Asian stock markets have opened the day on a mixed note with stock markets in Singapore (down 0.5%) and Malaysia (down 0.4 %) leading the losses. However, markets in China (up 1.1%) and Taiwan (up 0.5%) are trading firm. The Indian share markets have opened the day on a positive note. All sectoral indices have opened on a firm note with consumer durables and realty stocks leading the gains.
Textile stocks have opened the day on a weak note with Mahindra & Mahindra (M&M) and Ashok Leyland leading the losses. Aditya Birla Group firm Grasim Industries has announced the first quarter results for the financial year 2014-15 (1QFY15). During the quarter, the company's standalone net sales increased by 23.9% YoY to Rs 14,236 m. Operating profit fell by 37.9% YoY to Rs 1,257 m as operating profit margin contracted from 17.6% in 1QFY14 to 8.8% in 1QFY15. Other income declined by 26.6% YoY to Rs 703 m. At the bottomline level, net profit plunged by 53.2% YoY to Rs 1,058 m. Net profit margin dipped from 19.7% in 1QFY14 to 7.4% in 1QFY15.
Auto stocks have opened the day on a weak note with Mahindra & Mahindra (M&M) and Ashok Leyland leading the losses. As per a leading financial daily, Chennai-based two wheeler maker TVS Motor Company has reported its sales figures for the month of July 2014. During the month, the company sold 203,092 units as against 153,676 units in July 2013, reporting a growth of 32% YoY. Total two wheeler sales grew by 32% YoY to 194,128 units during the month; of these, domestic two-wheeler sales stood at 164,571 units. During the month, scooters sales increased by 64% YoY to 60,619 units, motorcycle sales rose by 33% YoY to 76,767 units and three-wheeler sales increased by 28% YoY at 8,964 units.