After opening firm, the Indian Indices are trading above the dotted line in the morning session. The buying interest is highest in pharma stocks. The selling pressure is the highest in metal stocks.
The BSE Sensex is trading up 50 points and the NSE-Nifty is trading up 14 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.7%. The rupee is trading at 62.20 to the US dollar.
Most mining stocks are trading lower today. While Sesa Sterlite and Hindustan Zinc are among the stocks leading the gainers. Manganese Ore (MOIL) has announced results for 3QFY14. The company has reported a 15.5% YoY rise in sales. For 9MFY14, revenues grew by 4.1%. Volumes were up 2.7% YoY and realizations were up 7.3% YoY in the quarter. The company managed to keep costs like wages and administrative expenses in check. The operating profit grew by 19.1% YoY in the quarter. Other income also jumped by 77.8% YoY. A higher tax rate for the quarter did not dampen the bottomline performance too much. The net profit grew by 38.8% YoY. The net margin improved from 50% in 3QFY13 to 60% in 3QFY14. MOIL is trading flat today.
Automobiles stocks are trading mixed today. While Hero Motocorp and Maruti Suzuki are leading the losses, Ashok Leyland and TVS Motors are leading the gainers. As per a leading business daily, two wheelers majors have reduced their product's price across vehicles after the announcement of the cut in excise duty in the interim budget 2014-2015. The cut in excise duty was 4% in the two wheelers and small and commercial vehicles which provided relief to the automobile industry. The companies like Hero MotoCorp and Honda Motorcycle and Scooter India have reduced vehicle prices by as much as Rs 4,500 and Rs 7,600 respectively, with an immediate effect. They have passed on the entire benefits of excise cut to their customers across India. The move is expected to help the growth in their volumes and it may be noted that both these companies have over 60% of market share in the Indian two wheeler market.