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Indian share markets open flat
Thu, 9 May 09:30 am

Asian equity markets have opened the day on a mixed note with China (down 0.7%) and Hong Kong (down 0.3%) trading weak. However, markets in Indonesia (up 0.9%) and Singapore (up 0.5%) are trading firm. The Indian share market indices have opened the day on a flat note. Stocks in the metal and capital goods sector are leading the losses. However, stocks in the information technology and FMCG space are trading strong.

The Sensex today is down by around 2 points, while the NSE-Nifty is down by around 4 points (0.1%). Mid and small cap stocks have however opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% and 0.2% respectively. The rupee is trading at Rs 54.08 to the US dollar.

Power stocks have opened the day on a mixed note with PTC India Ltd and National Thermal Power Corporation (NTPC) leading the gains. However, JSW Energy and Power Grid Corporation are facing selling pressure. As per a leading financial daily, India's coal imports shot up to a record level of 135 million tonnes during the financial year 2012-13 (FY13). This was higher by nearly a third than the imports in FY12. However, the decline in international coal prices provided some relief as the import bill grew by less than 1% YoY to US$ 15.5 bn. Despite the fact that India has the world's fifth highest coal reserves of about 286 bn tonnes, domestic coal production has been unable to match the rising demand. The biggest consumers of imported coal are power companies such as Adani Power, Tata Power, JSW Energy and state-run NTPC.

Indian Pharma stocks have opened the day on a mixed note with Dishman Pharma and Indoco Remedies leading the gains. However, Sun Pharma and Strides Arcolab are trading in the red. Indian pharmaceutical firm Lupin has announced its financial results for the quarter ended March 2013 (4QFY13). The company reported consolidated net sales of Rs 25,374 m, higher by 34.7% over the corresponding quarter of the previous financial year (Rs 18,832 m). Net profits during the quarter surged by 162.3% year-on-year (YoY) to Rs 4,081 m as against Rs 1,556 in 4QFY12. For the financial year 2012-13 (FY13), the company reported sales of Rs 94,616 m, a rise of 35.9% YoY. At the bottomline level, net profits rose by 51.5% YoY to Rs 13,142 m.

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