Asian indices ended the day on a mixed note, with China and Hong Kong closing lower by about 0.9% and 0.7% respectively, while Japan closed higher by about 0.4%. The rupee was trading at Rs 61.43 to the dollar at the time of writing.
Stocks of power companies ended the day on a weak note with NHPC and NTPC being amongst the top losers. Losses were also seen in Power Grid Corporation of India Limited (PGCIL). The company announced its results for the quarter ended September 2013 (2QFY14) recently. The company reported a 28% YoY increase in revenues and a 10% YoY growth in profits. The growth in profits would have been higher had it not been for the Rs 1 bn extraordinary income it earned during 2QFY13 i.e. last year. The growth in company's operating profits came in at 25% YoY on the back of a 1.9% contraction in operating margins. Further, lower other income coupled with higher interest costs led to a slower growth in profits before tax. As for the six month period ended September 2013, the company's revenues and profits grew by 26% YoY and 14% YoY respectively. Operating margins during this period contracted by 0.7% YoY to 85.3%.
Stocks of ended the day on a weak note with GSK Pharmaceuticals and Glenmark Pharmaceuticals being the top losers. Ipca Labs announced its results for the period ended September 2013. The company reported a revenue growth of 10% YoY during the quarter. Growth was led by its API business, while its formulations segment's growth remained muted. Further, the company's profits increased by 3.6% YoY during the quarter. The slow growth in profits occurred despite the company reporting a sharp rise of 4.4% YoY in operating margins (to 28.1%). The company's profits during the quarter were impacted by forex losses. As for the first half of the financial year FY14, Ipca Lab's net sales and profits grew by 17% YoY and 20% YoY respectively. The stock ended the day with gains of 1.6%.