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Positive Start to the Day
Mon, 1 Feb 09:30 am

Barring Japan, major Asian stock markets have opened the day on a negative note with stock markets in China and Hong Kong trading down by 1.7% and 1.2% respectively. Major indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 67.87 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 68 points (up 0.3%) and NSE Nifty is trading higher by 20 points (up 0.3%). Both BSE Mid Cap and BSE SmallCap have surged upwards and are trading higher by 0.5% and 0.6% respectively. Barring oil & gas sector, major sectoral indices have opened the day in green. Stocks from engineering and pharmaceutical sectors are witnessing maximum buying interest.

Infrastructure giant Larsen & Toubro reported its results for the quarter ended December 2015. The company's net profits grew by 19.4% YoY to Rs 10.3 billion. Further, net sales too grew by 7.6% YoY to Rs 253.8 billion. The rise in the public investments was one of the factors that helped the topline growth.

However, company's operating margins fell by 1.8% to 10.3% as compared to the year ago period. Even its, operating profits declined by 8% YoY to Rs 26.5 billion. Nevertheless, company garnered fresh order worth Rs 385.2 billion taking the consolidated order book to Rs 2,600 billion.

Reportedly, the company management has stated, the current developments are positive. Further, the company has not seen better macroeconomic conditions than at present in the past three years. Pickup in the private as well as public investments will be the key things to watch out for going forward. The stock is trading up by 3.4%.

Glenmark Pharmaceuticals too reported its results for the quarter ended December 2015. The net sales for the quarter grew at slower pace and were up by just 4.53%. The sales growth was largely driven by US market. However, the devaluation of currencies across emerging markets have adversely impacted their topline growth in certain geographies such as Russia, Latin America and Africa. The company's revenue from Latin America and Caribbean operations declined by 47.2% to Rs 1.2 billion mainly on account of currency devaluation. Inspite of this, the company's net profits grew by 48.3% YoY to Rs 1.7 billion. The robust bottom line growth was largely on the back of lower operating expenses & finance costs.

Going forward, the company expects geographies such as India, US and Europe to drive the topline growth for the company.

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May 25, 2017 10:29 AM

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