After opening weak, the Indian indices are trading flat in the morning session amid outperformance among mid and small cap stocks. The buying interest is the highest in energy and pharma stocks. The selling pressure is largely restricted to FMCG stocks.
The BSE-Sensex is trading up 15 points and the NSE-Nifty is trading up 5 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 62.20 to the US dollar.
Power stocks are trading mixed today. While GVK Power & Infra and Tata Power are among the stocks leading the gainers; Jaiprakash Power and KSK Energy are among the stocks leading the losses. Power Grid Corporation (PGC) has declared results for 3QFY14. The company had a muted quarter, reporting a revenue growth of 9% YoY. The operating profit grew at a slower pace of 6% YoY as operating expenditures increased, as a percentage of sales. Higher depreciation and interest costs took a toll on the bottom line. The net profit decreased by 7.7% on a YoY basis. The net margin was down sharply by 5.2% YoY to 28.3% in 3QFY14. Power Grid Corporation is trading flat today.
Energy stocks are trading on a mixed note. While Jindal Drill and Oil India are trading firm, Chennai Petroleum and Gas Authority of India Limited (GAIL) are trading lower today. Gujarat State Petronet Limited (GSPL) has announced results for 3QFY14. The company's sales have declined by 7.9% YoY. Operating expenditure however increased significantly by 42.7% YoY. Thus the operating profit was down 13.6% YoY. Lower other income and higher interest costs also added to the company's woes. At the bottomline level the net profit was down 26.6% YoY. The net margin also fell sharply by 9.1% YoY to 35.6% in 3QFY14. Gujarat State Petronet Limited (GSPL) is trading flat today.