Asian stock markets have opened the day on a mixed note with the markets in China (up 0.6%) and Taiwan (up 0.5%) leading the gains. However, the markets in South Korea (down 0.5%) and Indonesia (down 0.2%) are trading in the red. The Indian share markets have opened the day on a muted note. The sectoral indices are trading mixed with consumer durables and auto indices leading the losses. However, the IT and metal indices are trading firm.
Food and Tobacco stocks have opened the day mainly in the green with Golden Tobacco and Tata Global Beverages leading the gains. ITC Ltd has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's standalone net sales grew by 14.85% year-on-year (YoY) to Rs 89,303 million. Operating profit increased by 9.85% YoY to Rs 34,886.5 million. Operating margin contracted from 40.39% in 2QFY14 to 38.66% in 2QFY15. At the bottomline level, standalone net profit grew by 8.73% YoY to Rs 24,251.6 million.
Auto stocks have opened the day on a weak note with Mahindra and Mahindra (M&M) and Hero MotoCorp leading the losses. As per a leading financial daily, India's leading two wheeler maker Hero MotoCorp has reported 8.05% YoY decline in two wheeler sales during the month of October 2014. During the month, the company managed to sell 575,056 units as against 625,420 units during the corresponding month of the previous year. However, it is worth noting that during the 37-day festive period, which started on 25th September (first day of Navratras) and lasted until 31st October 2014, the company sold over 10 lakh units of two wheelers.