Indian stock markets extended their losses for the second consecutive day on Tuesday tracking global cues, mainly China's weak manufacturing data for April. The S&P BSE Sensex shed 207 points, or 0.81 percent, to close at 25,230, while the NSE Nifty ended 59 points lower at 7,747.
Shares of Chennai-based TVS Motor Company closed with a loss of 9.66 percent at Rs. 287.90 on the BSE, after recovering from the day's low of Rs. 279.30. The company reported operating margin (EBITDA) of 6.7 percent, missing consensus estimate of 7 percent for the fourth quarter.
"Margins are below expectations considering lower raw material prices should have benefitted TVS Motor," NDTVProfit quoted Shahina Mukadam, independent market analyst, as saying.
"EBITDA margin came below estimates at 6.3 per cent, down 30 basis points year-on-year and 80 basis points quarter-on-quarter. Gross margin was down 140 basis points QoQ... The stock is trading at steep valuations building in recovery in volumes/export growth and margin revival," Mihir Jhaveri of Religare Capital Markets, said.
TVS Motor Company reported net profit of Rs. 118 crore, while sales stood at Rs. 2,815 crore in the March 2016 quarter.
Coal India was the biggest Sensex loser on news that the state-run miner's workers are upset that the company's modernisation drive would lead to job losses.
Other Sensex losers included BHEL, ICICI Bank and Lupin. Stocks that lifted the benchmark index included Bharti Airtel, Asian Paints, Adani Ports and HDFC.
While most of the sectoral indices ended the day with losses, BSE Realty gained 0.32 percent.
On the NSE also, realty was the exception while almost all other sectoral indices ended in the red.
Rupee shed gains
The Indian rupee, after opening at 66.34, rallied up to 66.23 against the US dollar, but later lost to close at 66.42 to the dollar. A decline in Indian equities coupled with weak global cues led to the domestic currency shedding gains, said IFA Global.
