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Indian markets trade flat
Thu, 31 Jul 11:30 am

After opening weak, the Indian stock markets are trading flat during the morning trading session. Among the sectoral indices, stocks from engineering and metal sectors are among the leading the gainers; while IT stocks are leading the pack of losers.

The BSE-Sensex is trading down 14 points. The NSE-Nifty is trading down 9 points. The BSE Mid Cap index is trading up 0.5% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 60.25 to the US dollar.

Most Software stocks are trading lower today. HCL Technologies and Wipro are leading the losers. India's fourth largest software firm HCL Technologies, has announced results for the fourth quarter and full year FY14 (the company has a June year end). Revenues for the quarter grew by 1% QoQ to Rs 84.2 bn. In dollar terms, revenues were up 3.4 % QoQ and came in at US$ 1.4 bn. Operating margins declined by 0.5% QoQ. Net profits jumped by 13% QoQ to Rs 18.3 bn. The growth was driven by infrastructure management services. The IMS division grew by 3.2% QoQ in US dollar terms. The company declared a dividend of Rs 12 per share. HCL Tech is trading down 2.7% today.

Majority of Indian Pharma stocks are trading in green with, Aurobindo pharma and Indoco Remedies being the leading gainers. Dr Reddy's has declared its June quarter results for the financial year ending 2015 (1QFY15). The company posted robust topline growth of 24% YoY during the quarter. The large part of growth was led by robust performance in US and RoW markets. However company's PSAI segment witnessed some pressure and subsequently posted negative growth for the quarter at -6% YoY. The company witnessed good improvement in the gross margins due to a better product mix. Subsequently, the operating margins also improved by 500 bps to 25% in 1QFY15. This was in spite of a sharp surge in R&D expenses which were up by 59% YoY for the quarter. On the back of good performance in the topline, the net profits too increased by 52% YoY during the quarter.

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Mar 16, 2018 (Close)