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Indian share markets open in green
Fri, 22 Feb 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (down 0.3%) and Japan (down 0.2%) leading the losses. However, the stock markets in South Korea (up 0.4%) and Malaysia (up 0.1%) have opened in the green. The Indian share market indices have opened the day in the green as well. Barring auto, all sectoral indices have opened on a positive note with stocks in the realty and energy leading the gains.

The Sensex today is up by around 38 points (0.2%), while the NSE-Nifty is up by around 3 points (0.1%). The mid cap and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around by around 0.5% each. The rupee is trading at Rs 54.48 to the US dollar.

Engineering stocks have opened the day on a mixed note with KSB Pumps and Sanghvi Movers Ltd leading the gains. However, Elgi Equipments and Voltamp transformers have opened in the red. As per a leading financial daily, the Government has approved the merger of Vishakhapatnam-based Bharat Heavy Plate & Vessels (BHPV) with state-run power equipment major Bharat Heavy Electricals Ltd (BHEL). BHPV is into engineering and heavy fabrication. It was declared a sick entity by the Board for Industrial and Financial Reconstruction (BIFR) in October 2005. It was taken over by BHEL as its 100% subsidiary in 2008. However, BHPV's performance was not upto the mark. This is because it remained a separate company and it could not derive full benefits of synergy with BHEL. According to the official release, the merger will facilitate BHPV to become a unit of BHEL. It will also help BHPV to participate in tenders, obtain orders and attract best vendors for procuring materials and capital goods

Power stocks have opened the day mainly in green with Torrent Power Ltd and Tata Power Ltd leading the gains. As per a leading financial daily, National Thermal Power Corporation Ltd (NTPC) is planning to exit from its proposed 500 MW coal power project. This was expected to be built in the Eastern province of Sri Lanka. NTPC is mulling to exit on account of a disagreement with the fresh set of proposals forwarded by its joint venture partner, the Ceylon Electricity Board (CEB). Back in 2011, NTPC and CEB had signed an agreement for jointly setting up a 500-MW power project at Trincomalee at a cost of over Rs 40 bn. However, the project is yet to start owing to persistent differences between the two firms. In separate news, the Cabinet Committee on Investment (CCI) has finally given the nod to NTPC for setting up of the 1,980 MW North Karanpura Super Thermal Power Plant in Jharkhand.

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