Barring Singapore (up 0.2%), most major Asian stock markets have opened the day on a weak note with stock markets in South Korea (down 0.6%) and Japan (down 0.3%) leading the losses. The Indian share markets have opened the day on a firm note. Stocks in the oil and gas and information technology space are leading the gains. However, banking and consumer durables stocks are trading weak.
The Sensex today is up by around 37 points (0.2%), while the NSE-Nifty is up by around 8 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is trading at Rs 54.03 to the US dollar.
Information technology stocks have opened the day on a firm note with Infosys, HCL Technologies and NIIT Ltd leading the gains. Tata Consultancy Services (TCS) has announced its results for the fourth quarter of financial year 2012- 2013 (4QFY13). The net sales for the quarter grew by 2.2% on a quarter on quarter basis. The operating margins for the quarter decreased by 1% QoQ to 26.3% as compared to 27.3% seen during the previous quarter (3QFY13). The net profits grew by 1.8% QoQ on an absolute basis and the net profit margin dropped marginally to 22% from 22.1% witnessed in the last quarter. The net profits were boosted by growth in the other income. During the quarter, the company added a net of 12,559 employees.
Power stocks have also opened the day on a firm note with National Thermal Power Corporation (NTPC), Neyveli Lignite and Jaiprakash Power leading the gains. As per a leading financial daily, power ministry is likely to approach Competition Commission of India (CCI) in case a meeting between Minister of state for power Mr Jyotiraditya Scindia and Coal Minister Mr Sriprakash Jaiswal today fails to settle the dispute between Coal India Ltd. (CIL) and NTPC over the quality of fuel supplies. It is important to note here that both the companies have been battling on the issue of quality of coal. NTPC has blamed CIL for supplying inferior quality of fuel. NTPC, as such, has refused to sign fuel supply agreement (FSA) with Coal India. Coal India's eastern subsidiary earlier this month had stopped supply to NTPC claiming that the power producer had not cleared dues since October 2012. Post government intervention, CIL had restored 50% supplies pending resolution of the issue.