Asian stock markets have opened the day on a mixed note with the markets in Japan (up 0.5%) and South Korea (up 0.2%) leading the gains. However, markets in Hong Kong (down 0.8%) and China (down 0.6%) are trading in the red. The Indian share markets have opened the day on a firm note. The sectoral indices are trading mixed with power and capital goods indices leading the gains. However, realty and metal indices are trading in the red.
Paint stocks have opened the day in the green with Kansai Nerolac and Berger Paints leading the gains. India's leading paint manufacturer Asian Paints Ltd has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's consolidated net sales grew by 16.3% year-on-year (YoY) to Rs 35,867.5 million. Operating profit increased by 5% YoY to Rs 5,362.2 million. Operating margin contracted from 17.9% in 2QFY14 to 16.1% in 2QFY15. Interest expenses declined by 41.4% YoY to Rs 70.1 million. At the bottomline level, consolidated net profit grew by 6.3% YoY to Rs 3,473 million.
Auto stocks have opened the day mainly on a weak note with Maruti Suzuki, Mahindra & Mahindra (M&M) and Tata Motors leading the gains. As per a leading financial daily, India's largest auto maker Tata Motors has raised US$ 750 million in a forex bond sale. The company sold a dual tranche bond issue to Asian and European investors. It is worth noting that the issue got oversubscribed 6 times at US$ 4.5 billion. The company has priced the 5.5-year benchmark senior unsecured notes of US$ 500 million at 4.625%, while the coupon for the 10-year US$ 250 million notes is fixed at 5.750% per annum. As per a company statement, the proceeds from the issue will be used to refinance external commercial borrowings, capital expenditure and for general corporate purposes.