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Indian markets gain momentum
Thu, 30 Oct 11:30 am

After opening flat, the Indian Indices are witnessing broad based buying interest during the morning trading session. Software and consumer durables stocks are leading the gainers; while auto stocks are trading lower.

The BSE-Sensex is trading up 119 points. The NSE-Nifty is trading up 34 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.3%%. The rupee is trading at 61.45 to the US dollar.

Telecom stocks are trading mixed today. While Reliance Communications is leading the gainers; Mahanagar Telephone Nigam Ltd (MTNL) is leading the losers. India's largest telecom firm Bharti Airtel, will declare its 2QFY15 results today. The July-September quarter is seasonally weak for telecom firms. However, its rival Idea Cellular had posted strong results for the quarter. In other news regarding the company's DTH business, Bharti has announced a tie-up with Samsung to integrate a digital satellite tuner into Samsung's TVs. These integrated digital TVs (iDTV) will enable users to receive DTH signals directly without an external set top box. Samsung is expected to launch these TVs soon in the Indian market. DTH revenues constitute about 12.5% of the company's non mobile services revenues from India. Bharti Airtel was trading down 0.4% at the time of writing.

Most of the Indian pharma stocks are trading firm with Natco pharma and Orchid chemicals being the leading gainers in the pack. Dr Reddy's Laboratories has declared results for September quarter 2014. The company has reported topline growth by 7% YoY during the quarter, led by growth in India and RoW markets. The US formulations grew by just 7% YoY during the quarter. The operating margins declined by 2.4% to 22.7% during the quarter. Consequently, the operating profits were down by 3.5% YoY. Due to the poor performance at the operating level and higher taxes; the net profits declined by 16.8% YoY for the quarter. The stock was trading up by 1% at the time of writing.

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