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Markets open on a positive note
Wed, 9 Jun 09:30 am

Indian markets have started today's session on a positive note. The benchmark indices opened at the breakeven mark but soon moved into the green. They have managed to remain in the positive territory since then. Other key Asian markets are in the red with Japan (down 1.3%) leading the pack of losers. The US markets closed higher by 1.3% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with energy and auto majors finding investors' favour. The BSE-Sensex is trading higher by around 20 points, while the NSE-Nifty is up by about 10 points. Some buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.7% and 0.6% respectively. The rupee is trading at 46.93 to the US dollar.

Aluminium stocks have opened the day on a negative note. Losers here include Hindalco and Nalco. As per a leading business daily, Hindalco expects aluminium demand to rise close to 14% in 2010, driven primarily by consumption in China and India. The company is expanding its domestic capacity by three times to 1.9 m tonnes by 2013 at a cost of about Rs 280 bn in anticipation of the demand. In fact, it has already invested Rs 50 bn on three greenfield projects and is working on achieving financial closures for them. Novelis, which Hindalco acquired in 2007, expects to see growth in the South American and Asian markets. It plans to incur capital expenditure to the tune of US$ 150 m in FY11 towards expanding rolling operations in Brazil. It may be noted that global aluminium demand fell about 8% in 2009 due to the worldwide slowdown in the automotive and construction sectors. However, the numbers have picked up significantly since then.

Power stocks have opened the day on a positive note. Gainers here include Gujarat Industrial Power and CESC. Tata Power plans to add 750 mega watts (MW) to its existing 2,786 MW installed capacity in FY11. It will commission the first unit of 525 MW of the 1,050 MW Maithon power project in Jharkhand in the current fiscal. The second 525 MW unit will take-off in FY12. Overall, the project requires an additional capital expenditure of Rs 3.8 bn in addition to the projected Rs 44.5 bn. The company expects to soon start commercial production from its Jojobera captive power station near Jamshedpur. A 90 MW project at Haldia was also started recently. It may be noted that the company is implementing projects with a capacity of close to 5,300 MW. It is also looking for a strategic stake purchase in coal mines in Indonesia or South Africa to fuel its growing business.

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Mar 16, 2018 (Close)