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Indian stock markets open firm
Wed, 10 Aug 09:30 am

After bleeding for several days, Asian stock markets have opened the day on a firm note. Stock markets in Hong Kong (up 3.2%), South Korea (up 1.4%), Japan (up 1%), China (up 1.8%) and Indonesia (up 3.2%) are trading in the green. However, stock markets in Singapore (down 0.8%) are facing selling pressure. The Indian stock market have opened the day on a firm note as well. Stocks in the IT , realty , consumer durables and metal space are leading with significant gains.

The BSE-Sensex is trading higher by around 276 points (1.6%), while the NSE-Nifty is up 85 points (1.7%). The midcap and smallcap stocks are in the positive as well with both the BSE-Midcap and BSE-Small cap indices up by 2% and 2.3% respectively. The rupee is trading at 45.24 to the US dollar.

Cement stocks have opened the day on a firm note with ACC, Ambuja Cements and UltraTech Cement trading firmly in the green. Madras Cements has announced its first quarter results for the financial year 2011-2012 (1QFY12). The company has reported a growth in sales by 10% YoY to Rs 7.6 bn. Operating profits surged by 27% YoY to Rs 2.4 bn during the quarter as operating costs remained relatively lower. Operating margins improved from 27.6% in 1QFY11 to 32% in 1QFY12. At the bottomline level, net profits rose by 35% to Rs 983 m on the back of a healthy operating performance. Net profit margins during the quarter improved to 12.9% from 10.4% in the corresponding quarter of the previous financial year. The stock of Madras Cements has opened higher by about 4.1%.

Pharma stocks have opened the day on a firm note with Piramal Healthcare, Aurobindo Pharma and Divi's Lab leading the gains. Debt ridden Wockhardt has announced its first quarter results for the financial year 2011-2012 (1QFY12). The company has made a strong comeback with its sales growing by 14.3% YoY. Profit after tax stood at Rs 1,939 m against a loss of Rs 1,163 m in the first quarter last year. The profit increased due to strong growth of 131% YoY in the US business. The domestic business grew by 24% YoY. The management is hopeful of completing the sale of nutritional business before the end of fiscal year. The sale of business will generate Rs 16 bn for the company which will help them to ease the debt situation. Wockhardt's debt stood at Rs 32 bn at the end of June 2011.

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