Indian share markets open firm

Tue, 4 Mar 09:30 am

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The major Asian stock markets have opened the day on a mixed note with the stock markets in Japan (up 0.3%) and Hong Kong (up 0.3%) leading the gains. However, the stock markets in Indonesia (down 0.2%) and Taiwan (down 0.3%) were trading in the red. The Indian share markets have opened the day on a firm note as well. Barring realty, auto and healthcare, all sectoral indices have opened in the green with the stocks in the metal and consumer durables space leading the gains.

The Sensex today is up by around 41 points (0.2%), while the NSE-Nifty is up by about 11 points (0.2%). 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 0.5% and 0.4% respectively. The rupee is currently trading at Rs 62.14 to the US dollar.

Auto stocks have opened the day mainly in the red with Maruti Suzuki and Hero Motocorp Ltd leading the losses. However, Force Motors Ltd and Maharashtra Scooters Ltd were leading the gains. Leading auto manufacturer Tata Motors Ltd has reported the total sales volumes for the month of February 2014. The total sales volumes during the month of February stood at 39,951 units, down 35.56% YoY. Of the total, the domestic passenger vehicle sales stood at 11,325 units, up 6.71% YoY. The commercial vehicles sales volumes declined by 49.38% YoY to 23,990 units during the month. The exports volumes for the month stood at 4,636 units, up 16.02% YoY. In another development, the company has slashed prices across entire model range in line with the reduction of excise duties on automobiles in the 2014 interim budget.

Power stocks have opened the day on a mixed note with Tata Power and KSK Energy Ltd leading the gains. However, Indiabulls Power Ltd and JaiPrakash Power Ltd are leading the losses. As per a leading financial daily, Power Grid Corporation has announced investments of over Rs 5.7 bn for two projects. The Board of Directors of the company has approved investment plans for Eastern Region Strengthening Scheme at an estimated cost of around Rs 1.9 bn. The commissioning schedule for the same is 24 months from the date of investment approval. Besides, the company has approved an investment of Rs 3.8 bn for setting up a transmission system associated with the Kakrapar Atomic Power Project, with a commissioning schedule of 32 months. The company aims to invest over Rs 610 bn in the next three financial years. A significant chunk of funds are likely to be raised by way of bonds and debentures. Of the total, the company may raise Rs 38 bn through bonds and debentures and Rs 78 bn through multilateral funding or external commercial borrowings. The remaining amount is likely to come from internal accruals.