Barring Malaysia (down 1.0%), most Asian stock markets have opened the day on a firm note with stock markets in Japan (up 1.1%) and Hong Kong(up 0.7%) leading the gains. The Indian share market indices have opened the day on a firm note. All sectoral indices have opened in the green with stocks in the realty and consumer durables space leading the gains.
The Sensex today is up by around 61 points (0.3%), while the NSE-Nifty is up by around 17 points (0.3%). The mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.3% respectively. The rupee is trading at Rs 53.45 to the US dollar.
FMCG stocks have opened the day on a firm note with Hindustan Unilever Ltd (HUL) and Colgate Palmolive leading the gains. FMCG major Dabur India Ltd has announced its results for the third quarter of financial year 2013 (3QFY13). The revenues for the quarter registered a 12% year on year (YoY) growth. This was led by double digit growth across all the segments. As per the management, the growth in the topline would have been higher if not for the fall in international sales. The operating margins for the quarter were up by around 100 basis points (1%) on a YoY basis. This was mainly due to controlled input costs and lower other expenses for the quarter. As per the management, the organic international business witnessed margin expansion during the quarter. The net profits for the quarter were up by 22% YoY.
Telecom stocks have opened the day on a mixed note with Tata Communications Ltd leading the gains. However, Idea Cellular Ltd and Bharti Airtel Ltd have opened in the red. Idea Cellular Ltd has announced its results for the third quarter of the financial year 2013. The revenues for the quarter were up by 11% on a year on year basis (YoY). This was mainly on account of a growth in the subscriber base as well as by higher minutes on the network (on an absolute basis) during the quarter. The average realized rate per minute (ARPM), a key metric for telecom network operators, fell to Rs 0.411 in December quarter from Rs 0.413 in 2QFY13. The operating profit margins for the quarter stood at 26.4%, down from 26.7% in 3QFY12. The consolidated net profits for the quarter were up by 14% on a year on year (YoY) basis. Adverse currency movement led to a foreign exchange loss of Rs 133 m during the quarter.