Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 2.3%) and Indonesia (up 0.2%) trading firm. However, markets in Hong Kong (down 0.4%) and South Korea (down 1.3%) are facing selling pressure. The Indian equity market indices have opened the day on a firm note. Stocks in the technology and FMCG space have opened on a positive note. However, realty and oil and gas stocks are trading in the red.
The Sensex today is up by around 50 points (0.3%), while the NSE-Nifty has opened on a flat note. However, the mid cap and small cap stocks have opened in the red with the BSE Mid Cap and BSE Small Cap indices down by 0.1% each. The rupee is trading at Rs 53.73 to the US dollar.
Auto stocks have opened the day on a mixed note with Ashok Leyland Ltd and Mahindra & Mahindra trading in the red. However, Tata Motors Ltd and Maruti Suzuki Ltd have opened on a positive note. The commercial vehicle manufacturer Ashok Leyland Ltd has announced its results for the third quarter of financial year 2013 (3QFY13).The company has reported a revenue decline of 18 % on a year on year (YoY) basis during the quarter. The sales volumes for the quarter declined by 2.2% YoY. As per the management, the quarter was an extremely challenging one for the company. This was against the backdrop of a sluggish economy and weak macro-economic indicators. The net income during the quarter was up by 10.4% YoY boosted by an exceptional gain of Rs 1.6 bn. The exceptional gains were on account of partial sales of non current investments. On a normalized basis, the company has posted a loss of Rs 838 m, from ordinary activities after finance costs. This compares to a profit of around Rs 720 m for the same period last year.
Indian Pharma stocks have opened the mainly in the red with Orchid Chemicals Ltd and Biocon Ltd leading the losses. The biotech major Biocon Ltd has announced its results for the third quarter of financial year 2013 (3QFY13). The growth in the topline came at 23% YoY for the quarter.The sales from its biopharmaceuticals business grew 20 % and those from contract research rose 34 % YoY for the quarter.The company has reported a 9% YoY growth in the net profits. The margins were compressed because of higher expenses that offset the growth in the total sales. The biopharmaceutical income includes licensing development fees and licensing income. Going forward the company aims to have higher contribution from Biosimilars, Research Services and Branded Formulations to the overall revenue.