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.
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.