Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian share markets open on a weak note
Fri, 30 May 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (down 0.5%) and Indonesia (down 0.9%) leading the losses. However, stock markets in Hong Kong (up 0.3%) have opened in the green. The Indian share markets have opened the day on a weak note. The sectoral indices have opened mixed with the stocks in the banking and consumer durables leading the losses. However, stocks in the capital goods and healthcare sector were leading the gains.

The Sensex today is down by around 26 points (0.1%), while the NSE-Nifty is down by about 7 points (0.1%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.4% respectively. The rupee is currently trading at Rs 58.99 to the US dollar.

Engineering stocks have opened mixed with Bharat Earth Movers Ltd (BEML) and Bharat Electronics Ltd leading the gains. However, Kalpataru Power Ltd and Manugraph India Ltd were witnessing gains. Bharat Heavy Electricals Ltd has announced results for the quarter ended March 2014. The company has reported a 22% year on year (YoY) decline in the revenues. The management has attributed poor performance to the decline in new orders, slow execution of existing projects and large dues from customers. The net profit for the quarter declined by 43% YoY. For FY14, the revenues and net profits declined by 19% YoY and 48% YoY respectively. The company's merger with Bharat Heavy Plates & Vessels with effect from August 30, 2013 has also impacted profit for the quarter by Rs 210 m and the annual profit by Rs 1.9 bn. Further, the profit was impacted due to low volumes and issues in the power sector such as funding, coal linkages, land acquisition and clearances.

Energy stocks have opened the day on a mixed note with Petronet LNG Ltd (PLNG) and Oil and Natural Gas Corporation Ltd (ONGC) leading the gains. However, MRPL Ltd and Indraprastha Gas Ltd have opened in the red. ONGC has announced results for the quarter ended March 2014. The gross revenues for the quarter declined 2.3% YoY. The realizations for the quarter stood at all time low of US$ 32.78 per barrel for the quarter, down from US$ 50.85 in the corresponding quarter last year. However, the forex gains and lower write-offs helped ONGC post a 44% YoY increase in net profit. The gross revenues and net profit for FY14 grew by 1.1% YoY and 5.6% YoY respectively. The profit was boosted by rupee's depreciation against the dollar. The subsidy for the quarter stood at Rs 162 bn versus Rs 123 bn in the corresponding quarter last year. In FY14, the subsidy burden came at Rs 564 bn.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian share markets open on a weak note". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.