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Indian share markets open firm
Thu, 17 Jan 09:30 am

Barring Indonesia (up 0.2%), all major Asian stock markets have opened the day on a weak note with stock markets in Japan (down 1.3%) and China (down 1.1%) leading the losses. The Indian share market indices have opened the day on a firm note. Stocks in the realty and IT space are leading the gains. However, FMCG and metal stocks are trading in the red.

The Sensex today is up by around 19 points (0.1%), while the NSE-Nifty is up by around 8 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.5% respectively. The rupee is trading at Rs 54.74 to the US dollar.

Auto stocks have opened the day on a firm note with TVS Motors, Bajaj Auto and Maruti Suzuki leading the gains. India's second largest two-wheeler manufacturer Bajaj Auto has announced its financial results for the quarter ended December 2012 (3QFY13). Net operating revenue during the quarter stood at Rs 54,127.1 m, higher by 8.6% year-on-year (YoY). The company reported volume growth of about 5% during 3QFY13 with sales of about 1.12 m units. Operating profits rose by 2.8% YoY during the quarter as operating margins declined from 19.7% in 3QFY12 to 18.7% in 3QFY13. At the bottomline level, net profits stood at Rs 8,187.4 m during the period, a figure which is higher by 3% YoY.

Information technology stocks have opened the day on a firm note with HCL Technologies, Wipro and Tech Mahindra leading the pack of gainers. India's fourth largest software services provider HCL Technologies announced its financial results for the quarter ended December 2012. During the quarter, the company's revenue stood at Rs 62.7 bn, a rise of 19.6% YoY. The company reported operating profits of about Rs 14.2 bn with EBITDA (earnings before interest, tax, depreciation and amortisation) margins at 22.6%. At the bottomline level, net profits during the quarter stood at Rs 9.6 bn, higher by 68.5% YoY. It must be noted that during 3QFY13, the company won 12 multi-year multi-million dollar deals. Moreover, the company has also announced Mr Anant Gupta would be appointed as the new Chief Operating Officer, while Mr Vinit Nayar would continue as non-executive vice chairman.

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