Barring China (down 0.2%), the major Asian stock markets have opened the day in the green with Japan (up 1.1%) and Taiwan (up 0.7%) leading the gains. The Indian stock markets have also opened the day on a positive note. Barring healthcare and FMCG, all sectoral indices have opened in the green with stocks in the realty and capital goods space leading the gains.
The Sensex today is up by around 76 points (0.4%), while the NSE-Nifty is up by around 18 points (0.3%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap index and the BSE Small Cap index up by around 0.4% each. The rupee is trading at 61.45 to the US Dollar.
Auto stocks have opened the day mainly in the green with Mahindra & Mahindra Ltd and Ashok Leyland Ltd leading the gains. TVS Motor Company has announced results for the second quarter of the financial year 2013-14 (2QFY14). The company has reported a 17% year on year (YoY) growth in the revenues for the quarter. The total two-wheeler sales volumes of the company increased by 2% YoY during the quarter. Of the total, motorcycle sales volumes during the quarter were up by 18% YoY while scooter sales volumes declined by 2.5% YoY. The two wheeler exports volumes registered a 27% YoY growth during the quarter. The three wheeler sales volumes during the quarter grew by 85% YoY. The net profits (post exceptional item) for the quarter registered a growth of 97% YoY. During the company, the company divested its majority stake in TVS Energy Ltd. As such, TVS Energy and its two subsidiaries ceased to be subsidiaries of the Company with effect from 16th August 2013. The company has declared an interim dividend of Re 0.65 per share for the year 2013-14.
FMCG stocks have opened the day mainly in the red with Colgate Palmolive India Ltd and Kokuyo Camlin Ltd leading the losses. However, Archies Ltd and Hindustan Unilever Ltd have opened on a positive note. Colgate Palmolive India Ltd has reported results for the second quarter of the financial year 2013-14 (2QFY14). The net sales for the quarter grew by around 15.8% year on year (YoY). The growth in sales was supported by a 10% YoY growth in the volumes, led by a strong growth of 9 % in toothpaste category. The net profits for the quarter however declined by 24.5% YoY. As per the management, the company has further strengthened its leadership position during the quarter in the toothpaste segment. The Board of Directors of the company has approved an interim dividend of Rs 9 on per equity share of Re 1 for the financial year ending March 31, 2014.