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Global cues lift Indian markets
Mon, 24 Oct 09:30 am

Asian stock markets have opened the day on a positive note. Stock market in Hong Kong (up 3.8%), South Korea (up 2.6%) and Indonesia (up 2%) are leading the gains. The Indian stock markets have also opened the day on a firm note. Stocks in the metal, auto and banking space are leading the gains.

The BSE-Sensex is trading higher by 284 points (1.7%) and the NSE-Nifty is up by around 86 points (1.7%). BSE Midcap and BSE Small cap stocks are trading in the green as well, with the BSE Mid Cap and BSE Small Cap indices up by 1% and 0.8% respectively. The rupee is trading at 49.80 to the US dollar.

Pharma Stocks have opened the day on a firm note with Ranbaxy Laboratories and Cipla in the green. Piramal Healthcare Limited (PHL) announced its second quarter results for the financial year 2011-2012 (2QFY12). For the continuing businesses, income was up by 32% YoY to Rs 5,347 m. The operating profit for the quarter was at Rs 1,298 m against an operating loss of Rs 386 m in 2QFY11. The operating profit margin for the quarter was higher at 24.3%. Net profit for the quarter was Rs 524 m. Pharma Solutions (CRAMS) business recorded sales of about Rs 3 bn during 2QFY12 against Rs 2.3 bn in 2QFY11, registering growth of 32.4% YoY. The revenues from the Indian facilities grew by 82.7% YoY to Rs 1.9 bn. The management is expecting a strong growth in the commercial manufacturing assets in India driven by increased sales. The company also stated that the de-merger process of R&D (research & development) unit of Piramal Life Sciences Ltd into PHL has commenced.

Cement stocks have opened the day on a firm note with Ambuja Cements, Associated Cement Companies Limited (ACC Ltd) and UltraTech Cement leading the gains. UltraTech Cement recently announced its financial results for the quarter ended September 2011. During the quarter, the company reported a rise of 22% YoY and 141% YoY in sales and net profits respectively. The seemingly improved performance was mainly on account of a lower base effect. In fact, the company's performance was subdued if compared with that of the quarter ended June 2011. Sluggish demand, weak realisations and significant increase in costs were the main reasons for it. The company's operating margins improved from 12.7% in 2QFY11 to 14.9% in 2QFY12. Higher other income, lower interest charges boosted the company's bottomline which surged by 141% YoY. Net margins improved from 3.6% in 2QFY11 to 7.1% in 2QFY12.

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