Most Asian stock markets have opened the day on a firm note. Stock markets in Hong Kong (up 1.6%), China (up 1.3%), Indonesia (up 1%) and Singapore (up 1%) are leading with significant gains. However, the markets in Japan and Malaysia are trading flat. The Indian stock markets have also opened the day on a strong note. Stocks in the FMCG and realty space are leading the gains.
The BSE-Sensex is trading higher by around 119 points (0.6%), while the NSE-Nifty is up by about 35 points (0.6%). The midcap and smallcap stocks are also in the positive with both the BSE Midcap and BSE Small cap indices up by 0.6% and 0.5% respectively. The rupee is trading at 44.76 to the US dollar.
Power stocks have opened the day on a mixed note with NTPC, GVK Power and Suzlon Energy facing selling pressure. However, Tata Power, Torrent Power and JSW Energy are trading firm. Power major NTPC is planning to set up a 100 MW wind power project in Bagalkot district of Karnataka. This wind power project will be NTPC's second such venture and also it's largest. The investment for the same is estimated to be about Rs 6 bn. The state-owned firm has also signed a power purchase agreement with five energy supply companies in Karnataka. The power is planned to be sold at Rs 5.3 per unit. This wind power project is expected to save over 1.5 lakh tonnes of carbon dioxide emissions per annum. NTPC is currently the country's largest power company with a power generation capacity of 34,194 MW. It plans to scale up to 75,000 MW by 2017.
Auto stocks have opened the day on a firm note with Mahindra & Mahindra, Hero Honda and Bajaj Auto trading in the green. Mahindra Reva, a subsidiary of Mahindra & Mahindra (M&M) has set up a new plant to manufacture its new car. It is a first of its kind full-sized 4-seater electric car. The same is slated to be launched early next year. This new plant which is set up near Bangalore, would manufacture about 15,000 cars every year. The capacity could even be increased to 30,000 cars. The cars will have either a lithium battery or a lead acid battery. The lithium battery will be a little costlier but can offer high speed and mileage. Reva was able to sell about 600 cars in the year 2010. M&M had acquired a controlling stake in the Bangalore-based electric car maker last year.