The major Asian stock markets have opened the session on a positive note with markets in Japan (up 1.4%) and Hong Kong (up 0.9%) leading the gains. The US and European stock markets also closed their session on a positive note. The rupee is trading at 63.80 per US dollar.
Stocks in the software space have opened the day on a positive note. As per a leading financial daily, Tech Mahindra has reported a fall in organic growth for FY15. Revenue growth for the company in constant currency declined 1.2% sequentially. Margins have also contracted 530 basis points (bps) which is worse than peers. This was due to the lower operating margin of Lightbridge Communications Corp (LCC) which the company had acquired for $240 m in 2014. Operating margin of LCC fell to 2.5% in the quarter gone by on high integration costs and seasonal weakness. Stock of Tech Mahindra is trading in the green.
Automobile sector stocks are also trading positively. Stocks of car companies including Tata Motors, Maruti Suzuki and Mahindra and Mahindra (M&M) are witnessing buying interest after the report by Society of Indian Automobile Manufactures (SIAM) stated a jump in the domestic passenger car sales segment. Domestic car sales increased by 7.73% to 1,60,067 units in May as against 1,48,577 units in the corresponding period last year. However, total two-wheeler sales in May declined 1.25% to 13,80,950 units. This was mainly due to a dip in motorcycle sales and also moderation in sales of scooters. While for commercial vehicles, sales grew 3.95% to 48,841 units in May.