The major Asian stock markets have opened the day on a mixed note with markets in China (down 0.5%) and Korea (down 0.8%) leading the losses. However, the stock markets in Singapore (up 0.1%) and Taiwan (up 0.1%) have opened in the green. The Indian stock markets have opened the day on a positive note. Barring power and healthcare, the sectoral indices have opened on a strong note with stocks in auto and realty segment leading the gains.
Energy stocks have opened the day on a mixed note with Hindustan Petroleum Corporation Ltd (HPCL) and Oil and Natural Gas Corporation Ltd (ONGC) leading the gains. However, Gujarat Gas and MRPL were facing selling pressure. Gujarat Gas has announced results for the quarter ended September 2014 (2QFY15). The company has reported a decline of 17% year on year (YoY) in the topline. The net profits for the quarter declined by 35% YoY. On a standalone basis, the bottomline was down 35.5% YoY. The company at its meeting held on November 13, 2014 has appointed Mr. D. J. Pandian as the Director and Chairman of the Company. The Board has also appointed Mr. Atanu Chakraborty as the Director of the Company.
Steel stocks have opened the day mainly in the green with Steel Authority of India Limited (SAIL) and Jindal SAW Ltd leading the gains. SAIL has reported results for the quarter ended September 2014 (2QFY15).The total income for the quarter grew only marginally by 1.3% YoY. The second quarter is typically marked by monsoon rains that slows down steel sales and lowers realization. The company has reported a decline of around 45% YoY in the bottomline. This was mainly because the company's bottomline was inflated in 2QFY14 by an exceptional item of Rs 10.6 bn, in the form of an arbitration award received by SAIL from Brazilian miner, Vale as compensation for non-performance of a contract. The operating profit for the quarter grew 58% YoY.