Asian stock markets have opened the day on a mixed note with stock markets in China (up 1.8%) and Hong Kong (up 0.5%) leading the gains in the region. However, markets in South Korea (down 0.7%) and Indonesia (down 0.6%) have opened in the red. The Indian equity markets have opened the day on a weak note. Stocks in the FMCG and energy space are leading the losses. However, consumer durables and auto stocks are trading firm.
The Sensex today is down by around 36 points (0.2%), while the NSE-Nifty is down by around 12 points (0.2%). However, both Mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% each. The rupee is trading at Rs 53.87 to the US dollar.
Consumer durable stocks have opened the day on a firm note with Titan Industries Ltd and Videocon Industries Ltd. leading the gains. Titan Industries Ltd has announced its results for the second quarter of financial year 2013 (2QFY13). The company reported a 21.4% year on year (YoY) growth in the net profits during the quarter. The total revenues for the quarter registered an increase of 8.6% YoY. For the first half of FY13 (1HFY13), the growth in the net profits came at 15.2% YoY. As per the management, all the business segments recorded good growth in revenues during the quarter on a year on year basis. The revenues from the jewellery business recorded a growth of 5.7% YoY. Other businesses like eyewear and precision engineering grew by 49.4% YoY during the quarter. As on September 30, 2012 the company has a strong retail chain of 879 stores with a retail area crossing 11.2 lakh square feet nationally for all its brands. The management plans to introduce several new products and opening many stores early in third quarter of FY13
Indian pharma stocks have opened the day on a mixed note with Panacea Biotech Ltd and Biocon Ltd leading the gains. However, Sun Pharma Ltd and Elder Pharma Ltd were facing selling pressure. Sanofi India Ltd has announced its results for the third quarter of calendar year 2013 (3QCY13). The total income during the quarter registered a growth of 25.1% on year on year (YoY) basis. The net profits for the quarter declined by 6.4% YoY. The decline is mainly on account of an increase in the cost of materials.
It is also on account of higher amortization costs relating to brands, technical knowhow and goodwill acquired from Universal Medical. The bottomline was also adversely impacted on account of a fall in the other income.