The Sensex today is up by around 230 points (1.0%), while the NSE-Nifty is up by about 75 points (0.3%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 1.4% and 1.2% respectively. The rupee is currently trading at Rs 58.52 to the US dollar.
The company has reported a growth of 22.4%YoY in the consolidated net sales during the quarter. The operating profit for the quarter was up 26.2% YoY. However, the net profits for the quarter declined by 8.7% YoY on account of higher taxation and exceptional items. The company provided around Rs 348 m for taxation as against tax credit of Rs 590 m in the corresponding last period. Further, exceptional items in the quarter amounted to Rs 137 m. The board of directors has recommended equity dividend of 180% for the year 2013-14. For the full year ended March 2014, the consolidated net sales increased by 14.7 % YoY and net profit moved up by 23 % YoY.
Power stocks have opened the day mainly in the green with KSK Energy Ltd and JaiPrakash Power Ltd leading the gains. As per a leading financial daily, National Thermal Power Corporation (NTPC) is all set to acquire Rs 300 bn worth of coal-based power projects soon. This could be the biggest acquisition in the country's power sector. The company is flooded with around 31 proposals in response to an expression of interest (EoI). NTPC is now in the process of seeking board approval to invest close to Rs. 100 bn to acquire some of the best thermal power projects in the country while the balance amount will be raised as debt.