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Indian share markets open firm
Wed, 29 Jan 09:30 am

Barring Singapore (down 0.6%), all major Asian stock markets have opened the day on a firm note with Japan (up 2.2%) and Indonesia (up 1.5%) leading the gains. The Indian share markets have opened the day on a positive note. Stocks in the realty and auto space are amongst the most preferred.

The Sensex today is up by around 134 points (0.7%), while the NSE-Nifty is up by around 42 point (0.7%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.9% and 0.8% respectively. The rupee is currently trading at Rs 62.56 to the US dollar.

Telecom stocks have opened the day on a firm note with Himachal Futuristic, AGC Networks and Mahanagar Telephone Nigam Ltd (MTNL) leading the gains. Aditya Birla Group mobile service operator Idea Cellular announced its results for the quarter and nine month period ended December 2013 recently. The company reported a 19% YoY increase in revenues and a 105% YoY growth in profits during the quarter. Revenue growth was led by an increase in total subscriber base as well as a 9.4% YoY growth in total minutes billed during the quarter. The total count of subscribers stood at around 128.7 m at the end of December 2013. The company's operating profits grew by 40% YoY as margins expanded to 31.1% from 26.5% last year. Lower interest expenses coupled with a strong operating performance led to a strong rise in profits. During 9mFY14, the company's revenues and profits shot up by 19% YoY and 96% respectively.

Power stocks have opened the day on a firm note with GVK Power & Infrastructure, Torrent Power and Jaiprakash Power leading the gains. State-run power producer National Thermal Power Corporation (NTPC) announced its results for the third quarter of the financial year 2013-14 (3QFY14). The company's revenues stood at nearly Rs 188 bn during the quarter, higher by 19% YoY. Operating profits increased by 15.9% YoY to Rs 46.5 bn. Operating profit margins declined from 25.4% in 3QFY13 to 24.8% during 3QFY14. At the bottomline level, net profits increased by 10.2% YoY to Rs 28.6 bn. Net profit margins contracted from 16.4% in 3QFY13 to 15.2% in 3QFY14. The company's board of directors has announced an interim dividend of Rs 4 per share for the financial year 2013-14, translating as a dividend yield of 3%.

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