The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.3%) and Singapore (up 0.7%) leading the gains. However, the stock markets in Taiwan (down 0.8%) and Hong Kong (down 1.2%) were leading the losses. The Indian share markets have opened the day on a firm note. All sectoral indices have opened in the green with stocks in the energy and power sector leading the gains.
The Sensex today is up by around 170 points (0.8%), while the NSE-Nifty is up by about 52 points (0.8%). The midcap and smallcap stocks have opened in the green as well with BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.7% respectively. The rupee is currently trading at Rs 60.34 to the US dollar.
Auto stocks have opened on a firm note with TVS Motors Ltd and Escorts Ltd leading the gains. However, Bajaj Auto Ltd and Maharashtra Scooters Ltd were facing selling pressure. TVS Motors has announced results for the quarter and year ending March 2014 The total revenues during the quarter increased by 21% YoY. During the quarter, the sales volumes of motor cycle and scooters were up by 6.5% YoY and 44% YoY respectively. The two wheeler exports volumes grew by 29% YoY. The quarter witnessed an increase in the cost of raw materials by 17% YoY. The company reported a profit of Rs 521 m during the quarter as compared to loss of Rs 327m, during the same period last year. As per the management, the new launches and upgrades introduced by the company across the scooter and motorcycle segments boosted the sales and added to the growth in the bottomline.
Telecom stocks have opened mainly in the green with ITI Ltd and Tata Communications Ltd leading the gains. Bharti Airtel Ltd has declared results for the full year 2013-14 and for the quarter ending March 2014. The company reported 13.5% year on year (YoY) increase in total revenues during the quarter. The mobile subscriber base in India grew by 9.2% YoY while growth in the total subscriber base on the network (including South Asia and African operations) came at 9.15% YoY during the quarter. The operating margins improved by 1.8% YoY to 32.7% during the quarter. The net profits for the quarter were up by 89.1% YoY. For FY14, the revenues and net profits were up by 11.5% YoY and 21.8% YoY respectively. Total count of subscribers stood at around 205.5 m at the end of March 2014.