The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.9%) and Taiwan (up 0.2%) leading the gains. However, stock markets in Singapore (down 0.2%) and Korea (down 0.8%) have opened in the red. The Indian share markets have opened the day on a weak note. Barring healthcare and software, all sectoral indices have opened in the red with the stocks in the power and energy sectors leading the losses.
Energy stocks have opened mainly in the red with Jindal Drill Ltd and GAIL (India) Ltd leading the gains. However, Gujarat Gas Ltd and Mangalore Refinery and Petrochemicals Ltd (MRPL) have opened in the red. State gas utility firm GAIL (India) Ltd has announced results for the quarter ended March 2014. The firm has reported a revenue growth of 17% YoY during the quarter. The gas transmission volumes and hence the gas marketing during the quarter declined due to decline in production in Panna/Mukta and Tapti fields and East coast. The net profit for the quarter was up 57% YoY due to better petrochemical and LPG prices and drop in subsidy outgo. For FY14, the growth in the revenues and net profit came at 21% YoY and 9% YoY respectively. The subsidy for FY14 stood at Rs 19 bn, down from Rs 26 bn in FY13.
Indian Pharma stocks have opened the day on a mixed note with Panacea Biotech Ltd and J.B.Chemicals Ltd leading the losses. However, Dishman Pharma and Indoco Remedies Ltd were leading the gains. Wockhardt Ltd has reported results for the quarter ending March 2014. The company has reported a decline of 30% YoY in the total income during the quarter. The net profit for the quarter declined by a whopping 77% YoY due to import alerts received from the international regulators. The company has received import bans from the USFDA and United Kingdom Medicines and Healthcare products Regulatory Agency (UKMHRA) on its Aurangabad and Daman facilities over non-compliance to good manufacturing practices. The company has filed 10 new product applications with the United States Food and Drug Administration (USFDA) during the quarter taking cumulative filings pending approvals to 62. It has also filed for 134 patents during the quarter.