Indian share markets open firm

Wed, 1 Aug 09:30 am

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The key Asian equity markets have opened the day on a mixed note with markets in China (up 0.9%) and Malaysia (up 0.1%) leading the gains in the region. However, markets in Japan (down 0.8%) and South Korea (down 0.3%) have opened on a weak note. The Indian share market indices have opened the day in green. The sectoral indices have opened mixed with pharma and power stocks leading the gains while stocks in the metal and software sector were trading weak.

The Sensex today is up by around 37 points (0.2%) while NSE-Nifty is up by around 1 point (0.0%). Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.2% respectively. The rupee is trading at Rs 55.55 to the US dollar.

Energy stocks have opened on a mixed note with Oil India Ltd and Gujarat State Petronet Ltd leading the gainers while Essar Oil and Chennai Petroleum Corporation Ltd were trading weak. Petronet LNG has announced its results for the first quarter of financial year 2012-13 (1QFY13). The company has reported a 52% year on year (YoY) increase in the revenues. This was despite a decline in volumes of gas but was aided by the better realizations on gas sold. The company processed 127 trillion British thermal units (TBTU) of gas in the quarter as against a volume of 133 TBtus in 1QFY12. The volumes declined due to maintenance shutdown at some fertilizer plants in the month of May. However, the net profits for the quarter were up 5% YoY on account of better margins and operational efficiency. The company's Dahej terminal operated at more than 100% of the nameplate capacity. As per the management, the work on company's Kochi terminal is running as per schedule and is expected to be completed by end of 2012.

FMCG stocks have opened the day mainly in the green led by Pidlite Industries and Gillette India Ltd. As per a leading financial daily, Hindustan Unilever Ltd (HUL) is set to launch its premium hare care brand 'TRESemme' in India. With this brand, the company will try to target the salon-frequenting consumers in urban India. After Brazil, India will be the second country where Unilever would launch this brand. As per head of category head-hair care at HUL, Mr Srinandan Sundaram, salonisation is a major trend in the urban markets and the company seeks to tap into this growing market with the TRESemme brand. He further added that HUL would enlist salons where the brand would be available. With the launch of this brand in India, HUL is likely to complete all price points in the hair-care portfolio. The company has not shared details about the marketing plan and the revenue target from this brand yet.