Asian stock markets have opened the day on a mixed note with the markets in Malaysia (up 0.6%), Indonesia (up 0.4%) and Singapore (up 0.3%) leading the gains. However, markets in China (down 1.3%) and Japan (down 0.5%) are trading in the red. The Indian share markets have opened the day on a positive note. Barring IT and Teck indices, all sectoral indices are trading in the green with consumer durables and FMCG indices leading the gains.
Auto stocks have opened mainly in the green with Hero MotoCorp and Ashok Leyland leading the pack of gainers. Leading two-wheeler maker Hero MotoCorp has announced its financial results for the second quarter of the financial year 2014-15 (2QFY15). Standalone net sales grew by 20.5% year-on-year (YoY) to Rs 68,635 m. Operating profit grew by 12.3% YoY to Rs 9,348.2 m as operating profit margin contracted from 14.5% in 2QFY14 to 13.5% in 2QFY15. Other income rose sharply by 67.6% YoY to Rs 1,935.1 m. Depreciation charges declined significantly by 73.9% YoY to Rs 749.6 m. Owing to higher other income and lower depreciation net profit shot up by 58.6% YoY to Rs 7,633.7 m.
Information Technology stocks have opened the day on a weak note with Tata Consultancy Services (TCS) and CMC Ltd leading the losses. India's largest software services exporter TCS has reported its financial results for the second quarter of the financial year 2014-15 (2QFY15). The company reported a consolidated turnover of Rs 238,164.8 m, higher by 7.7% on a quarter-on-quarter (QoQ) basis. Operating profit grew almost in line with topline growth to Rs 68,004 m. Operating profit margin contracted marginally from 28.7% in 1QFY15 to 28.6% in 2QFY15. At the bottomline level, consolidated net profit declined by 5.8% YoY to Rs 52,442.8 m.