After opening weak, the benchmark Indian indices have remained below the dotted line in the morning session amid outperformance among mid and small cap stocks. Banking stocks have borne the brunt of the selling pressure while engineering stocks are leading the gainers.
The BSE-Sensex is trading down 23 points. The NSE-Nifty is trading down 10 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 61.33 to the US dollar.
Software stocks are trading on a mixed note. While Infosys is leading the gainers; Tata Consultancy Services (TCS) is among the leading losers. India's fifth largest software firm Tech Mahindra, has announced an expansion of its European operations. The company plans to set up a new center in Hungary. This center will employ about 200 people and will provide a boost to its operations in Eastern Europe. The company derives about 31% of its revenues for Europe but most of it comes from the advanced economies of Western Europe. This new facility will come up in the capital city of Budapest. Tech Mahindra has already hired 50 people to be staffed at this center and will sale up its operations soon. Tech Mahindra is trading flat today.
Majority of Indian pharma stocks are trading in green with JB chemicals and Dishman pharma being among the leading gainers. Ajanta pharma has declared June quarter 2014 results (1QFY15). Revenue from operations grew by 32% YoY during the quarter. Company witnessed robust growth in both domestic and international businesses. The operating margins also witnessed sharp improvement of approx 800 bps, leading to EBITDA growth of 78% YoY. The profit after tax has also increased by 80% YoY for the quarter. Ajanta is trading up 0.56% YoY.