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Indian stock markets open on negative note
Fri, 8 Nov 09:30 am

The major Asian stock markets have opened the day in the red with China (down 1.1%) and Japan (down 0.9%) leading the losses. The Indian equity markets have also opened the day on a negative note. The sectoral indices have opened on a mixed note with stocks in the auto and consumer durables leading the losses. However, stocks in the metal and software sector were witnessing gains.

The Sensex today is down by around 32 points (0.2%), while the NSE-Nifty is down by around 8 points (0.1%). The midcap stocks have opened in the green with the BSE Mid Cap index up by around 0.2% while BSE Small Cap have opened on a flat note. The rupee is trading at 62.7 to the US Dollar.

Software stocks have opened the day mainly in the green with Tech Mahindra and HCL Technologies leading the gains. However, NIIT Ltd and Moser Baer India Ltd were witnessing losses. India's fifth largest software services firm Tech Mahindra Ltd has announced results for the second quarter of the financial year 2013-14 (2QFY14). The consolidated net sales during the quarter grew by 16.3% on a quarter on quarter (QoQ) basis. In terms of US dollar, growth in revenues was 4.7% QoQ. The operating profit margin for the quarter increased by 2.2% QoQ to 23.3% at the end of 2QFY14. That margin expanded mainly on account of the healthy sequential growth in revenues as well as a slower pace of growth in operating expenditure. On an absolute basis, operating profits grew by 28.5% QoQ. The net profit for the quarter grew by 4.7% QoQ. The growth was relatively muted on account of a forex loss of Rs 206 m which led to a steep fall in other income. The company's employee base stood at 85,234 at the end of September 2013, recording a growth of 2.6% QoQ. The total number of active clients increased from 567 at the end of 1QFY14 to 576 at the end of 2QFY14.

Energy stocks have opened the day on a mixed note with Oil and Natural Gas Corporation Ltd (ONGC) and GAIL (India) Ltd. leading the losses. However, Chennai Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd (HPCL) are leading the gains. The Government has sanctioned around Rs 178 bn cash subsidy to fuel retailers to compensate them for losses on the sale of sensitive petroleum products for the quarter ending September 2013. The three state run oil marketing companies - Bharat Petroleum Corporation Ltd (BPCL), HPCL and Indian Oil Corporation Ltd (IOC) had lost around Rs 353 bn in revenues on selling diesel, cooking gas (LPG) and kerosene at government controlled rates in July-September quarter. Hence, the subsidy will take care of around half of the under recoveries during the quarter. Around 167 bn of the total under recoveries will be compensated for by upstream oil and gas producers like ONGC and GAIL (India) Ltd. Of the Rs 178 bn sanctioned, IOC would get just over Rs 91.7 bn, BPCL would get Rs 44.4 bn and the remaining amount of Rs 41.5 bn will be received by HPCL. As per the daily, the state run OMCs are now left with around Rs 31 bn of unmet losses.

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Mar 20, 2018 11:03 AM