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Major Asian stock markets have opened the day on a positive note. Stock markets in China and Hong Kong are trading higher by 1.7% and 1.5% respectively.
Benchmark indices in Europe and US ended their previous session on an encouraging note with stock markets in UK ending the day higher by 1.1%. The rupee is trading at 67.44 per US$.
Indian stock markets have opened the day on a strong note. The BSE Sensex is trading higher by 193 points (up 0.7%) and the NSE Nifty is trading higher by 56 points (up 0.7%). While, BSE Mid Cap and BSE Small Cap are trading higher by 0.8% and 0.7% respectively.
As per an article in Livemint, National Thermal Power Corporation (NTPC) received a setback for its 2,660 megawatt super thermal power plant in Madhya Pradesh.
The Union environmental ministry's expert panel has deferred giving clearance to this project. This is the second instance wherein the environment ministry has deferred this decision.
The Expert Appraisal Committee (EAC) stated that it wasn't satisfied with the company's replies with regards to matters pertaining to Khajuraho Temple and Panna Tiger Reserve which is situated at a close proximity to the proposed site.
Though, NTPC has a huge pipeline of projects in the coming 3-4 years, any delays pertaining to environmental clearances can dampen the fundamentals of the company in the long-run.
In another news update, sales growth of medium and heavy commercial vehicles has hit a roadblock in the month of June.
Tata Motors Ltd reported, 11% YoY drop in the sales of commercial vehicles for the month of June. However, this was better off as compared to a 23% YoY decline in the month of May.
Further, the rentals commanded by truck operators too dipped for the first time in 21 months on key routes. Reportedly, freight rates on busy routes such as Delhi-Mumbai-Delhi fell by 1.5% on 1 July 2016. This is in-spite of two rounds of hikes in diesel prices.
Weak rentals could possibly fade truck operator's enthusiasm to purchase new trucks. Post monsoon trends in sales coupled with freight rates will be the key things to watch out for going forward.
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