Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.7%) and Taiwan (up 0.1%) leading the gains. However, the markets in Indonesia (down 0.2%) and Malaysia (down 0.4%) were leading the losses. The Indian share markets have opened the day on a positive note. All sectoral indices have opened in the green with stocks in the consumer durables and FMCG sector leading the gains.
Steel stocks have opened the day on a mixed note with Maharashtra Seamless Ltd and Jindal Saw Ltd leading the gains. However, Bhushan Steel and Tayo Rolls Ltd have opened in the red. Tata Steel has announced results for the quarter ended June 2014. The net sales for the quarter grew 11% YoY on account of higher volumes. The operating profit for the quarter grew 15% YoY. The consolidated net profit for the quarter registered a whopping decline of 70% YoY on account of increased finance cost, higher tax rate and exceptional charges of Rs 2.6 bn on provision for impairment of non-core asset. The company sold its entire stake in Dhamra Port resulting in profit Rs 13 bn but wrote off goodwill and other assets of Rs 16 bn of its joint venture Rio Tinto Benga (Mauritius), thus leading to net negative impact of Rs 2.6 bn.