Asian stock markets have opened the day on a mixed note with Indonesia (down 0.7%) and Singapore (down 0.5%) leading the losses. However, markets in Taiwan (up 0.4%) and Hong Kong (up 0.2%) are trading in the green. The Indian share markets have also opened the day on a firm note. Stocks in the healthcare and consumer durables space are leading the gains. However, metal and retail stocks are trading weak.
The Sensex today is up by around 63 points (0.3%), while the NSE-Nifty is up by around 16 points (0.3%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.2% and 0.4% respectively. The rupee is currently trading at Rs 61.97 to the US dollar.
Information technology stocks have opened the day on a firm note with HCL Infosystems and Mphasis Ltd leading the gains. As per a leading financial daily, India's third largest software exporter Wipro Ltd has announced that it has bagged a 10-year multi-million dollar contract from Britain-based leading integrated support services firm Carillion Plc. As a global strategic partner, Wipro will provide integrated IT and back-office services to Carillion. The value of the contract has not been disclosed. It must be noted that Carillion operates across industry verticals in Britain, West Asia and Canada. It provides a range of solutions, including project finance, design, construction and support services. Moreover, Carillion also handles public-private partnership projects.
Power stocks have opened the day mainly on a firm note with CESC Ltd and KSK Energy leading the gains. As per a leading financial daily, Tata Power's Mundra Ultra Mega Power Project (UMPP) will get about 47 paise more per unit. It must be noted that in order to mitigate the company's higher cost of imported coal, the Central Electricity Regulatory Commission (CERC) has allowed it to increase electricity tariff. Effective April 1, 2013, the electricity regulator has allowed higher tariff of 52 paise and a compensation of Rs 3,294.5 million to the company. However, as per the CERC ruling, the power generation company will have to forgo 1% of its return on equity which amounts to Rs 500 million per annum. So effectively, the company will get higher tariff of 47 paise. Currently, the tariff is Rs 2.26 per unit.