Asian stock markets have opened the day on a mixed note with the markets in Japan (up 1%) and Singapore (up 0.6%) leading the gains. However, the markets in China (down 0.4%) and Indonesia (down 0.4 %) are trading in the red. The Indian share markets have opened the day on a positive note. The sectoral indices are mainly trading in the green with consumer durables and capital goods indices leading the gains.
Steel stocks have opened the day on a mixed note with Bhushan Steel and Tata Steel leading the gains. However, Steel Authority of India Ltd (SAIL) and Maharashtra Seamless are trading in the red. Tata Steel has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's standalone net sales grew by 9% year-on-year (YoY) to Rs 107,009.8 million. Operating profit increased by 5.3% YoY to Rs 30,941.3 million. Operating margin contracted from 29.6% in 2QFY14 to 28.7% in 2QFY15. There was an exceptional gain of Rs 11,468.6 m during the quarter. As a result, the bottomline increased by 58.9% YoY to Rs 24,764.1 million. On a consolidated basis, net sales declined by 2.4% YoY to Rs 355,032.5 million. However, higher other income and an exceptional gain led to a rise of 36.8% YoY in the consolidated net profit which stood at Rs 12,543.3 million.
Auto stocks have opened the day on a firm note with Ashok Leyland and TVS Motor Company leading the gains. Eicher Motors Ltd has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's consolidated net sales grew by 35.5% year-on-year (YoY) to Rs 22,512.50 million. Operating profit increased by 45.4% YoY to Rs 3,052.5 million. Operating margin expanded from 11.2% in 2QFY14 to 12.6% in 2QFY15. At the bottomline level, net profit increased by 53.6% YoY to Rs 1,650.3 million.