Barring China (down 0.2%), all major Asian stock markets have opened the day on a positive note with stock markets in Japan (up 1.7%) and Taiwan (up 1.1%) leading the gains. The Indian stock markets have also opened the day on a firm note. Stocks in the realty and healthcare space are leading the gains.
The Sensex today is up by around 108 points (0.5%), while the NSE-Nifty is up by around 35 points (0.6%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.8% and 0.6% respectively. The rupee is currently trading at Rs 62.37 to the US dollar.
Barring ACC Ltd, most major cement stocks have opened the day on a firm note with The Ramco Cements and Ambuja Cements leading the gains. Cement major ACC Ltd has announced results for the quarter ended December 2013. During the quarter, the company's standalone net sales declined by 13.1% YoY to Rs 26,934 m owing to the sluggishness in cement demand and fall in realisations. Operating profits for the quarter declined by 17.2% YoY to Rs 2,626 m. Profit before tax reported a decline of 13.4% YoY in line with the trend in the topline. However, net profits increased by 16.3% YoY on account of tax credit of Rs 363 m arising from reversal of tax provisions relating to prior periods. During the full calendar year 2013 (CY13), while sales declined by 2% YoY, net profits increased marginally by 3.3% YoY. The company's board of directors has announced a final dividend of Rs 19 per share for CY13. Along with the interim dividend of Rs 11 per share, the dividend for the full year stands at Rs 30 per share.
PSU bank stocks have opened the day firmly in the green with Bank of Baroda and Indian Overseas Bank leading the gains. Public sector lender Bank of Baroda has announced its financial results for the third quarter of the financial year 2013-14 (3QFY14). During the quarter, the company's standalone net interest income stood at Rs 30,571 m, higher by 7.6% YoY. Other income grew by 10.9% YoY to Rs 9,321 m. Net interest margins at 3% during the quarter remained almost stable. Net non-performing assets (NPA) increased from 1.12% in 3QFY13 to 1.88% in 3QFY14. At the bottomline level, net profit increased marginally by 3.6% YoY to Rs 10,748 m. It must be noted that the bank's capital adequacy ratio stood at 12.01% at the end of 3QFY14.