Taking cues from their peers in Asia, equity markets in India languished in the red throughout the session today and closed well below the dotted line. While BSE-Sensex closed lower by around 78 points (0.9%), losses on the NSE-Nifty came in at around 24 points. The BSE Mid cap and BSE Small cap indices too failed to resist the selling pressure. They ended the session nearly 0.6% lower.
Telecom and commodity stocks led the pack of losers today. The rupee's slide (down 13% since February 2012) also continues to unnerve investors.
Most other Asian indices closed lower today with European indices too trading lower currently. The rupee was placed Rs 56.20 to the dollar at the time of writing.
Tata Power reported results for the fourth quarter and financial year 2011-12. The company reported a fall of 56.31% in its net profit for the March quarter. However, the total income during the fourth quarter has increased by 28% year over year. For FY12, the company's net profit went up by 24.2% YoY whereas total income from operations rose by 27.9% YoY. The gross generation went up by a marginal 2% in 4QFY12 due to planned outages. The gross generation for the fiscal was down 1% YoY while sales were down by 5% YoY. The sales outside the Mumbai region were also lower by 4% YoY due to lower demand from Tata Steel (OTC:TATLY).
Elecon Engineering has announced fourth-quarter and full-year results of financial year 2011-2012. The company has reported a 26.2% YoY growth in total income while net profits have increased by 1.4% YoY during the quarter. Net profits increased by just 1.4% YoY, despite strong performance at the operating level due to a fall in other income and higher tax provisioning. For the full year, profits declined 20.8% YoY. However, it may be noted that in FY11, the company had realized a profit on the gain on the sale of investments to the tune of Rs 206.9 m. Adjusting for these non-recurring gains profits increased 3.5% YoY in FY12. As of 31 March 2012 the order backlog of the company stood at Rs 12.1 bn. Order inflow during the quarter was in the region of Rs 2.59 bn. The company currently has live inquiries to the tune of Rs 60 bn. As of 11th May 2012, the order book of the company stood at Rs 15.2 bn.