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Indian share markets open firm
Tue, 30 Oct 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (down 0.5%) and Japan (down 0.4%) leading the losses in the region. However, markets in Taiwan (up 1%) and Malaysia (up 0.2%) are trading firm. The Indian share market indices have opened the day with marginal gains. Stocks in the realty, IT and banking space are leading the gains. However, consumer durables and capital goods stocks are trading weak.

The Sensex today is up by around 15 points (0.1%), while the NSE-Nifty is up by around 5 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 0.1% and 0.3% respectively. The rupee is trading at Rs 54.01 to the US dollar.

Textile stocks have opened the day on a mixed note with Raymond and Arvind Ltd trading firm. However, Grasim Industries and Vardhman Textiles are facing selling pressure. Aditya Birla Group company Grasim Industries has announced its financial results for the quarter ended September 2012 (2QFY13). During the quarter, the company's standalone net sales stood at Rs 13,344.8 m, higher by 9.6% on a year-on-year (YoY) basis. The growth in the topline was mainly driven by about 8% YoY increase in volume sales. Operating profits declined by 5.3% YoY to Rs 2,898 m due to higher input costs. Interest expenses and tax outgo declined by 27.1% YoY and 38.1% YoY. This helped net profits to rise by 11% YoY to Rs 3,827.3 m. Net margins improved marginally from 28.3% in 2QFY12 to 28.7% in 2QFY13.

Indian pharma stocks have opened the day on a firm note with Torrent Pharma, Glenmark Pharma and Dishman Pharma leading the gains. As per a leading financial daily, Piramal Healthcare has tied up with Japanese firm Fujifilm Diosynth Biotechnologies for a contract manufacturing deal. The deal would be aimed at developing antibody drug conjugates (ADC). The partnership between the two firms is expected to cover over 150 bio-pharmaceuticals and more than 300 batches of ADC which would cover over 30 different new chemical entities. It must be noted that ADC is a field in bio-pharma that focuses on targeted therapy, specifically in the treatment of cancer. While in traditional chemotherapy even good cells get killed in the process, in targeted therapy, specific cancer-causing cells are targeted.

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