The BSE-Sensex is trading up 125 points and the NSE-Nifty is trading up 35 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 62.13 to the US dollar.
Power stocks are trading mixed today. While GVK Power & Infra and KSK energy are among the stocks leading the gainers; CESC and Satluj Jal Vidyut are among the stocks leading the losses. Private utility major Tata Power has announced results for 3QFY14. The company's sales have declined by 11.3% YoY. This was on the back of lower power generation at the company's plant at Trombay. Operating expenditure however fell by 34.5% YoY. Thus the operating profit was up by 24.9% YoY. Other income was down by 25.2%. The interest cost increased by 18.8% YoY. The company suffered a forex loss of Rs 646 m in the quarter. This impacted the growth in the bottomline. The net profit was up by 16.1% YoY. The net margin improved by 4% YoY to 12.5% in 3QFY14. Tata Power is trading flat today.
Most software stocks are trading higher today. Tech Mahindra and HCL Tech among the stocks leading the gainers. The Indian IT industry is expected to grow at 13-15% in FY15 according to Nasscom. The software body has predicted that the tough times faced by IT companies, might be behind them. The annual projection also says that the industry is expected to add US$ 15-17 bn in incremental revenue in the current financial year. The revival has been attributed to the improving economic situation in the developed world. Nasscom has also stated that the nature of future growth, for the sector, would be different from the past. New digital technologies are rapidly changing the dynamics of the industry and it already accounts for about 5-10% of the industry's revenues.