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Indian stock markets open flat
Thu, 9 Jun 09:30 am

Asian stock markets have opened the day on a weak note. Stock markets in China (down 0.8%), Hong Kong (down 0.6%) and Japan (down 0.3%) are leading the losses. However, the markets in Singapore (up 0.1%) and Malaysia (up 0.1%) are trading with marginal gains. The Indian stock markets have also opened the day with marginal gains. Stocks in the consumer durables, oil & gas, and realty space are leading the gains. However, IT and capital goods stocks are trading flat.

The BSE-Sensex is trading marginally higher by around 22 points (0.1%), while the NSE-Nifty is trading on a flat note and is up by 3 points (0.05%). The midcap and smallcap stocks are trading in the positive with both the BSE Midcap and BSE Small cap indices up by 0.2% and 0.1% respectively. The rupee is trading at 44.70 to the US dollar.

Shipping stocks have opened the day on a mixed note with Aban Offshore, Bharati Shipyard and Essar Shipping Ports trading firm. However, Dredging Corporation, GE Shipping and Varun Shipping are trading in the red. Shipping Corporation of India (SCI) is planning to sell its two ageing vessels this year. Of the two ageing vessels, one is a 25 year old bulk carrier and the other one is a 20 year old single hull tanker. According to the dead weight tonnage, there is a fair chance that SCI would get about US$ 5-7 m (approximately Rs 225-315 m) per vessel. On similar lines, the shipping major is also deliberating whether to retain or dispose 12 other vessels (10 offshore supply vessels and two passenger ships) that are set to complete 25 years next year.

During the financial year 2009-10, the company had sold nine of its vessels. The company has a total fleet strength of 79 ships and the average age of its fleet is about 15 years. During the current financial year, SCI is going to add 17 vessels to its fleet.

Power stocks have opened the day on a mixed note with Adani Power and NTPC trading firm. However, GVK Power, Reliance Infrastructure and Reliance Power are trading in the red. Reliance Infrastructure which is part of Anil Dhirubhai Ambani Group (ADAG) has started expanding the highway between Krishnagiri and Hosur. Currently it is a 60 km long highway with 4 lanes and will be expanded to 6 lanes. The project is estimated to cost Rs 9.25 bn and will take approximately 30 months to complete. The project has been awarded on a build-operate-transfer (BOT) mode where Reliance Infrastructure has a concession period of 26 years. The company said that the daily traffic volume stands at around 52,000 vehicles. After the completion, the traffic is expected to improve to 72,000 vehicles which will lead to earnings of Rs 3.5 m per day.

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