Barring Indonesia (down 0.1%), the major Asian stock markets have opened the day in the green with stock markets in Japan (up 1.4%) and Hong Kong (up 0.6%) leading the gains. The Indian share markets have also opened the day on a positive note. All sectoral indices have opened in the green with stocks in software and metal space leading the gains.
The Sensex today is up by around 60 points (0.3%), while the NSE-Nifty is up by about 17 points (0.3%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.5% each. The rupee is currently trading at Rs 60.0 to the US dollar.
Indian Pharma stocks have opened mainly in the green with Panacea Biotech Ltd and Orchid Chemicals Ltd leading the gains. Lupin Ltd has announced results for the quarter ending March 2014. The company has reported a growth of 20.7% YoY in the consolidated revenues during the quarter. The operating profit for the quarter was up 33.2% YoY during the quarter with operating margins at 28.7% , as compared to a margin of 26% in 4QFY13.The operating margin improved due to 3.5% decline in the raw material cost (as a % of sales), slightly offset by 1.6% (as a % of net sales) increase in the manufacturing and other expenses. The net profits for the quarter grew 35.5% YoY. For FY14, the Indian market contributed 22% of the company's overall revenues.
Engineering stocks have opened the day on a mixed note with KSB Pumps Ltd and Welspun Corporation Ltd leading the gains. However, TRF Ltd and Everest Kanto Cylinder Ltd were witnessing losses. As per a leading financial daily, the Maharashtra cabinet has approved Bharat Heavy Electricals Ltd's (BHEL) project to produce solar photo voltaic cells in Bhandara district. The project is worth Rs 27.3 bn and will provide employment to 3000 people. The company will produce 240 MW solar photo voltaic cells and 100 MW photo voltaic modules at its plant in Bhandara district. This will be the Central government's first project in Vidarbha . It will be allowed subsidies from the National Clean Energy Fund (NCEF).