Indian markets open strong

Wed, 4 Nov 09:30 am

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The major Asian stock markets have opened the day on a robust note. The stock markets in Hong Kong (up 3.1%), China (up 2.5%) and Japan (up 2.3%) are the top gainers in the pack. The major stock indices in Europe and US ended their previous session in green. The rupee is trading at 65.53 per US dollar.

Indian stock markets have opened the day on a firm note owing to positive global cues. BSE-Sensex is trading higher by 180 points (up 0.7%) and NSE-Nifty is trading higher by 46 points (up 0.6%). S&P BSE Midcap and S&P BSE Smallcap is trading higher by 0.4% and 0.5% respectively. Major sectoral indices have opened the day on a positive note. Stocks from FMCG, engineering and capital goods and metals & mining sector are witnessing buying interest.

Tech Mahindra reported its results for the quarter ended September 2015. The revenues of the company grew by 2.2% on a QoQ basis in dollar terms. The performance was impacted as the company's business from large clients remained subdued. Reportedly, top twenty clients of the company that accounted for 63% of its revenues last year has now come down to 56%. As per the management, company's communication segment which contributes around 53% is expected to remain under pressure.

However in the rupee terms the company's revenue grew by 5.1% on a QoQ basis. The net profit of the company grew by 16.2% QoQ.

The company expects the growth to pick up in the manufacturing and Banking, Financial Services and Insurance (BFSI) segment. Presently, manufacturing and BFSI accounts for 16% and 9% of the total revenues of the company.

Hero MotoCorp reported its sales data for the month ended October 2015. The company reported a growth in the sales units by 11% on a YoY basis. The overall sales for the month of October stood at 6.4 lakh units. Reportedly, this is the highest ever sales done by the company in a month's time.

The company stated that the growth came in from the newly expanded scooter range named 'Maestro' and 'Pleasure'. Further, two newly launched scooters 'Maestro Edge' and 'Maestro Duet' also fueled the growth. The ongoing festive season was also one of the reasons leading to spurt in the volumes.

Radhika Pandit, Managing editor of ValuePro, recently released a detailed analysis of the company's results (subscription required). In the note Radhika explains the future plans of the company in relation to adding capacities and brand building initiatives in the domestic and global markets. Read on to this update to know more...