Most Asian stock markets have opened the day on a firm note. Stock markets in Singapore (up 0.6%), Indonesia (up 0.7%) and Japan (up 0.9%) are leading the gains. The Indian stock markets have opened the day in the green. Stocks in the capital goods and auto space are leading the gains.
The BSE-Sensex is trading higher by around 83 points (0.5%), while the NSE-Nifty is up by about 25 points (0.5%). The midcap and smallcap stocks are also trading in the positive with both the BSE Midcap and BSE Small cap indices up by 0.5% and 0.4% respectively. The rupee is trading at 44.94 to the US dollar.
Bank stocks have opened the day on a strong note with Union Bank, Canara Bank and Bank of Baroda leading the pack of gainers. State-owned Punjab National Bank (PNB) plans to start a first of its kind agricultural training centre in Himachal Pradesh. The centre would train farmers in the latest advancements in the farm sector. The state government of Himachal Pradesh has agreed to make the necessary land available to the bank.
The bank is also set to launch a special PNB Rakshak scheme for defense personnel. It will provide them various facilities like overdraft, sweep in and out in saving fund accounts and will also offer them concessions in housing, personal and vehicle loans. For the same purpose, a Memorandum of Understanding (MoU) has been signed by the bank with the Defence ministry. The bank plans to hire about 12,000 employees in the current financial year.
Auto stocks have opened the day on a firm note with Tata Motors and Hero Honda and Bajaj Auto leading the gains. The name of India's largest two-wheeler maker has been changed from Hero Honda Motors Ltd to Hero MotoCorp Ltd. The proposed new name was approved at the company's extraordinary general meeting held last Friday. The company has said that the term 'MotoCorp' would help in projecting itself as a global motor vehicle player.
After the Hero group and Honda agreed to end the 26 year long joint venture and the former having agreed to buy out the entire 26% stake of the latter for about Rs 38.4 bn, the name "Honda" had to be dropped from the company's name. However, according to the new licensing agreement signed between the two, Hero MotoCorp will pay Honda about 45 bn yen (Rs 24.5 bn) till 2014.