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Indian share markets open firm
Fri, 31 Jan 09:30 am

Among Asian stock markets, Japan's Nikkei 225 index is trading lower by 0.7%. China will remain closed from today 31 January until 7 February, 2014 on account of the Lunar New Year holiday. Hong Kong will remain shut until 4 February 2014. Other Asian markets such as Indonesia, Taiwan, Malaysia, Vietnam and South Korea are also shut on account of holiday. Indian share markets, nevertheless, have opened the day on a positive note. Stocks in the realty and metal spaces are leading the gains. However, consumer durables and power stock are trading weak.

The Sensex today is up by around 22 points (0.1%), while the NSE-Nifty is up by around 7 point (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 0.8% and 0.7% respectively. The rupee is currently trading at Rs 62.56 to the US dollar.

Engineering stocks have mainly opened the day on a firm note with Suzlon Energy, Crompton Greaves and Jain Irrigation leading the gains. Voltas Ltd has announced its results for the third quarter and nine month period of the financial year 2013-2014 (3QFY14). The company reported a 3.1% YoY decline in sales during the quarter. Operating profits however increased sharply by 193.9% YoY during the quarter as margins expanded from 2% in 3QFY13 to 6.1% in 3QFY14. The company however reported a net profit decline of 19.4% YoY for the quarter, as exceptional gains during the quarter stood at Rs 43 m as against Rs 598 m reported in 3QFY13. The order book of electro mechanical projects and services segment stood at Rs 39.5 bn during the quarter as against Rs 42.1 bn in 3QFY13.

Auto stocks have opened the day on a mixed note with Mahindra & Mahindra (M&M) and TVS Motor Company leading the gains. However, Tata Motors and Bajaj Auto are trading in the red. Hero Motocorp Ltd announced results for the quarter ended December 2013. The company reported an 11% YoY growth in the net sales. Sales volumes during the quarter were up by 7% YoY. The company's operating profits increased by 15% YoY, while net profits grew by 7.5% YoY. The slower rise in the latter (as compared to the growth in operating profits) was on account of higher taxes. As per the management, profit growth remained muted in the quarter despite record sales because of currency fluctuations and higher cost of metals.

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