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Indian stock market opens firm
Wed, 9 Nov 09:30 am

Asian stock markets have opened the day on a firm note. Stock market in Hong Kong (up 1.4%), Indonesia (up 0.9%), Japan (up 0.9%) and South Korea (up 0.2%) is in the green while China (down 0.5%) is in the red. The Indian stock market have opened the day on a firm note. Stocks in the consumer durables and Oil and gas space are leading the gains.

The BSE-Sensex is trading up by 61 points (0.4%) and the NSE-Nifty is up by around 15 points (0.3%). BSE Midcap and BSE Small cap stocks are trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 0.2% and 0.3% respectively. The rupee is trading at 49.43 to the US dollar.

Pharma stocks have opened the day on a firm note with Glenmark and Dr Reddy's Laboratories (DRL) leading the gains. DRL has announced its second quarter results for 2012 (2QFY12). The company has reported 21.2% YoY and 7.3% YoY growth in sales and profit after tax respectively. Sales growth of 21.2% YoY was led by strong growth from North America, Russia & CIS and bulk drugs (PSAI) division. However, there was a slowdown seen in the domestic growth when compared with that of the industry. Operating margins decreased by 50 bps (0.5%) due increase in raw material costs and selling expenses. Net profits grew only by 7.3% YoY due to a huge increase in the tax outgo and higher depreciation.

Engineering stocks have opened the day on a firm note with Bharat Heavy Electricals Ltd (BHEL) and ABB leading the gains. As per a leading financial daily, state-owned power equipment manufacturer BHEL and Rashtriya Ispat Nigam Ltd (RINL) are set to form a joint venture (JV) for developing a high-end seamless tube mill at Vizag. The shareholding pattern of the JV is not finalised as yet. However, as per Chairman & Managing Director of RINL, since the mill would be located within the premises of RINL's Vizag facility, the government-owned steel producer would have a majority stake. He further mentioned that the mill will have an installed annual production capacity of 4 lakh tonnes seamless tubes. The JV is expected to entail an investment of about Rs 20 bn.

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