Barring Singapore (up 0.3%) and China (up 0.1%), major Asian stock markets have opened the day on a negative note with stock markets in Japan (down 1.1%), Hong Kong (down 0.3%) and Malaysia (down 0.3%) leading the losses. The Indian share markets have however opened the day on a firm note. Stocks in the realty and FMCG space are leading the gains. However, consumer durables stocks are trading weak.
The Sensex today is up by around 23 points (0.1%), while the NSE-Nifty is up by around 4 points (0.1%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.2% each. The rupee is currently trading at Rs 62.09 to the US dollar.
Cement stocks have opened the day on a firm note with ACC and Heidelberg Cement leading the gains. The Ramco Cements (earlier known as Madras Cements) has announced results for the quarter ended December 2013. During the quarter, the company's standalone net sales declined by 2.8% YoY to Rs 8,426 m owing to the sluggishness in cement sector. At the operating level, the company's reported a profit of Rs 1,293 m, a decline of 35.5% YoY. Operating profit margins contracted from 23.1% in 3QFY13 to 15.3% in 3QFY14. Profit after tax declined by 69.6% YoY to Rs 256 m. PAT margins contracted from 9.7% in 3QFY13 to 3% in 3QFY14.
Media stocks have opened the day mainly in the green with Reliance Broadcast Network and D. B. Corp leading the gains. HT Media has announced its financial result for the quarter ended December 2013. During the quarter, the company's net sales stood at Rs 5,730 m, higher by 6.1% YoY. Operating profit grew at a slightly higher rate of 8.4% YoY and stood at Rs 948 m during the quarter. Operating profit margins expanded marginally from 16% in 3QFY13 to 16.3% in 3QFY14. Other income rose sharply by 50% YoY to Rs 357 m. At the bottomline level, the company's net profit increased by 33.1% YoY to Rs 747 m. Net profit margins increased from 10.3% in 3QFY13 to 12.9% in 3QFY14.