Barring Singapore (down 0.2%) and Japan (down 1.2%), major Asian stock markets have opened the day on a positive note with stock markets in South Korea (up 0.8%) and Taiwan (up 0.8%) leading the gains. The Indian share markets have also opened the day on a firm note. Stocks in the healthcare and auto space are leading the gains.
The Sensex today is up by around 59 points (0.3%), while the NSE-Nifty is up by around 16 points (0.3%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.3% and 0.4% respectively. The rupee is currently trading at Rs 62.42 to the US dollar.
Indian pharma stocks have opened the day on a firm note with Panacea Biotech and Orchid Chemicals leading the gains. India's third largest drugmaker by sales Sun Pharmaceutical Industries Ltd has announced the results for the quarter ended December 2013. During the quarter, the company's consolidated net sales increased by 50.3% YoY to Rs 42,866 m. At the operating level, the company reported a profit of Rs 20,009 m, a rise of 57% YoY. Operating profit margins expanded from 44.5% in 3QFY13 to 46.4% in 3QFY14. At the bottomline level, consolidated net profit for the quarter was higher by 73.7% YoY at Rs 15,311 m.
Oil & gas stocks have opened the day on a mixed note with Castrol India Ltd and Chennai Petroleum Corporation Ltd leading the gains. However, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) area trading weak. BPCL has announced its financial result for the quarter ended December 2013. During the quarter, the company's net sales stood at Rs 647,676 m, marginally higher by 3.8% YoY. At the operating level, the company reported a loss of Rs 9,158 m during the quarter as against a profit of Rs 22,873 m in 3QFY13. Other income declined by 37.6% YoY to Rs 2,508 m. At the bottomline level, the company reported a net loss of Rs 10,889 m as against a net profit of Rs 16,476 m in 3QFY13.