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Indian share markets open firm
Fri, 8 Mar 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in China(down 0.2%) and Singapore (down 0.2%) leading the losses. However, markets in Japan (up 2.2%) and Hong Kong (up 1.1%) are leading the pack of gainers. The Indian share market indices have opened the day on a firm note. Barring software, all sectoral indices have opened in the green led by consumer durables and oil and gas stocks.

The Sensex today is up by around 113 points (0.6%), while the NSE-Nifty is up by around 32 point (0.5%). Mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% and o.6% respectively. The rupee is trading at Rs 54.52 to the US dollar.

Telecom stocks have opened the day mainly in green with Tata Teleservices Ltd and Mahanagar Telephone Nagam Ltd leading the gains. As per a leading financial daily, Bharti Airtel Ltd is planning to sell 20%-25% stake in its satellite TV services arm (direct-to-home business). It is in talks with several potential suitors for the same. The deal is likely to help it raise around US$250-300 m. The satellite TV arm had 7.9 million digital television customers as of December. The company's DTH operations are the third largest in the country after Dish TV and TataSky. DTH services account for just around 3% of company's revenues. The stock of the company is trading in the green.

Mining stocks have opened the day on a mixed note with MMTC Ltd and Gujarat NRE Coke leading the gains. However, Ashapura Minechem and NMDC Ltd have opened in the red. As per a leading financial daily, Coal India Ltd (CIL) has revived a proposal to set up a 1,600 megawatts power plant in India's eastern Odisha state. The plant will be set up by company's arm Mahanadi Coalfields Limited (MCL) .The estimated cost of the project is around Rs 90 bn. The company may approach its Board for approval of the plan in the next few months, after getting a final nod from the coal ministry. The project will mark company's foray into the power sector. It is likely to take up to four years to begin generating electricity. A Special Purpose Vehicle (SPV), namely, Mahanadi Basin Power Ltd (MBPL) has been incorporated as a wholly-owned subsidiary of MCL for setting up of the project. MCL would have 49 %equity stake in the joint venture (JV) and the balance equity would be of the JV partner.

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