The broader markets moved into the negative territory during the previous two hours of trade as selling activity was witnessed at higher levels. While stocks from the engineering, power and steel sector are reeling under pressure, heavyweights from the banking, FMCG and auto sector are leading the pack of gainers. The overall market breadth is also negative with losers outnumbering gainers by a ratio of 1.7:1.
The BSE Sensex is trading at 17,560 (down 35 points) while the NSE Nifty is trading at 5,166 (down 37 points). The rupee is trading at 39.38 to the dollar.
Lakshmi Energy and Foods (LEAF) announced a topline growth of 36% YoY in 3QFY08, led by higher volume and higher average realisations. Lower raw material costs led to the expansion in the margins by 380 basis points. Further the company's by products also helped the growth. The bottomline grew by 17% YoY. The net profits grew at a slower rate than the topline due to higher interest, depreciation and tax costs. The stock is trading higher by 1%.
Shriram Transport Finance has reported a net profit reported 78.9% YoY growth in total income during the 3QFY08, while net profit grew by 94.8% YoY during the same period. The company has been able to maintain its cost of funds at 11% for the quarter. The total disbursement stood at Rs 35 bn during the period under review. After the preferential allotment of Rs 3.84 bn last month, the company's capital adequacy has improved to 20%. The demand for used commercial vehicles remained intact, while new medium and heavy vehicles reported poor off-take of. Despite all this the company was able to sustain a buoyant growth, given its niche presence in the rural areas and nearly monopolistic share of the organised pre-owned truck financing market. The stock, along with its peer Mahindra Finance is trading higher by 1%.
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