The key Asian stock markets have opened the day on in green with markets in Hong Kong (up 0.8%) and South Korea (up 1.5%) leading the gains in the region. However, the markets in Malaysia (down 0.1%) have opened in red. The Indian share market indices have opened the day on a firm note. Barring technology, the other sectoral indices are trading in green with stocks in the realty and banking sector leading the gains.
The Sensex today is up by around 59 points (0.3%), while the NSE-Nifty is up by around 14 points (0.3%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% each. The rupee is trading at Rs 55.26 to the US dollar.
Aluminium stocks have opened the day on a firm note with Hindalco Industries and National Aluminium Corperation Limited (Nalco) leading the gains. As per a leading financial daily, Hindalco has planned a capital expenditure of Rs 100 bn for its green field as well as brown field projects for the fiscal year 2012-13 (FY 2013). As per the management, the company strategic expansions in Brazil, South Korea and the US are on track. It has also ventured into China with a plant that will initially focus on automotive sheet finishing capabilities. With this, the management expects the company to solidify its global automotive leadership position. It has said that its strategic investments at Novelis in global recycling facilities will ensure metal supply and optimization of overall cost base.
Telecom stocks have opened the day on a mixed note with Tata Communications Ltd and Tata Teleservices Ltd leading the gains while Idea Cellular and Reliance Communications are witnessing losses. As per a leading financial daily, the mobile phone subscriber numbers of the country's largest GSM operators, Bharti Airtel, Vodafone and Idea Cellular have fallen for the first time in over a decade in the month of August. This has come as another blow to the country's telecom story. It is to be noted that while telecom regulator is yet to release the August subscriber data, the three GSM operators that account for 67% of the sector revenues are expected to have jointly lost about 5 million customers. The trio had added a total of 3.16 million subscribers in July 2012 and 4.42 million in June 2012.