Market is seen opening lower in the early trade, tracking mixed cues from the global market. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 1 point at the opening bell.
In overseas markets, Asian stock markets displayed a mixed trend amid continuing worries about China's slowing economy, while weak commodity prices weighed on resources stocks. US stocks finished yesterday's (19 October 2015) range-bound session marginally higher, as steep losses for energy stocks, following a drop in oil prices, kept a lid on the main indexes.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 898.23 crore yesterday, 19 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 246.26 crore yesterday, 19 October 2015, as per provisional data.
Stronger-than-expected second quarter results from Reliance Industries (RIL), India's second biggest company in terms of market capitalization, aided modest gains for Indian stocks yesterday, 19 October 2015. The barometer index, the S&P BSE Sensex, rose 150.32 points or 0.55% to settle at 27,364.92. The 50-unit CNX Nifty rose 36.90 points or 0.45% to settle at 8,275.05. The Sensex and the Nifty, both, attained their highest closing level in more than eight weeks. The two key benchmark indices edged higher for the third straight trading session.
Hindustan Zinc's net profit rose 5% to Rs 2285 crore on 4% growth in revenue to Rs 3908 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 19 October 2015.
Hindustan Zinc attributed the growth in bottom line in Q2 September 2015 to higher operating profit and increase in investment income, partly offset by higher tax rate. Top line growth during the quarter was driven by significant increase in volumes and rupee depreciation despite lower LME prices and zinc premiums.
During the quarter, Government of India notified the contribution towards DMF at 30% of royalty for existing mining leases, payable with effect from 12 January 2015. Accordingly, the company has revised its DMF liability resulting in a write back of Rs 140 crore provisioned during the prior quarters.
With regard to its on-going expansion projects, Hindustan Zinc said that Rampura Agucha open pit deepening project, undertaken to de-risk the transition to underground mine, is on track. The underground mine project is progressing well and regular stoping will start in Q3 December 2015, the company said. The main shaft sinking is now progressing as per plan, Hindustan Zinc said in a statement.
Among key corporate earnings, ACC is scheduled to announce its Q3 September 2015 results today, 20 October 2015. Hero MotoCorp is set to announce its Q2 September 2015 results today, 20 October 2015.
Maruti Suzuki India (MSIL) after market hours yesterday, 19 October 2015, announced the introduction of a new variant of its popular mid-size sedan Ciaz. The petrol version of Ciaz RS is priced Rs 9.20 lakh ex-showroom Delhi and the hybrid diesel version is priced at Rs 10.28 lakh ex-showroom Delhi. Earlier, MSIL announced after market hours on Friday, 16 October 2015, that it has introduced all-new Ertiga packed with several new features and technologies. The petrol variant of the vehicle is available from Rs 5.99 lakh to Rs 8.26 lakh while the diesel variants are available from Rs 7.55 lakh to Rs 9.25 lakh ex-showroom Delhi.
Sasken Communication Technologies' consolidated net profit declined 88.6%to Rs 10.55 crore on 18.2% growth in revenue to Rs 127.81 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 19 October 2015. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 26.3% to Rs 12.37 crore in Q2 September 2015 over Q2 September 2014.
Gati's consolidated net profit fell 16.45% to Rs 5.79 crore on 1.73% decline in total income to Rs 407.72 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 19 October 2015.
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