Barring ONGC and Cairn India, all the stocks from oil and gas sector are trading on a positive note. Castrol India and Petronet LNG are the leading gainers. According to a leading financial daily, Oil Ministry is trying to obtain Rs 221 bn in subsidy to cover for losses on LPG and kerosene sale in the latter half of second fiscal due to a fall in global oil prices. The decision was made to exempt oil producers ONGC and Oil India Ltd from any payments. Reportedly, the subsidy burden on oil companies has increased from 30% of the total under-recovery in 2008-09 to 42% in 2013-14. This has led to constraints in increasing their exploration efforts in difficult areas, thereby adversely affecting country's domestic oil production.
Majority of the Engineering stocks are trading in the green led by Sanghvi Movers and Bharat Electronics Limited. According to a leading financial daily, Ministry of Defence has selected L&T, Rolta India, Tata Power and Bharat Electronics Limited (BEL) in developing 'battlefield management system' worth Rs 400-500 bn. The government will select two consortia with one consortium consisting of L&T and Tata Power while other between Rolta and BEL. Reportedly, the government would reimburse 80% of the expenditure which would include developing the software and building the hardware to interlink 500-900 soldiers in each of the army's estimated 500 combat units. Rolta India was trading up by 7% and BEL was trading up by 4%, while Tata Power and L&T were trading up by 1% and 3% respectively.