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Indian share markets open in the green
Thu, 14 Aug 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.7%) and Taiwan (up 0.1%) leading the gains. However, the markets in Indonesia (down 0.2%) and Malaysia (down 0.4%) were leading the losses. The Indian share markets have opened the day on a positive note. All sectoral indices have opened in the green with stocks in the consumer durables and FMCG sector leading the gains.

The Sensex today is up by around 124 points (0.5%), while the NSE-Nifty is up by about 34 points (0.4%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% each. The rupee is currently trading at Rs 61.04 to the US dollar.

Energy stocks have opened the day on a mixed note with Gujarat State Petronet Ltd and Oil India Ltd leading the gains. However, Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) were leading the losses. Oil and Natural Gas Corporation Ltd (ONGC) has announced results for the quarter ended June 2014. The company reported sales growth of 13.5% YoY during the quarter. The cost of sharing subsidy burden for ONGC for increased 4.6% YoY during the quarter. As per the company release, the exploration related write-offs during the quarter on account of dry wells more-than-doubled during the quarter. The net profit growth for the quarter stood at 19 % YoY. The net profit growth could have been higher but was pulled down by higher exploration related write-offs and an increased subsidy payment.

Steel stocks have opened the day on a mixed note with Maharashtra Seamless Ltd and Jindal Saw Ltd leading the gains. However, Bhushan Steel and Tayo Rolls Ltd have opened in the red. Tata Steel has announced results for the quarter ended June 2014. The net sales for the quarter grew 11% YoY on account of higher volumes. The operating profit for the quarter grew 15% YoY. The consolidated net profit for the quarter registered a whopping decline of 70% YoY on account of increased finance cost, higher tax rate and exceptional charges of Rs 2.6 bn on provision for impairment of non-core asset. The company sold its entire stake in Dhamra Port resulting in profit Rs 13 bn but wrote off goodwill and other assets of Rs 16 bn of its joint venture Rio Tinto Benga (Mauritius), thus leading to net negative impact of Rs 2.6 bn.

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