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Indian stock markets open firm
Tue, 25 Oct 09:30 am

Asian stock markets have opened the day on a mixed note. While stock market in Hong Kong (up 0.6%), China (up 0.4%) and Indonesia (up 0.3%) are trading firm, markets in Japan (down 0.3%) and South Korea (down 0.2%) are trading in the red. The Indian stock markets have opened the day on a firm note. Stocks in the technology space are leading the gains. However, consumer durables and capital goods stocks are trading in the red.

The BSE-Sensex is trading higher by 80 points (0.5%) and the NSE-Nifty is up by around 23 points (0.5%). While the BSE Mid Cap index is trading flat, the BSE Small Cap index is up by 0.2%. The rupee is trading at 49.70 to the US dollar.

Pharma companies have opened the day on a weak note with Pfizer, Novartis and GSK Pharma trading in the red. Drug-maker Pfizer has declared its results for the quarter ended September 2011 (2QFY12). The company has changed its accounting year from November ending to March ending with effect from December 2009. Hence the results are not strictly comparable. The sales of the company stood at Rs 2.7 bn for the quarter ended September 2011 against Rs 2.2 bn for the quarter ended August 2010. The net profit stood at Rs 469.9 m for quarter ended September 2011 against Rs 424.8 m for the quarter ended August 2010. All the 3 divisions -Pharmaceuticals, Animal Health and Services have performed quite well. Pfizer has a strong balance sheet with zero debt and a cash balance of Rs 8.7 bn at the end of September 2011.

Textile stocks have opened the day on a mixed note with Grasim Industries and Century Industries trading firm. However, Alok Industries and Arvind Ltd are facing selling pressure. Grasim Industries recently announced its financial results for the quarter ended September 2011. During the quarter, the company reported a rise of 29% YoY and 23% YoY in standalone sales and net profits respectively. However, high costs of raw materials, power and freight caused operating profits to grow at a lower rate of 10% YoY. The company's operating margins declined from 28.3% in 2QFY11 to 24.1% in 2QFY12. Higher other income, lower depreciation charges lifted the company's bottomline by 23% YoY. Net margins declined from 30% in 2QFY11 to 28.7% in 2QFY12.

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