Key benchmark indices were trading lower in early trade, tracking mixed global cues. At 9:16 IST, the barometer index, the S&P BSE Sensex, was down 13.47 points or 0.05% at 27,351.45. The 50-unit CNX Nifty was down 7.25 points or 0.09% at 8,267.80.
The market breadth indicating the overall health of the market was positive. On BSE, 618 shares rose and 255 shares fell. A total of 52 shares were unchanged. The BSE Mid-Cap index was up 0.27%. The BSE Small-Cap index was up 0.24%. Both these indices outperformed the Sensex.
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.
Hindustan Zinc was up 1.26% to Rs 160.40. The company'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.
Maruti Suzuki India (MSIL) was up 0.24% to Rs 4,460.40. The company 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 was down 0.47% to Rs 275.30. The company's 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 was down 4.62% to Rs 156. The company'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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