After opening firm, the Indian indices are above the dotted line in the morning session. Apart from metal and energy stocks, most of the sectoral indices are trading in the green led by consumer stocks from the FMCG sector.
The BSE-Sensex is trading up 50 points and the NSE-Nifty is trading up 17 points. The BSE Mid Cap index is trading up 0.5% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 61.99 to the US dollar.
Textile stocks are trading mixed today. While Eastern Silk and Arvind are leading the gainers, Vardhman Textiles and Alok Industries are leading the losers. India's leading innerwear textile firm, Page Industries, has announced its 3QFY14 results. The company has reported 39% YoY growth in sales on the back of good volumes. The operating margin improved by 0.6% YoY for the quarter to come in at 19% despite higher raw material costs (as percentage of sales). Higher interest costs and depreciation expenses did not dampen the bottomline performance. Driven by the strong operating performance, the net profit grew by 36.2% YoY. Page Industries is trading up 0.2% today.
Most pharma stocks are currently trading firm. While Aurobindo Pharma and Orchid Chemicals are leading the gainers, Piramal Enterprises and Dr. Reddy's Lab are leading the losses. As per the BSE announcement filing, Japan's Daiichi Sankyo owned Indian drug maker Ranbaxy has voluntarily suspended drug ingredients shipments from two of its manufacturing plants. Namely, the Toansa and Dewas plants have suspended all shipments as the company is examining processes and controls. Both plants are currently banned from shipping products to the US following US FDA ban on quality concerns. The suspension will hit its supplies in other markets including Europe and India. The voluntary decision has been taken as a precautionary measure and it plans to resume the shipments after reassurance of the processes and controls. Ranbaxy has not given the financial details with respect to impact of the suspension. Further the company has set up committee with primary role to oversee the problems of manufacturing and quality operations, systems, organization and integrity. The stock of Ranbaxy is trading higher by 0.9% today.