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New Year starts on positive note
Tue, 1 Jan 09:30 am

Major Asian stock markets are closed on account of the New Year's holiday. The Indian share market indices have commenced the New Year 2013 on a positive note. Stocks in the realty, consumer durables and metal space are leading the pack of gainers.

The Sensex today is up by around 149 points (0.8%), while the NSE- Nifty is up by around 44 points (0.8%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.8% each. The rupee is trading at Rs 54.99 to the US dollar.

PSU Bank stocks have opened the day on a strong note with Punjab and Sind Bank, Oriental Bank of Commerce and Bank of Maharashtra leading the gains. As per a leading financial daily, leading public sector lender State Bank of India (SBI) has launched State Bank MobiCash Easy, a mobile wallet in Mumbai and Delhi. The mobile wallet service is a pre-paid account accessible over mobile phones. It will offer facilities such as fund transfer, bill payment, mini statement, balance inquiry, mobile top-ups, DTH recharge, etc. Through this service, users will be able to send remittances to any bank account, transfer funds to other wallets issued by SBI. Currently, money withdrawal is not allowed. The public sector lender is likely to roll the service in other centres soon. This is an attempt at using technology to tap more current and savings accounts (CASA); of which SBI already has a high share.

Mining stocks have also opened the day on a firm note with Gujarat NRE Coke, National Mineral Development Corporation and MOIL Ltd leading the gains. As per a leading financial daily, state-run manganese ore miner MOIL has expressed interest in buying a participating stake in Maravilloso Mines in Peru. It is said that Maravilloso Mines has four manganese ore concessions with a proven reserve of 2.95 million tonnes (mt). Maravilloso Mines is owned by Melrose Mines and Minerals, which is a diversified mining firm operating and developing iron ore and manganese mines with reserves of over 400 mt and 30 mt respectively. Melrose has asked MOIL to prepare a draft memorandum of understanding (MoU) outlining respective responsibilities with a given time-frame. After signing of the MoU under a mutually agreed price/cost mechanism, the outcrop alone, which as per the geological report is 2.95 mt of high grade manganese, can be offered to MOIL. S P Kundargi, chairman and managing director of the Indian miner has said that though talks are on, nothing has been finalised yet.

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