Indian share markets open firm
Asian stock markets have opened the day on a mixed note with China (down 0.1%) and South Korea (down 0.1%) trading weak. However, markets in Japan (up 2.3%) and Hong Kong (up 0.5%) are trading firm. The Indian equity market indices have also opened the day on a firm note. Stocks in the realty, auto and banking space are leading the gains.
The Sensex today is up by around 122 points (0.6%), while the NSE-Nifty is up by around 30 point (0.5%). Mid and small cap stocks are also trading in the green with the BSE-Midcap and BSE-Smallcap indices up by around 0.6% and 0.4% respectively. The rupee is trading at Rs 54.76 to the US dollar.
Indian pharma stocks have opened the day on a firm note with Elder Pharma, Glenmark Pharma and Lupin Ltd leading the gains. Indian pharma firm Dr Reddy's Laboratories has announced its financial results for the quarter ended March 2013. The company's revenues grew by 25.6% year-on-year (YoY) from Rs 26.6 bn in 4QFY12 to Rs 33.4 bn in 4QFY13. The growth was driven by strong sales from North America and emerging markets in the global generics segment. The pharmaceutical services and active ingredients segments also witnessed better performance. At the bottomline level, net profits increased by 66.6% YoY from Rs 3.4 bn in 4QFY12 to Rs 5.7 bn in 4QFY13. For the financial year ended March 2013 (FY13) revenues were higher by 20% YoY at Rs 116.3 bn while net profits increased by 17.6% YoY.
Auto stocks have opened the day on a firm note with Eicher Motor, Maruti Suzuki and Hero MotoCorp leading the gains. As per a leading financial daily, India's leading two-wheeler manufacturer Hero MotoCorp has entered into the Central American market. It has partnered with Indy Motos Group of Guatemala and launched its two-wheelers in Guatemala, El Salvador and Honduras. In Central America, the company has introduced bikes such as Hunk, Karizma, Glamour, HF Dawn, Splendor NXG, Super Splendor and Achiever under the Hero brand. As per the company's Managing Director and CEO Mr Pawan Munjal, the company is also planning to enter other markets in Latin and Central America and Africa. It is worth noting that the company aims to achieve 10% of its volume sales from international business in the next four to five years.
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