Asian stock markets have opened the day on a mixed note with the markets in Japan (up 1.4%) and Indonesia (up 0.6%) leading the gains. However, the markets in Taiwan (down 1.2%) and China (down 0.3%) are trading in the red. The Indian share markets have opened the day on a positive note. The sectoral indices are trading mixed with banking and auto indices leading the gains. However, the power and capital goods indices are trading weak.
Power stocks have opened the day mainly in the red with Jaiprakash Power and Power Grid Corporation of India Ltd (PGCIL) leading the losses. PGCIL has announced its financial results for the quarter ended September 2014 (2QFY15). During the quarter, the company's standalone net sales grew by 4.3% year-on-year (YoY) to Rs 41,533 million. Operating profit increased by 5.8% YoY to Rs 35,798.7 million. Operating margin expanded from 84.6% in 2QFY14 to 85.7% in 2QFY15. However, the bottomline declined by 3.1% YoY to Rs 12,012.7 million owing to higher depreciation and interest expenses.
Oil and gas stocks have opened the day on a mixed note with Indraprastha Gas and MRPL leading the gains. However, Petronet LNG and Indian Oil Corporation (IOC) are trading in the red. As per a leading financial daily, India's state oil marketing companies such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are again likely to cut petrol and diesel rates on account of sharp decline in international crude oil prices. This will be the seventh cut in petrol rates since June 2014 and the third cut in diesel rates since it was decontrolled on October 18, 2014. For consumers, the two fuels are already 10-13% cheaper than their peak rates earlier during the year. It must be noted that fuel prices are reviewed and aligned with global trends in the beginning and middle of every month.