Most of the energy stocks are trading in the red with Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) being the major losers. Only Castrol India and Gujarat Gas are trading positive. As per a leading financial daily, the board of Indian Oil Corporation (IOC) has given a green signal to the Ennore LNG terminal project located north of Chennai. The 5 million tonne LNG gas terminal is being built at a cost of Rs 51.5 bn and is the first such infrastructure project being built on the east coast. The project is likely to be completed by 2018. Around 20% of the LNG for the terminal would be sourced from the company's projects in Canada and Cameroon while the rest would be provided by the strategic investors in the Ennore project. IOC stock is currently trading down 1.1%.
According to the World Gold Council, the global demand for gold declined by 2% to 929 tonnes in the September 2014 quarter. This is the lowest demand in the past five years. The fall was mainly due to a 4% fall in the global jewellery demand to 534 tonnes for the quarter. However, India reported a 60% jump in jewellery demand to 183 tonnes in September 2014 quarter. The steep rise was partly on a weak base as the government had introduced import curbs and hiked import duties last year resulting in weak appetite in the year-ago quarter. Improving consumer sentiment on hopes of revival by the government's reform process led to strong purchases in the build-up to Diwali during the September 2014 quarter. However jewellery demand fell by 39% in China but reported growth in both US and UK for the quarter.