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Indian share markets open firm
Fri, 27 Jun 09:30 am

The major Asian stock markets have opened in the red with Japan (down 1.6%) and Indonesia (down 0.5%) leading the losses. However, the Indian share markets have opened the day on a firm note. Barring auto, all sectoral indices have opened in the green with stocks in consumer durables and healthcare sector leading the gains.

The Sensex today is up by around 109 points (0.4%), while the NSE-Nifty is up by around 34 points. The midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.8% respectively. The rupee is currently trading at Rs 60.11 to the US dollar.

Banking stocks have opened the day mainly in the green with Canara Bank Ltd and Punjab & Sind Bank Ltd leading the gains. However, Indian Overseas Bank and United Bank of India were leading the losses. In its bi-annual Financial Stability Report released yesterday, the Reserve Bank of India (RBI) has stated that the risks to the stability of Indian bankshave increased in the six months ended 30 March 2014. As per the report, the asset quality stress remains high and lenders are weighed down by the slow pace of economic expansion and high inflation. As per RBI estimates, the gross non-performing assets (NPAs) of lenders are likely to remain steady at 4-4.1% by the end of FY 15, compared to 4% at the end of March 2014. However, NPA ratio is likely to go up to 5.5% if macroeconomic conditions deteriorate.

Engineering stocks have opened the day on a mixed note with Manugraph India Ltd and TRF Ltd leading the gains. However, Shanthi Gears Ltd and Voltamp Transformers Ltd were facing maximum selling pressure. As per a leading financial daily, L&T Technology Services, a wholly- owned subsidiary of Larsen & Toubro (L&T) Ltd has announced that it has bought 74 % of the equity capital of Thales Software India. The latter is the Indian subsidiary of Thales, the global technology leader in aerospace, transportation and defence and security markets. The amount involved has not been disclosed. With this, L&T will manage and oversee the management control, operations and delivery of services of the new joint venture. The move comes at a time when L&T is aiming to be one of the largest technology services providers in the country by taking both its tech subsidiaries -- L&T Technology Services and L&T Infotech -- public. As per the management, the company will start the process for listing the two firms from July 2016.

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