Indian share markets open firm

Thu, 14 Nov 09:30 am

   Previous Close   

   Pre-Open   

   11:30 am   

   01:30 pm   

   Closing   

Asian stock markets have opened the day on a strong note with Japan (up 2.3%) and Indonesia (up 1.5%) leading the pack of gainers. The Indian share market indices have opened the day on a positive note. Stocks in the banking and realty space are leading the gains.

The Sensex today is up by around 296 points (1.5%), while the NSE-Nifty is up by around 87 point (1.5%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 1% and 0.8% respectively. The rupee is currently trading at Rs 63.20 to the US dollar.

Mining stocks have opened the day on a firm note with Ashapura Minechem and MMTC Ltd leading the gains. State-run coal mining giant Coal India Ltd (CIL) has announced its results for the second quarter of the financial year 2013-14 (2QFY14). During the quarter, the company's consolidated net sales stood at Rs 154,114.9 m, higher by 5.8% on a year-on-year (YoY) basis. However, operating profits declined by 2.4% YoY on account of lower realisation from e-auction sales and higher expenditure arising due to increase in contractual expenses including salaries for workers and fuel bill. Operating profit margin contracted from 19.6% in 2QFY13 to 18.1% in 2QFY14. Other income increased by 4.3% YoY to Rs 21,827.9 m. While depreciation charges increased by 27.8% YoY to Rs 4,949.3 m, interest expenses declined by 22.2% YoY to Rs 79.6 m. At the bottomline level, net profit declined marginally by 0.5% YoY to Rs 30,523.6 m. Net profit margin contracted from 21% in 2QFY13 to 19.8% in 2QFY14. The stock of CIL is trading lower by 2.4% over the previous day's close.

Pharma stocks have also opened the day on a firm note with Dishman Pharma and Wockhardt Ltd leading the gains. Leading Indian pharma player Sun Pharmaceuticals has announced its results for the second quarter of the financial year 2013-14 (2QFY14). During the quarter, the company's consolidated net sales stood at Rs 42,065.8 m, higher by 57.9% on a year-on-year (YoY) basis. Overall international revenues accounted for over 75% of the company's revenues during the quarter. Operating profits grew by 56.8% YoY to Rs 18,428.8 m, almost in line with the topline growth. Operating profit margin contracted marginally from 44.1% in 2QFY13 to 43.8% in 2QFY14. Other income decreased by 37.9% YoY to Rs 1,050.5 m. While depreciation charges increased by 21.2% YoY to Rs 1,004.8 m, interest expenses declined by 58.7% YoY to Rs 116.8 m. Profit after tax increased by 258% YoY to Rs 15,597.9 m. It must be noted that the company had reported an exceptional loss in 2QFY13. As such, the profit figures for the two periods are not strictly comparable. During the quarter, minority interest stood at Rs 1,974.9 m as against Rs 1,161.1 m in 2QFY13. Consolidated net profit increased by 326.2% YoY to Rs 13,623 m. Net profit margin improved from 16.4% in 2QFY13 to 37.1% in 2QFY14. The company has revised its FY14 revenue growth guidance from 18-20% to 25%.