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Indian market indices open firm
Tue, 29 May 09:30 am

Most Asian stock markets have opened the day on a firm note with stock markets in Taiwan (up 2.4%), China (up 0.9%) and South Korea (up 0.8%) leading the gains in the region. However, the markets in Indonesia (down 0.4%) and Japan (down 0.1%) are trading in the red. The Indian equity market indices have opened the day on a positive note. Stocks in the auto, capital goods and healthcare space are leading the pack of gainers. However, consumer durables stocks are trading in the red.

The Sensex today is up by around 49 points (0.3%), while the NSE-Nifty is up by around 15 points (0.3%). Mid and small cap stocks are also trading in the green with the BSE Mid cap and BSE Small cap indices up by around 0.2% and 0.3% respectively. The rupee is trading at Rs 55.56 to the US dollar.

Food stocks have opened the day on a firm note with Lakshmi Energy, GSK Consumer Healthcare and Tata Global Beverages trading firm. Food & tobacco company ITC Ltd is planning to set up a second manufacturing unit in Kolkata for Sunfeast Yippee Noodles. It will do so in partnership with city-based Keventer Group. The plant will have an installed capacity to manufacture 50 tonnes of instant noodles per day. The proposed plant is estimated to entail an investment of about Rs 500 m. ITC has sourced technology for the plant, which is capable of packing 450 packets per minute, from Japan and Taiwan.

Steel stocks have opened the day on a firm note with JSW Steel, Tayo Rolls and Jindal Steel trading firm. Public sector steel major Steel Authority of India Ltd. (SAIL) has announced that it has signed a 50:50 joint venture agreement with Burn Standard Company Ltd (BSCL) for setting up a wagon components manufacturing facility at the premises of BSCL at Jellingham, Purba Medinipore district, in West Bengal. The facility will have a capacity to manufacture 10,000 boggies and 10,000 couplers per annum. The project is estimated to entail an investment of about Rs 2 bn. SAIL Chairman C S Verma had previously said that the facility would commence commercial production from 2014. It must be noted that BSCL is a subsidiary of Indian Railways.

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