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Markets Open on a Firm Note
Mon, 25 Jan 09:30 am

Major Asian stock markets have opened the day on a positive note with stock markets in Singapore and China trading up by 1.5% and 1.1% respectively. Major indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 67.97 per US$.

Indian stock markets too have opened the day on a strong note. The BSE Sensex is trading higher by 91 points (up 0.4%) and NSE Nifty is trading higher by 45 points (up 0.6%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.7% and 0.8% respectively. Major sectoral indices have opened the day in green with stocks from banking and pharmaceutical sector witnessing maximum buying interest.

ITC reported its results for the quarter ended December 2015. The revenues of the company declined 2.6% YoY to Rs 91.7 billion. The pressure on cigarette volumes coupled with sluggish demand environment in the fast moving consumer goods segment (FMCG) dragged down the revenues. Further, exports were impacted on the count of weak demand for wheat, soya, coffee and Indian tobacco leaf. The management stated that the taxation and regulatory headwinds facing the cigarette business impacted its sales growth.

However gross margins improved across segments backed by falling input costs and a better product mix. The net profits of the company grew marginally by 0.68% to Rs 89.4 billion. The stock is trading down by 0.6%.

Biocon Ltd too has reported its results for the quarter ended December 2015. The revenues of the company grew by 9% YoY to Rs 8.3 billion. Sales of bio-pharmaceutical which comprises of small molecules, active pharmaceutical ingredients, generic formulations and branded formulations grew by 3.3% YoY to Rs 5.58 billion.

Further, net profits of the company grew 13% to Rs 1.03 billion on the back of improved sales of its contract research arm Syngene International Ltd (SIL). The company has been successful in increasing its net profits despite of a 45% jump in research and development (R&D) expense. SIL's net profits rose 31.3% YoY to Rs 588 million. The stock is trading up by 1%.

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