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Indian share markets open firm
Mon, 4 May 09:30 am

Barring Singapore stock market (down 0.2%), all major Asian indices have opened the day on a firm note with stock markets in China (up 0.9%) and Hong Kong (up 0.4%) leading the gains. The Indian share markets have opened the day on a firm note as well. All the sectoral indices have opened in green with consumer durables and healthcare stocks witnessing maximum buying interest.

The Sensex today is up by around 217 points (0.8%), while the NSE-Nifty is up by about 60 points (0.73%). Mid and small cap stocks have also opened on a positive note with the S&P BSE Midcap and S&P BSE Smallcap indices up by around 0.6% and 1.2% respectively. The rupee is currently trading at Rs 63.57 to the US dollar.

The unabated rise in the non performing assets (NPAs) of the Indian PSU banks is increasingly becoming a cause of concern. As per a financial daily, three PSU banks viz., Bank of India, Union Bank of India and Allahabad Bank have sought exemption from the payment of dividend due to rising NPAs. These banks are looking to improve capital adequacy and thus are looking to plough back the profits. Such instances can impact the government's revenues. As per the Budget Estimates 2015-16, the projections from 'dividend and profit' from public sector companies and banks has been pegged at about Rs 1,006 bn. The revised estimate for the last fiscal was Rs 887 bn.

Power stocks have opened in the green, with Jaiprakash Power and KSK Energy being the leading gainers in the pack. As per a leading financial daily, Jharkhand government and National Thermal Power Corporation (NTPC) have recently, signed an MoU (Memorandum of Understanding) for expansion of Patratu Thermal station in Ramgarh district. The Jharkhand government and NTPC have formed a joint venture for adding upto 4,000 MW capacity. As part of the joint venture, NTPC will hold 74% share in the new holding company, while the Jharkhand government will have 26%. The state government would provide land, water and coal for the plant.

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