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Indian share markets open weak
Fri, 11 Apr 09:30 am

Barring Indonesia (up 0.7%), all major Asian stock markets have opened the day on a weak note with stock markets in Japan (down 2%) and South Korea (down 0.9%) leading the losses. The Indian share markets have also opened the day on a negative note. Barring healthcare and consumer durables, all sectoral indices have opened in the red with stocks in the capital goods and metal space leading the losses.

The Sensex today is down by around 130 points (0.6%), while the NSE-Nifty is down by about 37 points (0.6%). While the BSE Mid Cap index is up by around 0.1%, the BSE Small Cap index is trading flat. The rupee is currently trading at Rs 60.07 to the US dollar.

Engineering stocks have opened the day on a mixed note with BEML Ltd and Bharat Bijlee leading the gains. However, Kalpataru Power and Finolex Cables are trading in the red. As per a leading financial daily, Avantha Group firm Crompton Greaves Ltd has won a contract from Power Grid Corporation of India Ltd (PGCIL) to supply six sub-station automation systems (SAS) in Jharkhand. The purpose of the SAS is to help monitor and improve Power Grid's transmission capacity across the state. While the sub-stations would be supplied by Crompton Greaves' automation business unit, they would be managed by its engineering projects division. The company has not disclosed the value of the contract.

Indian pharma stocks have opened the day mainly on a firm note with Strides Arcolab, Wockhardt Ltd and Piramal Enterprises leading the gains. As per a leading financial daily, Piramal Group flagship firm Piramal Enterprises has sold off its 11% stake comprising 45.4 million shares in Vodafone India to Prime Metal, an indirect subsidiary of Vodafone India for a sum of Rs 89 bn. This has resulted in windfall gains of 52% for the firm in just 2 years. Piramal had acquired 11% stake in two tranches during FY12, paying a total amount of Rs 58.64 bn (Rs 1,290 per share). The stake has been sold off at Rs 1,960 per share.

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