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Indian share markets open firm
Tue, 24 Jun 09:30 am

Barring Japan (down 0.4%), major Asian stock markets have opened on a firm note with South Korea (up 1%) and China (up 0.4%) leading the gains.

The Indian share markets have opened the day on a firm note. Barring IT, all sectoral indices have opened in the green with FMCG and realty stocks leading the gains.

The Sensex today is up by around 175 points (0.7%), while the NSE-Nifty is up by around 46 points (0.6%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.8% and 1% respectively. The rupee is currently trading at Rs 60.19 to the US dollar.

Power stocks have opened the day on a firm note with CESC Ltd, Neyveli Lignite and JSW Energy leading the gains. As per a leading financial daily, central transmission utility Power Grid Corporation of India Ltd (PGCIL) has approved investments of Rs 55 bn for upgrading networks in about 4 years. The company's board of directors approved strengthening the transmission corridor for independent power producers in Chhattisgarh. The estimated cost for this project is Rs 51.5 bn. It would have a commissioning schedule of 45 months from the date of investment approval. In addition to this project, PGCIL's board also approved investment for upgradation of the transmission system associated with Lara thermal power project of National Thermal Power Corporation (NTPC). This project has a commissioning schedule of 34 months from the date of investment approval and an estimated cost of Rs 4 bn.

Engineering stocks have opened the day on a firm note with Welspun Corporation, Suzlon Energy, Jain Irrigation and Alstom T&D India Ltd leading the gains. As per a leading financial daily, engineering giant Larsen & Toubro (L&T) has announced that Canada Pension Plan Investment Board (CPPIB) has agreed to invest Rs 20 bn in its infrastructure arm, L&T Infrastructure Development Projects Ltd (L&T IDPL). The proceeds from the stake sale of L&T IDPL would be used for completing under-construction assets. It is worth noting that this is the first direct private investment by a Canadian pension fund in a domestic infrastructure development company.

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