Barring South Korea (down 0.2%) and Japan (down 0.1%), most major Asian stock markets have opened the day on a firm note with stock markets in China (up 0.8%) and Hong Kong (up 0.4%) leading the gains. The Indian share markets have opened the day on a negative note. Barring FMCG and metal indices, most sectoral indices have opened in the red with stocks in the consumer durables and capital goods space leading the losses.
Oil and gas stocks have opened the day on a mixed note with Cairn India and GAIL India Ltd leading the losses. However, Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) are trading firm. Cairn India has announced its financial results for the first quarter of financial year 2014-15 (1QFY15). During the quarter, the company's consolidated net sales increased by 10.3% YoY to Rs 44,828.5 m. Operating profit increased by 4.9% YoY to Rs 30,524.1 m. While depreciation costs increased by 38.6% YoY to Rs 7197.9 m, interest expenses declined sharply from Rs 104.5 m in 1QFY14 to 16.5 m in 1QFY15. Net profit before exceptional items stood at Rs 27202.9 m, lower by 13% YoY. There was an exceptional loss of Rs 16,273.9 m during the quarter arising due to additional depreciation charges on account of change in method of depreciation on of its oil and gas assets from 'straight line method' to 'unit of production'.
Paint stocks have opened the day on a weak note with Asahi Songwon, Berger Paints and Kansai Nerolac leading the losses. Paint manufacturer Kansai Nerolac has announced its financial results for the first quarter of financial year 2014-15 (1QFY15). During the quarter, the company's net sales increased by 16.6% YoY to Rs 9,210.7 m. Operating profit increased by 15.4% YoY to Rs 1,169.9 m. Other income shot up from Rs 36.9 m in 1QFY14 to 78.1 m in 1QFY15. At the bottomline level, net profit increased by 19.8% YoY to Rs 729.8 m. Net profit margin expanded marginally from 7.7% in 1QFY14 to 7.9% in 1QFY15.