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Most Asian markets started on the back foot after US stocks fell overnight amid renewed global growth concerns and plunge in the oil prices. Hong Kong's Hang Seng is off 1.00% and China's Shanghai Composite is trading lower by 0.22%. European markets finished broadly lower on Tuesday with shares in Germany leading the region. The DAX was down 1.94% while France's CAC 40 was off 1.59% and London's FTSE 100 was lower by 0.90%.
Indian stock markets have opened the day on a flat note. BSE-Sensex is trading lower by 28 points and NSE-Nifty is trading lower by 13 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading lower by 0.2% respectively. Stocks from metal and realty sector are witnessing maximum selling pressure. The rupee is trading at 66.27 against the US$.
Shares of NTPC opened the trading day up by 1.1% after it was reported that the company has synchronized 200 MW out of 250 MW of Stage-I Ananthapuramu Ultra Mega Solar Power Project on April 30, 2016. With this, the total capacity of non-conventional energy projects of NTPC has become 310 MW.
Further, the Government of Jharkhand has notified 'PTPS Transfer Scheme, 2015' on April 01, 2016 transferring specified assets of Patratu Thermal Power Station to PUVNL, a subsidiary company of NTPC, resulting in addition of 325 MW to NTPC's Group capacity. Consequently, the total commissioned capacity of NTPC and NTPC group has become 40,212 MW and 47,178 MW respectively.
The power sector is going through troubled times. The State Electricity Boards (SEBs) that buy power from generators are reeling under huge losses and bloated debt (Subscription Required). The capacity utilization level or the plant load factor (PLF) of generating companies has been on a steady decline over the years. As per the annual report from the Ministry of Power, the PLF has fallen from a peak of 78.6% in FY08 to about 65% up to November 2014.
Moving on to news from automobile sector. According to a leading financial daily, TVS Motor Company is charting out ambitious growth plans for FY17 that includes a capex of Rs 4 billion and market share growth, aided by its new and refreshed product portfolio.
The company is planning to increase its two-wheeler capacity from 3.5 million units a year to about 4.4 million units by the end of this fiscal. Also, it is looking at increasing the capacity of three wheelers to about 200,000 units from 120,000 units in due course.
Further, the company has posted a rise of 30.09% in its net profit at Rs 1.17 billion for the quarter ended March 31, 2016 as compared to Rs 905.2 million for the same quarter in the previous year. Total income of the company has increased by 15.74% at Rs 28.39 billion for quarter under review as compared to Rs 24.53 billion for the quarter ended March 31, 2015. The script of TVS Motor is currently trading up by 0.5% on the BSE.
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