The major Asian stock markets have opened on a mixed note with stock markets in Singapore (up 0.4%) and Taiwan (up 0.3%) leading the gains. However, the stock markets in South Korea (down 0.2%) and HongKong (down 0.1%) have opened in the red.
Energy stocks have opened the day on a mixed note with Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) leading the gains. However, Castrol India Ltd and Gujarat Gas Ltd were facing selling pressure. The Government has put on hold a hike in LPG prices in states including Karnataka, Madhya Pradesh and Kerala, where an increase in local levies such as entry tax and octroi had led to a rise in fuel rates. The rise in domestic LPG prices in the state of Kerala, Karnataka, Madhya Pradesh and Uttar Pradesh stood at Rs 4.50, Rs 3, Rs 5.50 and Rs 1 per cylinder respectively. Also, there was a small increase of 2 paise and 8 paise in PDS kerosene rates in Haryana and Uttar Pradesh, respectively. In contrast, a reduction in state levies led to a cut in LPG prices by Rs 9.50 per cylinder in Assam, Rs 1.50 in Bihar and Rs 3 per cylinder in Maharashtra. The oil ministry has ordered that the hikes in both LPG and kerosene rates to be put on hold . Any further action will be post consultations with the state governments on state-specific levies. However, the reduction in prices will be passed on to consumers.
Auto stocks have opened the day on a mixed note with TVS Motors Ltd and Force Motors Ltd leading the gains. However, Bajaj Auto Ltd and Hero Motocorp Ltd were facing selling pressure. As per a leading financial daily, Ashok Leyland has raised over Rs 6.7 bn through allotment of shares at a price of Rs 36 apiece to institutional investors. As per the BSE filing, the issue price of Rs 36 per equity share is at a premium of Rs 1.70 per share, to the floor price of Rs 34.30 per equity share. The committee has also approved closure of the qualified institutional placement (QIP) on July 2, 2014.The Company's Board had approved the fund raising on May 10, 2013 and had got shareholders approval on July 16, 2013.