Sensex, Nifty open flat; Britannia zooms 11%, ONGC gains 2%

Moneycontrol Bureau

9:50 am Results: Indiabulls Real Estate (IBREL) reported an over two-fold increase in its consolidated net profit at Rs 93.13 crore for the fourth quarter ended March 31, 2015.

The company had posted a consolidated net profit of Rs 41.67 crore in the same period of previous fiscal, IBREL said in a filing to the BSE.

The company's total income from operation also rose to Rs 594.22 crore during the quarter, up 81.38 percent against Rs 327.60 crore in the same period of the previous fiscal.

During 2014-15 fiscal, the company's consolidated net profit was also up 10.82 percent to Rs 248.08 crore as against Rs 223.84 crore in the year-ago period.

Net sales during 2014-15 were also up 49.81 percent to Rs 2,601.18 crore as against Rs 1,736.24 crore a year ago.

9:30 am Results:  Bakery and dairy products maker Britannia Industries reported a 55.35 percent increase in its consolidated net profit at Rs 167.25 crore for the quarter ended March 31, 2015.

The company had posted a net profit of Rs 107.66 crore in the same period of previous fiscal, Britannia Industries said in a filing to the BSE.

Britannia's net sales rose to Rs 2,031.83 crore during the quarter, up 14.32 percent against Rs 1,777.28 crore in the same period of previous fiscal.

During 2014-15 fiscal, the company's net profit was also up 74.18 percent to Rs 688.64 crore as against Rs 395.35 crore in the year-ago period.

Net sales during 2014-15 were also up 13.84 percent to Rs 7,775.09 crore as against Rs 6,829.32 crore a year ago.

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The market has opened flat once again. The Sensex is up 48.57 points at 27857.92, and the Nifty is up 11.50 points at 8432.50. About 293 shares have advanced, 130 shares declined, and 66 shares are unchanged.

ONGC, GAIL, SBI, M&M and Coal India are top gainers in the Sensex. Among the losers are Bajaj Auto, NTPC, Hindalco, Bharti Airtel and Wipro.

Britannia is up 11 percent following a strong March quarter results. The Indian rupee opened with marginal gain of 6 paise at 63.58 per dollar against previous close of 63.64.

The US dollar weakens against the euro for the first time this week as investors were reluctant to enter new positions and as some US economic data disappoints. The dollar index is at 95.34 mark.

Pramit Brahmbhatt of Veracity said, “Mixed US data signals that interest rate hike may not take place soon. Reduction in FII inflows coupled with profit booking in local equities may pressurise rupee to depreciate. However today, gains in Asian equities may support the local unit. Range for the day is seen between 63.20-64/dollar.”

Asian peers opened mixed in the morning with Japan's Nikkei trading with a mild negative bias as investors await the latest policy decision from the Bank of Japan though it is expected to continue monetary stimulus at the conclusion of the two-day meeting.The rest of Asia is trading in the green as the Kospi is higher as investors prepare for an extended weekend.

Meanwhile, stocks closed modestly higher in the US, with the Nasdaq outperforming as investors eyed slightly lower bond yields and mostly shook off the mixed economic data. Yields edged lower after disappointing existing home sales, with the 10-year yield dipping below 2.20 percent.

Europe too witnessed equities finishing largely higher as investors digested fresh data from the Eurozone.  According to the minutes of European Central Bank's last meeting - there are at least three important takeaways from the ECB minutes.

Firstly tapering of the programme was not discussed. Secondly, the positive economic outlook was conditional on full implementation of QE. Finally, the ECB will concentrate on inflation trends and not on single inflation data points.

In commodities, Nymex crude prices rose about 3 percent as a reported drawdown of stockpiles in the cushing delivery point to US crude futures’ boosted optimism that a supply glut was easing. Brent crude is hovering around the USD 66 per barrel mark. Gold prices, meanwhile, held steady at around USD 1205 an ounce.