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Indian Indices Open Strong
Thu, 4 Feb 09:30 am

Barring Japan, major Asian stock markets have opened the day on a positive note with stock markets in China and Hong Kong trading up by 1.1% and 1.5% respectively. Major indices in Europe ended their previous session in red. However, benchmark indices in US ended their previous session on a positive note. The rupee is trading at 67.83 per US$.

Indian stock markets too have opened the day on a firm note. The BSE Sensex is trading higher by 210 points (up 1%) and NSE Nifty is trading higher by 60 points (up 0.8%). Both, BSE Midcap and BSE SmallCap are trading higher by 1% each. Major sectoral indices have opened the day in green with stocks from oil & gas and telecommunication sectors are witnessing maximum buying interest.

As per an article in leading financial daily, Hindalco Industries may have to halt mining at its biggest bauxite reserve in Odisha, as the company could not renew permit with regards to forest clearance. Failure to obtain license in time may either force Hindalco to cut aluminum production or import ore, which may dent the earnings of the company.

Reportedly, a small part of the land requires forest clearance as it falls under the deemed forest category. Approx. 230 hectares out of the total 1388.74 hectares entails forest clearance. According to the experts, it will take atleast a year for the company to get this permit. However. the management has not given any official statement with regards to the same.

Hindalco's overall performance has come under pressure since last few quarters, owing to falling commodity prices. The prices of aluminum have dropped to a six year low. Added to this, the non-renewal of permits adds one more challenge for the company.

As per an article in leading financial daily, Colgate-Palmolive (India) has inaugurated its first ever toothbrush production unit in India. The manufacturing plant is set up in Sri-City, a business and industrial park located near Tamil Nadu borders. The plant has the capacity to produce 220 million pieces of tooth brushes a year. The capex incurred to set up the plant is pegged at Rs 4.5 billion.

The company also plans to expand this capacity to 600 million pieces of toothbrush in future. Further, the company has also signed an MOU with Andhra Pradesh government to invest an additional Rs 4.5 billion for expanding the operations at Sri City.

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Mar 20, 2018 (Close)