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Indian stock markets open firm
Fri, 26 Jul 09:30 am

Barring Japan (down 2.1%) and Taiwan (down 0.1%), the major Asian stock markets have opened in the green with Singapore (up 0.2%) and Indonesia (up 0.2%) leading the gains. The Indian stock market indices have also opened the day on a firm note. Barring FMCG, all sectoral indices have opened in the green with stocks in the realty and consumer durable space leading the gains.

The Sensex today is up by around 64 points (0.3%), while the NSE-Nifty is up by around 36 points (0.6%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.2% respectively. The rupee is trading at Rs 58.85 to the US dollar.

Energy stocks have opened the day mainly in green with Bharat Petroleum Corporation Ltd (BPCL) and Mangalore Refineries and Petrochemicals Ltd (MRPL) leading the gains. GAIL (India) Ltd has announced the results for the fourth quarter of financial year 2013-14 (1QFY14). The company has reported a 16.0% YoY growth in the topline during the quarter. The operating profits for the quarter declined by 21.2% YoY with operating margins coming at 11.7%, as compared to 17.2% in the corresponding quarter last year. The decline was mainly on account of lower margins from the gas trading segment. The net income for the quarter registered 28.7% YoY decline, with margins at 6.3%, as compared to 10.2% in 1QFY13. The company has provided a discount of Rs 7 bn during the quarter (same as in 1QFY13) to share under recoveries on LPG (Liquefied Petroleum Gas).

Cement stocks have opened the day on a weak note with JK Lakshmi Cements and Madras Cements leading the losses. However, Ultratech Cement and Ambuja Cement have opened in the green. Cement major ACC Ltd has announced its results for the second quarter of the calendar year 2013 (2QCY13). During the quarter, the company's standalone net sales stood at Rs 27,952 m, marginally higher by 1.4% on a year-on-year (YoY) basis. Operating profits declined by 31.3% YoY to Rs 4,335 m and operating profit margins declined from 22.9% in 2QCY12 to 15.5% in 2QCY13. At the bottomline level, standalone net profits declined by 38% YoY to Rs 2,591 m. During the first half of the calendar year 2013 (1HCY13), while net sales increased by 1.9% YoY to Rs 57,063 m, net profits increased by 21.5% YoY to Rs 6,968 m. The company's board of directors has declared an interim dividend of Rs 11 per share (face value Rs 10) for CY13.

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