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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian market down 1%, Japan tanks 3% 
(Fri, 8 Aug 09:30 am) 
 
Barring China (up 0.3%), all major Asian stock markets have opened the day in the red yet again with stock markets in Japan (down 3%) and South Korea (down 1 %) leading the pack of losers. The Indian share markets have also opened the day on a negative note. All sectoral indices have opened in the red with realty and power indices leading the losses.

The Sensex today is down by around 253 points (1%), while the NSE-Nifty is down by about 74 points (1%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 1.2% and 1.4% respectively. The rupee is currently trading at Rs 61.68 to the US dollar.

FMCG stocks have opened the day on a weak note with Archies Ltd and Lakshmi Energy leading the losses. FMCG major Nestle India has announced its financial results for the quarter ended June 2014. During the quarter, the company reported 9.3% YoY growth in the topline, with net sales standing at Rs 24,189.1 m. Operating profit remained almost flat at Rs 4,908.6 m during the quarter as higher expenditure led operating margins to contract from 21.9% in 1QFY14 to 20.2% in 1QFY15. Other income rose substantially by 50.1% YoY to Rs 231.2 m. Depreciation and interest expenses declined by 5.1% YoY and 55.7% YoY respectively. At the bottomline level, net profit increased by 6.1% YoY to Rs 2,878.6 m. Net profit margin contracted from 12.2% in 1QFY14 to 11.8% in 1QFY15.

Indian Pharma stocks have opened the day on a weak note with Ipca Laboratories and JB Chemicals leading the losses. Hyderabad-based Aurobindo Pharma has also announced its consolidated financial results for the quarter ended June 2014. During the quarter, the company reported 70.3% YoY growth in the topline, with net sales standing at Rs 28,946.1 m. Operating profit shot up by 386.4% YoY to Rs 6,581.5 m during the quarter as the company had reported forex losses of Rs 1,724.1 m in the quarter ended June 2013. At the bottomline level, net profit increased by 2,272.7% YoY to Rs 4,142.7 m. It must be noted that the company's financials are not comparable with the corresponding quarter of last year as during the recent quarter, Agile Pharma BV-Netherlands, a step-down subsidiary of Aurobindo Pharma, has acquired select European business of Actavis. The financial result for 1QFY15 includes the results of the operation of the above business from April 1, 2014. The stock of Aurobindo Pharma is trading up by around 1.2%.

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