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Indian Stock Market News October 22, 2014

Indian share markets open firm
Wed, 22 Oct 09:30 am

   Previous Close

   Pre-Open

   11:30 am

   01:30 pm

   Closing

   RoundUp

Asian stock markets have opened the day on a firm note with the markets in Japan (up 1.7%), Taiwan (up 1.3%) and Hong Kong (up 1.2%) leading the gains. The Indian share markets have also opened the day on a firm note. The sectoral indices are trading firm with auto and capital goods indices leading the gains.

The Sensex today is up by around 352 points (1.3%), while the NSE-Nifty is up by about 57 points (0.7%). The mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 1.7% and 0.8% respectively. The rupee is currently trading at Rs 61.30 to the US dollar.

Oil and gas sector stocks have opened the day mainly in the green with Petronet LNG and Gujarat State Petronet leading the gains. Private oil and gas explorer Cairn India has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's consolidated net sales declined by 14.4% year-on-year (YoY) to Rs 39.8 bn. Operating profit declined by 23.7% YoY to Rs 26.6 bn. Tax expenses shot up by 225.6% YoY to Rs 2.6 bn. At the bottomline level, consolidated net profit declined by 32.7% YoY to Rs 22.8 bn. The stock of Cairn India has opened marginally in the red.

Indian pharma stocks have opened the day mainly on a firm note with Orchid Chemicals and Torrent Pharma leading the gains. Piramal Enterprises, the flagship company of the Piramal Group, has announced its financial results for the quarter ended September 2014. During the quarter, the company's consolidated net sales increased by 9.4% YoY to Rs 12.2 bn. Operating profit grew by 38.7% YoY to Rs 2.1 bn. Other income plunged by 81.6% YoY to Rs 178 m. The company reported an exceptional loss of Rs 3.7 bn during the quarter as against an exceptional gain of Rs 158.3 m in 2QFY14. Tax expenses shot up by 329.9% YoY to Rs 674.9 m. At the bottomline level, the company reported a consolidated net loss of Rs 3.9 bn as against net loss of Rs 322.6 m in 2QFY14. The stock of Piramal Enterprises has opened in the red.

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