Asian stock markets have opened the day on a mixed note with stock markets in Malaysia (down 0.4%), China (down 0.2%) and Hong Kong (down 0.2%) leading the losses. However, the markets in Indonesia (up 0.5%) and Japan (up 0.3%) are trading firm. The Indian share markets have opened the day on a positive note. Barring the Teck and IT index, all sectoral indices have opened in the green with consumer durables and auto indices leading the gains.
Barring Bhushan Steel which has opened lower by 10%, most steel sector stocks have opened the day on a firm note with Jindal Steel and Tata Steel leading the gains. State-run Steel Authority of India Ltd (SAIL) has announced its financial results for the quarter ended June 2014 (1QFY15). During the quarter, net sales increased by 10.8% YoY to Rs 111,956.8 m. Operating profit grew by 33.7% YoY to Rs 11,298.2 m during the quarter. Operating profit margin expanded from 7.4% in 1QFY14 to 8.9% in 1QFY15. Interest expenses rose substantially by 59% YoY to Rs 3,049.5 m. At the bottomline level, net profit increased by 17.5% YoY to Rs 5,298.8 m. Net profit margin expanded from 3.9% in 1QFY14 to 4.2% in 1QFY15.
Oil & gas stocks have opened the day mainly in the green with Oil & Natural Gas Corporation (ONGC) and Gas Authority of India Ltd (GAIL) leading the gains. However, Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) are trading in the red. State-run oil marketing firm HPCL has announced its financial results for the quarter ended June 2014 (1QFY15). During the quarter, net sales increased by 16% YoY to Rs 591,517.1 m. The company reported an operating profit of Rs 5,898.4 m during the quarter as against an operating loss of Rs -7,524.9 m during the corresponding quarter of the preceding financial year. Interest expenses declined by 67.8% YoY to Rs 1,295.4 m. At the bottomline level, the company reported a net profit of Rs 460.4 m as against a net loss of Rs -14,604.8 m in 1QFY14.