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Indian Stock Markets Open Flat
Tue, 12 Jan 09:30 am

Major Asian stock markets have opened the day on a mixed note with stock markets in Japan trading down by 2.2%. However, stock markets in Indonesia and China are trading higher by 1.3% and 0.4% respectively. Stock indices in Europe and US ended their previous session on a negative note. The rupee is trading at 66.78 per US$.

Indian stock markets have opened the day on flattish note. The BSE Sensex is trading higher by 23 points (up 0.09%) and NSE Nifty is trading higher by 12 points (up 0.1%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.4% and 0.6% respectively. Barring stocks from information technology and oil & gas space, major sectoral indices have opened the day on a positive note. Stocks from pharmaceutical and capital goods sector are witnessing maximum buying interest.

As per an article in leading financial daily, IDBI Bank has put off its infrastructure bonds sale worth Rs 10 billion after investors demanded higher yields on the bond.

These bonds were green bonds, wherein proceeds were scheduled to be used to fund the existing and new renewable energy projects. Given these bonds were infrastructure bonds, investors expected higher yields on the same.

Majority of the investors had bid at 8.65% or more. However, company stated that they were not comfortable with providing higher yields on the bonds and thus postponed the issue of the same. Recently, company had raised Rs 9 billion by issue of Basel-III compliant Tier-II bonds at a yield of 8.62%.

IDBI Bank is trading up by 0.5%.

As per an article in leading financial daily, government plans to enact a law which allows companies that received mining licenses without having gone through the auction procedure to transfer their mining leases.

This is expected to spurt activities in the mergers & acquisition space in the steel, cement and metal sectors. Reportedly, this law is likely to help companies such as UltraTech Cement to close the acquisition of two Jaypee Group cement units in Madhya Pradesh.

Additionally, acquirers will get raw material security on transferring of the mining lease. This will in turn help in optimal utilization of their plants.

As per Kalpana Jain, Senior Director of Deloitte, this development will help a lot of mines to come into production. Earlier these mines were held up because the original lease holder had difficulties in developing them and could not transfer to others.

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Mar 16, 2018 (Close)