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Pharma & IT stocks lead the gains
Fri, 28 Feb 11:30 am

After opening firm, the Indian indices are above the dotted line in the morning session. Apart from energy stocks, most of the sectoral indices are trading in the green led by pharma and software stocks.

The BSE-Sensex is trading up 105 points and the NSE-Nifty is trading up 25 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 62.08 to the US dollar.

Retail stocks are trading mixed today. While Zodiac Cloth is leading the gainers, Titan is leading the losers. India's leading consumer firm, Titan, has announced its 3QFY14 results. The company has reported an 11.1% YoY fall in sales on the back of a subdued performance in the watches and jewellery segments. Despite the poor topline performance, the operating margin was flat for the quarter at 7.7%. However, higher interest costs and lower other income took a toll on the bottomline. The net profit of the company fell by 18% YoY despite a fall in the tax rate. Titan is trading down 0.6% today.

Most mining stocks are currently trading firm. Ashapura Minechem and Coal India are leading the gainers. Coal India has announced its 3QFY14 results. Coal production was flat while offtake was marginally lower on a YoY basis, in the quarter. Net sales declined by 2.3% YoY. The operating profit fell by 4.3% YoY thus lowering the operating margin by 1% YoY. Apart from the muted operating performance, a fall in other income by 7.5% YoY also impacted the bottomline. The net profit of the company fell by 18% YoY and the net margin fell by 2% YoY. Coal India is trading higher by 1% today.

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