Asian stock markets have opened on a mixed note with stock markets in China (down 0.8%) and Hong Kong (down 0.6%) leading the losses. However, markets in Taiwan (up 0.4%) and Japan (up 0.2%) are trading firm.
Power stocks have opened the day mainly in the green with Jaiprakash Power and Neyveli Lignite leading the gains. As per a leading financial daily, state-run power producer National Thermal Power Corporation (NTPC) has sought help from the Supreme Court to get approval from the Uttarakhand government to go ahead with the construction of a Rs 15,270.8 m power project in the state. It must be noted that the Supreme Court had imposed a blanket stay on the construction of 24 hydro projects after the natural disaster that occurred last year in the state. This included NTPC's 171 MW Lata Tapovan Hydro Electric Power project. In a plea to the apex court, NTPC had argued that the project was not located in the eco-sensitive zone. The Supreme Court has not sought a reply on the matter from the Uttarakhand government. The matter has been posted for further hearing on July 22, 2014.
Energy stocks have opened the day on a mixed note with Petronet LNG Ltd and Mangalore Refinery and Petrochemicals Ltd leading the gains. However, Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) have opened in the red. As per BP Statistical Review of World Energy 2014, India registered the largest volumetric decline in natural gas production and consumption in 2013. Natural gas production in India declined to 33.7 billion cubic meters (bcm) in 2013 from 40.3 bcm a year prior to that, indicating a sharp 16.3% year-on-year (YoY) fall. Natural gas consumption in the country declined to 51.4 bcm in 2013 as against 58.8 bcm in the previous year, recording a 12.2% YoY decline. As per the review, India reported the largest volumetric decline in the world on both these counts. It must be noted that India is the fourth largest consumer of energy in the world and the 11th largest consumer of natural gas.