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Indian stock markets open firm
Wed, 25 Jan 09:30 am

Most Asian stock markets have opened the day on a firm note with stock markets in Japan (up 1.1%) and Singapore (up 1%) leading the gains. However, markets in Indonesia (down 0.3%) are facing selling pressure. The Indian stock markets have opened the day on a firm note. Stocks in the consumer durables and metal space are leading the gains.

The BSE-Sensex is trading marginally higher by 83 points (0.5%), while the NSE-Nifty is marginally up by around 23 points (0.5%). Mid cap and small cap stocks are also trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.6% each. The rupee is trading at 50.01 to the US dollar.

Indian pharma stocks have opened the day on a mixed note with Dishman Pharma and Indoco Remedies leading the gains. However, Biocon and Natco Pharma are facing selling pressure. Indian pharma player Lupin announced that its investment phase is not yet over. The managing director, Dr Kamal K Sharma, said that more manufacturing facilities are lined-up for supporting the new segments like dermatology and asthma for international markets. Last year, the company had made huge investments in the Indore Special Economic Zone (SEZ). The company is also investing to expand its field-force in India and the overseas markets. This year, the company has plans to invest upto Rs 5 bn, out of which 45% will go for creating new facilities. The investments in the previous year went for the Indore SEZ for oral contraceptives. This year the plan is for an ophthalmology, dermatology and asthma plant. There is also a possibility of producing asthma related products from the Indore plant. For the above mentioned therapeutic segments, there is a good possibility of big product launches in the US markets.

Textile stocks have opened the day on a firm note with Pioneer Embroideries and Century Textiles leading the gains. Grasim industries has announced its results for the quarter ended December 2011 (3QFY12). On a standalone basis, the company has reported a marginal rise of 2% year-on-year (YoY) in net sales from Rs 12,137 m in 3QFY11 to Rs 12,381 m in 3QFY12. Operating profit margin declined from 29.9% in 3QFY11 to 22.7% in 3QFY12. Other income was higher by 35.4% YoY during the period. On the other hand, interest expense and depreciation charges declined by 39% YoY and 17.3% YoY respectively. The effective tax rate was also lower by 6%. As a result, the decline in the net profit during the quarter was limited to just 2.9% YoY. Net margins declined from 23.3% in 3QFY11 to 22.2% in 3QFY12.

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Feb 23, 2018 (Close)