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A good start for the Indian stock markets 
(Tue, 27 Nov 09:30 am) 
The major Asian stock markets have opened the day on a mixed note with stock markets in China (down 1.0%), Malaysia (down 0.5%) and Taiwan (down 0.2%) leading the losses in the region. However, the stock markets in Japan (up 0.2%), South Korea (up 0.8%) and Hong Kong (up 0.1%) have opened in the green. The Indian share market indices have opened the day on a positive note. All sectoral indices have opened in the green led by the stocks in the banking and metal sector.

The Sensex today is up by around 185 points (1.0%), while the NSE-Nifty is up by around 50 points (0.9%). Mid and small cap stocks have opened in the green as well with BSE Mid Cap and BSE Small Cap indices up by around 0.7% each. The rupee is trading at Rs 55.65 to the US dollar.

Barring Gujarat Gas and Jindal Drill Ltd., all Energy stocks have opened the day on a positive note with Chennai Petroleum Corporation Ltd (CPCL) and Bharat Petroleum Corporation Ltd (BPCL) leading the pack of gainers. As per a leading financial daily, Oil and Natural Gas Corporation Ltd's subsidiary ONGC Videsh Ltd (OVL) has agreed to buy US energy giant ConocoPhillips' 8.4% stake in the Kashagan oilfield in Kazakhstan's Caspian Sea area for $5 billion. The deal would mark the biggest overseas acquisition by ONGC's overseas investment arm. Both ONGC and ConocoPhillips have said that they hope to complete the deal in the first half of 2013. However, the industry sources believe that this will take much longer. The deal would be considered done only after the governments of both Kazakhstan and India approve it and some of the partners in the consortium operating the field give up their pre-emption right. The acquisition is likely to add an average annual production of about 1 million tonnes (MT) of oil for OVL for a period of over 25 years, with a peak of about 1.6 MT. As per the company, this would increase during the second and third phases of development.

Barring Ruchi Soya Industries and VST Industries Ltd, Food stocks have opened the day on a positive note with Golden Tobacco Ltd and GlaxoSmithKline Consumer Healthcare Ltd leading the gains. As per a leading financial daily, the drugmaker GlaxoSmithKline Plc will buy upto an additional 8 % stake in India's GlaxoSmithKline Consumer Healthcare Ltd for about US$940 m by paying Rs 3,900 per share in an open offer. The price offers a premium of 28 % to the stock's Friday closing price. The move aims to deepen GSK's footprints in the emerging markets and non-prescription consumer health. This will help it to reduce its reliance on traditional prescription drug markets in Western economies where sales are slowing. Post the offer, GSK's stake in the Indian consumer products arm will rise to 75 % from 43.2 %. As per Indian regulations, controlling shareholders can own up to a maximum 75 % in a listed company without having to make an offer for the remaining 25 % stake, which has to be in public hands for the company to remain listed. GSK said it does not plan to de-list the Indian unit. The offer period for Indian deal will begin in January.
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