Indian share markets open firm

Mon, 18 Feb 09:30 am

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The major Asian stock markets have opened the day on a mixed note with stock markets in HongKong (down 0.4%) and South Korea (down 0.3%) leading the losses. However, the stock markets in Japan (up 2.2%) and China (up 0.6%) have opened in the green. The Indian share market indices have opened the day on a firm note. The sectoral indices have opened mixed with stocks in the realty and energy stocks space leading the gains. However, consumer durables and software stocks are witnessing selling pressure.

The Sensex today is up by around 33 points (0.2%), while the NSE-Nifty is up by around 5 points (0.1%). The mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.5% respectively. The rupee is trading at Rs 54.39 to the US dollar.

Power stocks have opened the day mainly in the green with JSW Energy Ltd and Adani Power Ltd leading the gains. As per a leading financial daily, state run Power Finance Corporation Ltd (PFC) plans to raise Rs 1 bn through tax-free bonds issue. The proposed issue is a part of its plan to collect Rs 50 bn by way of issuing tax-free securities in the current fiscal (2012-13). Out of the total target, Rs 11.1 bn has already been raised. The issue will open today and close on close on March 15, 2013. As per the management, the funds so collected will be used for lending purposes, debt servicing and working capital requirements. The bond issue will be for a period of 10-15 years offering an interest rate between 6.88% and 7.54%. The bonds are proposed to be listed on BSE.

Food & Tobacco stocks have opened the day on a mixed note with Sterling Biotech Ltd and Agro Tech Foods Ltd leading the gains. However, Godfrey Phillips and Wadala Commodities Ltd were leading the losses. GlaxoSmithkline Consumer Healthcare has reported results for fourth quarter and for the financial year 2012 (4QCY12). The company has reported 18.3% year on year (YoY) growth in the revenues for the quarter. The net profits for the quarter witnessed a growth of 18% YoY. For the full year (CY12), the company posted a growth of 15.8% YoY and 23% YoY in the total income and net profits respectively. As per the management, by leveraging its equity in marketing and sales, the company was able to record double digit revenue growth. The management has said that company has been able to deliver progressive results due to cost effective solutions and intensive penetration drives across rural and north & west markets. The company's board has also recommended a dividend of Rs 45 per equity share for the year ended December 31, 2012.