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Indian stock markets open firm
Tue, 31 Jan 09:30 am

Most Asian stock markets have opened the day on a firm note with stock markets in Taiwan (up 1%) and Hong Kong (up 0.7%) trading firm. However, markets in Singapore (down 0.3%) are trading in the red. The Indian stock markets have opened the day on a firm note. Stocks in the banking and realty space are leading the gains.

The BSE-Sensex is trading higher by 173 points (1%), while the NSE-Nifty is up by around 55 points (1.1%). Mid cap and small cap stocks are also trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.9% and 0.8% respectively. The rupee is trading at 49.68 to the US dollar.

Pharma stocks have opened the day on a firm note with Dishman Pharma and Orchid Chemicalsleading the gains. Biocon has announced its third quarter results for 2011-2012 (3QFY12). The company has reported 1.5% year-on-year (YoY) increase in sales and 13.8% YoY decrease in net profits. Net sales grew at a meagre 1.5% YoY due to a sharp decline in the licensing income and lower sales growth from Biopharma business. Biocon reported 729 bps YoY (7.3%) decline in operating margins to 24.6% mainly due to the increase in raw material costs and staff expenses. The raw material cost went up by 470 bps (4.7%) YoY due to lower licensing income and the staff costs went up by 300 bps (3%) YoY due to increase in the number of employees which is currently over 6,000. Excluding AxiCorp, net profits declined by 13.8% YoY owing to lower licensing income.

Engineering stocks have opened the day on a firm note with Ingersoll Rand and Suzlon Energy leading the gains. Bharat Heavy Electricals (BHEL) has announced its third quarter results for the financial year 2011-2012 (3QFY12). The company reported Rs 105 bn in net sales during the quarter, a 19% year-on-year (YoY) rise. While the power segment grew by 58% YoY, the industry segment witnessed a decline of 37% YoY. High raw material costs and other expenditure caused operating margins to decline from 23.4% in 3QFY11 to 19.7% in 3QFY12. At the bottomline level, the company reported net profits of Rs 14 bn, a mere 2% YoY rise. Net margins contracted from 15.9% in 3QFY11 to 13.6% in 3QFY12. At the end of the quarter, the company's order book stood at Rs 1.46 trillion, down 9% on a quarter-on-quarter basis.

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Mar 16, 2018 (Close)