The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.5%) and Singapore (up 0.4%) leading the gains. However, stock markets in Hong Kong (down 0.2%) and Korea (down 0.3%) have opened in the red. The Indian share markets have opened the day on a firm note. All sectoral indices have opened in the green with the stocks in the realty, capital goods and auto space leading the gains.
Food stocks have opened mainly in the green with Tata Global Beverages Ltd and Ruchi Soya Industries Ltd leading the gains. However, Golden Tobacco Ltd has opened in the red. ITC has announced results for the quarter ended March 2014. The company has reported net revenue growth of 12% YoY. The cigarette business was the main driver, contributing nearly 79 % of the pre-tax profit for the quarter. This was despite a year-on-year decline in volume sales. The company's non cigarette business grew 13% YoY. The net profits for the quarter were up by a little over 18% YoY. However, sequentially, the bottomline declined by 4.5% QoQ. The company has declared a dividend of Rs 6 per share for FY14, up from last year's dividend of Rs 5.25 per share.
Mining stocks have opened the day mainly in the green with MOIL Ltd and Gujarat NRE Coke Ltd leading the gains. The country's top manganese ore producer MOIL Ltd has reported results for the quarter ended March 2014. The revenues during the quarter were up 9.4% YoY. The revenues from the mining products witnessed a growth of 13.6% during the quarter while revenues from manufacturing and power grew 3 times on a year on year basis. The total expenditure during the quarter declined by 16.9% YoY. The net profits for the quarter were up 35.7% YoY, mainly on account of growth in sales and decline in expenses. For FY14, the sales and net profits were up 5.7% YoY and 18% YoY respectively.