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Indian stock markets open weak
Mon, 20 Jun 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in China (down 0.9%), Malaysia (down 0.1%) and Taiwan (down 0.8%) are trading weak. However, the markets in Singapore (up 0.6%), Indonesia (up 0.5%) and Japan (up 0.3%) are trading in the green. The Indian stock market have opened the day in the red. Stocks in the IT, technology and auto space are leading the losses. However, consumer durables stocks are trading firm.

The BSE-Sensex is trading lower by around 81 points (0.4%), while the NSE-Nifty is down by about 25 points (0.5%). The midcap and smallcap stocks are also trading in the negative with both the BSE Midcap and BSE Small cap indices down by 0.8% and 0.2% respectively. The rupee is trading at 44.92 to the US dollar.

Engineering stocks have opened the day on a mixed note with Thermax, ABB and Larsen & Toubro (L&T) trading firm. However, BHEL, Alstom Projects and Havells India are trading in the red. State-owned power equipment manufacturer BHEL has plans to hire about 25,000 people over the next 5 years. This will raise the size of the total workforce to 55,000. The company has added 15,000 employees in the last four years alone. According to the new plan, the company plans to add 5,000 people every year. Of these 5,000 new recruits every year, there will be about 1,000 engineers, 1,000 diploma holders and 2,000 ITI (Industrial Training Institute) graduates. The company's current workforce strength is 46,000. About 2,500 employees are expected to retire annually over the next five years. The power equipment maker currently has a manufacturing capacity of 15,000 MW. It aims to raise the capacity to 20,000 MW by March, 2012.

Energy stocks have opened the day on a mixed note with Cairn India and Petronet LNG facing selling pressure. However,Oil India and Indian Oil Corp (IOC) are trading firm.Reliance Industries (RIL) has hired 18 banks to raise a five year term loan. The loan amount is expected to be about US$ 1.09 bn (approximately Rs 49 bn). The funds raised will be used to refinance debt maturing in two years which has higher interest costs. Back in December 2010, the company had borrowed US$ 1 bn and paid a margin of 195 basis points (1.95%) more than the London interbank offered rate. The loan that is being organized currently will have a lower margin of about 150 basis points (1.5%). RIL's total debt which stands at US$ 10.2 bn is set to mature before the end of 2017. The company has the fourth highest debt in the country. Among the 18 banks hired for the loan,SBI is the only Indian bank involved.

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