Barring China (up 0.1%), all major Asian stock markets have opened the day on a weak note with stock markets in Taiwan (down 0.7%) and Singapore (down 0.9%) leading the losses. The Indian share markets have also opened the day on a negative note. All sectoral indices have opened on a negative note with power and capital goods stocks leading the losses.
Auto stocks have opened the day on a weak note with Mahindra & Mahindra (M&M) and Ashok Leyland leading the losses. India's leading passenger vehicle manufacturer Maruti Suzuki India Ltd (MSIL) has announced the first quarter results for the financial year 2014-15 (1QFY15). During the quarter, the company's standalone net sales increased by 10.8% YoY to Rs 110,735.1 m. Operating profit grew by 13.9% YoY to Rs 13,282 m. Other income rose sharply by 45.1% YoY to Rs 2,965.3 m. At the bottomline level, net profit increased by 20.7% YoY to Rs 7,622.8 m. Net profit margin expanded from 5.5% in 1QFY14 to 6.2% in 1QFY15.
Oil and gas have opened the day mainly in the red with Reliance Industries LTD (RIL) Castrol India and GAIL India leading the losses. However, oil marketing companies such as Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd and Indian Oil Corporation (IOC) are trading in the green. As per a leading financial daily, petrol prices in Delhi are set to be cheaper by Rs 1.09 per litre starting today as state-run oil market companies (OMCs) have lowered the price of the fuel. This is the first time since mid-April that OMCs have lowered petrol prices. The move has come on the back of drop in benchmark gasoline rates in the international market. However, the OMCs increased diesel prices by 56 paise in Delhi. This will help lower the gap between pump and market rates by about Rs 1.5 per litre. Also, diesel pricing could be deregulated in three months if the trend continues.