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Indian share markets open weak
Mon, 8 Jul 09:30 am

Barring Japan (up 0.7%), the major Asian stock markets have opened the day on a weak note with Hong Kong (down 1.9%) and Indonesia (down 2.2%) leading the losses. The Indian share market indices have also opened the day in the red. Barring software, all sectoral indices have trading in the red with the stocks in the realty and banking sector leading the losses.

The Sensex today is down by around 230 points (1.2%), while the NSE-Nifty is down by around 77 points (1.3%). Mid and small cap stocks have also opened in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.9% and 0.4% respectively. The rupee is trading at Rs 61.13 to the US dollar.

Energy stocks have opened the day mainly in the red with Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the losses. As per a leading financial daily, GAIL (India) Ltd may acquire 5% to 10% stake in Rashtriya Chemicals and Fertilizer Ltd's (RCF) urea and ammonium nitrate plant at Talcher in Odisha. Originally, RCF, GAIL (India) Ltd and Coal India Ltd had come together for a Rs 100 bn project to convert coal in Talcher mines into gas and then use it as feedstock for manufacturing urea and power. However, since fertliser manufacturing is not GAIL's core business, it just wants to restrict to upstream element of the project, i.e. coal gasification. As per the RCF management, it is discussing the matter with GAIL and would like the latter to be a part of the project. However, GAIL wants to take a minimum 50% stake in Rs 30 bn upstream coal-gasification project that will produce enough natural gas to fire the fertiliser plant and to run a captive power plant.

Engineering stocks have opened the day on a mixed note with Bharat Earth Movers Ltd (BEML) and Sanghvi Movers Ltd leading the losses. However, Elecon Engineering and Blue Star Ltd have opened in the green. As per a leading financial daily, Thermax Limited has received an order worth Rs 17 bn from a leading petrochemical company against a stiff global competition. The order is for the design, manufacture and commissioning of 9 CFBC (circulating fluidized bed combustion) high pressure boilers of 500 TPH each for two of its plants. The boilers are expected to be commissioned at client sites within a time frame of 25-29 months. The order is the single largest one from a client for use of CFBC boilers.

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