Barring China (up 0.7%), all major Asian stock markets have opened the day on a weak note with the markets in Japan (down 2.4%) and Taiwan (down 0.6%) leading the losses. The Indian share markets have opened the day on a negative note. Barring auto, power and oil and gas indices, most sectoral indices are trading in the red with banking and metal indices leading the losses.
Food stocks have opened the day mainly on a weak note with Sterling Biotech and Ruchi Soya Industries leading the losses. However, Britannia Industries has opened on a strong note. Britannia Industries has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's consolidated net sales grew by 12.35% year-on-year (YoY) to Rs 19,554.8 million. Operating profit increased by 36.85% YoY to Rs 2,201.2 million. Operating margin expanded from 9.16% in 2QFY14 to 11.15% in 2QFY15. Other income grew by 350.37% YoY to Rs 184.2 million. There was an exceptional gain of Rs 1,599.2 m during the quarter. As a result, the consolidated bottomline increased by 177% YoY to Rs 2,704.6 million.
Auto stocks have opened the day on a mixed note with Tata Motors and Maharashtra Scooters Ltd leading the gains. However, TVS Motors Ltd and Maruti Suzuki Ltd were leading the losses. TVS Motor has announced results for the quarter ended September 2014. The company has reported net sales growth of 34% on a year on year (YoY) basis for the quarter. The sales volumes for two wheelers grew 35% YoY during the quarter while three wheeler sales volumes were up 24% YoY. Exports of two and three-wheeler units registered a growth of 29 % YoY. Total expenditure during the quarter increased by 34% YoY with raw material cost increasing by 46% YoY. The net profit for the quarter grew by 6.7% YoY.