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Indian stock markets open weak
Wed, 1 Feb 09:30 am

Asian stock markets have opened the day on a mixed note. While stock markets in Malaysia (up 0.5%), Japan (up 0.3%) and South Korea (up 0.3%) are trading firm, the markets in China (down 0.4%) and Singapore (down 0.4%) are facing selling pressure. The Indian stock markets have opened the day on a weak note. Stocks in the consumer durables and realty space are leading the losses.

The BSE-Sensex is trading lower by 51 points (0.3%), while the NSE-Nifty is down by around 20 points (0.4%). However, mid cap and small cap stocks are trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.1% and 0.4% respectively. The rupee is trading at 49.58 to the US dollar.

MNC pharma stocks have opened the day on a mixed note with Fulford India and Abbott India trading firm. However, Merck and Pfizer India are trading in the red. Pfizer India has announced its third quarter results for the financial year 2011-12 (3QFY12). The company has reported 3.2% YoY growth in sales and 10.8% growth in net profits. Sales grew at a slower rate of 3.2% YoY due to tepid growth in the core pharmaceuticals division and significant de-growth in the services income. The clinical services business (mainly clinical trials) surprised on the downside showing de-growth of 26.5% YoY. The animal health division (contributes ~13% to sales) grew by a modest 12.3% YoY due to discontinuation of one product. The operating margins increased by 0.8% (80 basis points) due to decrease in raw material costs and other expenditure. However, the increase in employee expenses restricted further margin expansion. Net profits increased by 10.8% YoY on account of higher other income and decrease in depreciation charges.

Mining stocks have opened the day on a weak note with Coal India and Sesa Goa leading the losses. After strong protests from the coal consumers in the power and other sectors, Coal India has now planned to rationalise the pricing of coal. This will be done based on the new Gross Calorific Value (GCV) which will be calculated effective from January 2012. This new mechanism will offset the 12.5% rise in cost which was proposed in the earlier Useful Heat Value (UHV) method. This UHV method was based on the ash and the moisture content within the coal. This new pricing policy will be reviewed in the next quarter after reviewing the impact of the new pricing for January-March quarter.

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Feb 22, 2018 02:45 PM