and weak demand environment. Muted growth in net revenue was primarily due to lack of trading opportunities in agricommodities and continuing pressure on cigarette volumes. Excluding expenditure on CSR / social investment programmes, comparable profit before tax and net profit grew by 6.4% and 7.8% respectively in Q4 March 2015 over Q4 March 2014. Financials for Q4 March 2015 include Rs 58 crore towards costs associated with rationalisation of safety matches manufacturing operations.
The company delivered another year of steady performance in the backdrop of continuing sluggishness in the macro-economic environment, exacerbated by a steep increase in taxes/duties on cigarettes which led to unprecedented pressure on legal cigarette industry sales volumes, ITC said. The company also had to contend with start-up costs relating to the launch of new products and categories in the non-cigarette FMCG segment, input cost pressures in the paperboards, paper and packaging businesses and a weak pricing environment in the hotels business, it added.
Divi's Laboratories advanced after strong Q4 March 2015 earnings. The stock was up 0.57% at Rs 1,857.05. The company's consolidated net profit rose 17.83% to Rs 231.47 crore on 9.55% growth in total income to Rs 832.19 crore in Q4 March 2015 over Q4 March 2014. The result was announced on Saturday, 23 May 2015.
Divi's Laboratories' board of directors declared a dividend of Rs 20 per share for the year ended 31 March 2015 (FY 2015).
During the year (FY 2015), the company has capitalized fixed assets amounted to Rs 230 crore. An amount of Rs 218 crore is carried forward as capital WIP for the capital works under execution.
In overseas markets, Asian stock markets were higher today, 25 May 2015. Key indices in Japan, China, Singapore and Taiwan were up 0.04% to 2.32%. In Indonesia, the IDX Composite was off 0.43%. Stock markets in Hong Kong and South Korea were shut for a holiday.
US stock markets closed lower on Friday, 22 May 2015, failing to hold highs touched during the session, as investors eyed inflation data and Fed Chair Yellen's speech ahead of the long weekend.
US Labor Department said on Friday, 22 May 2015 that US' consumer price index (CPI) gained 0.1% in April 2015 after increasing 0.2% in March.
Federal Reserve Chairwoman Janet Yellen said on Friday, 22 May 2015 that the central bank is on track to raise interest rates this year but will likely proceed cautiously because the job market hasn't fully healed, inflation is low and growth has again disappointed.
In Europe, risks regarding a potential Greek exit from the euro zone remained in the backdrop after the country's interior minister, Nikos Voutsis, threatened to default on loan repayments due to the International Monetary Fund.
Powered by Capital Market - Live News
