The Sensex today is up by around 21 points (0.1%), while the NSE-Nifty is up by around 4 points (0.1%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.2% and 0.3% respectively. The rupee is currently trading at Rs 62.44 to the US dollar.
Auto stocks have opened the day on a firm note with Tata Motors and Eicher Motor leading the gains. Tata Motors has announced results for the quarter ended December 2013. During the quarter, the company's standalone net sales declined by 27.1% YoY to Rs 76,714 m owing to the sluggishness in demand for commercial vehicles and strong competition the passenger vehicles space. At the operating level, the company reported a loss of Rs 4,591 m during 3QFY14 as against a profit of Rs 1,453 m in corresponding quarter of the previous financial year. Other income rose sharply from Rs, 1,118 m in 3QFY13 to Rs 19,881 m in 3QFY14. Owing to the significant boost in other income, the company reported net profit of Rs 12,514 m in 3QFY14 as against a loss of Rs -4,585 m in 3QFY13. At the consolidated level, the company's net sales increased by 38.7% YoY to Rs 635,361 m and net profit increased by 194.6% YoY to Rs 48,191 m during the quarter. This was on account of continued strong performance of Jaguar Land Rover (JLR).
Mining stocks have opened the day mainly in the green with Ashapura Minechem and MOIL Ltd leading the gains. National Mineral Development Corporation (NMDC) has announced its financial result for the quarter ended December 2013. During the quarter, the company's net sales stood at Rs 28,215 m, higher by 37.8% YoY. Operating profit grew broadly in line with topline growth and stood at Rs 19,028 m during the quarter, as against Rs 13,913 m during 3QFY13. At the bottomline level, the company's net profit increased by 21.2% YoY to Rs 15,673 m. Net profit margins declined from 63.1% in 3QFY13 to 55.5% in 3QFY14.