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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.

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