After opening strong, the Indian Indices are trading well above the dotted line in the morning session. Most sectoral indices are also in the green. The buying interest is highest in banking and metal stocks.
The BSE Sensex is trading up 175 points and the NSE-Nifty is trading up 50 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 62.09 to the US dollar.
Food stocks are trading mixed today. While Ruchi Soya Industries and Godfrey Phillips are among the stocks leading the gainers; Sterling Biotech and GSK Consumer are among the stocks leading the losses. VST Industries has announced results for 3QFY14. The company has reported a 20.3% YoY rise in sales. For 9MFY14, revenues grew by 18.2%. The company managed to keep input costs like wages and administrative expenses in check. The operating profit grew by 28.4% Yoy in the quarter. Lower other income and higher depreciation costs resulted in the bottomline growing at a slower rate. The net profit grew by 15.9% YoY. The net margin fell by 0.7% to 18.2% in the quarter. VST Industries is trading up 0.2% today.
FMCG stocks are trading on a mixed note. While Godrej Consumer and Paper Products are trading higher; Gillette India and Dabur are trading weak. Bajaj Corp has announced results for 3QFY14. Company has reported a 20.3% YoY rise in sales. However, the growth in offtake was only 1% YoY. For 9MY14, revenues increased by 15% YoY and volumes by 11.7% YoY. The operating profit came in flat at Rs 428 m. This was due to a steep rise in marketing and employee costs. Due to the amortisation of brand expenses and interest costs relating to the acquisition of NOMARKS, the net profit fell sharply by 31.1% YoY. The net margin also contracted by 10.1% on a YoY basis. Bajaj Corp is trading up 0.7 % today.