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Indian share markets open in the green
Fri, 11 Jul 09:30 am

The major Asian stock markets have opened on a mixed note with stock markets in Taiwan (down 0.8%) and Indonesia (down 1.5%) leading the losses. However, the stock markets in Singapore (up 0.5%) have opened in the green.

The Indian share markets have opened the day on a positive note. The sectoral indices have opened mixed with the stocks in software and realty space leading the gains. However, stocks in the metals and oil and gas space were witnessing selling pressure.

The Sensex today is up by around 32 points (0.1%), while the NSE-Nifty is up by around 9 points (0.1%). The midcap and smallcap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by around 0.3% and 0.7% respectively. The rupee is currently trading at Rs 60.14 to the US dollar.

Software stocks have opened the day mainly in the green with Tech Mahindra Ltd and Moser Baer India Ltd leading the gains. Infosys Ltd has announced results for the quarter ending June 2014 (1QFY15). The company has reported a decline of 3.5% on a quarter on quarter (QoQ) basis in the consolidated net profits. The consolidated revenue for the quarter declined 0.8% QoQ. On a YoY basis, the bottomline registered a growth of 21.6% YoY on the back of new outsourcing contracts from overseas clients and cost cuts. The company has maintained its full-year forecast for sales growth (7% to 9% revenue growth in US dollar terms). The company won contracts last quarter from companies including Orange SA and Boston-based Eastern Bank.

Mining stocks have opened the day mainly in the red with Hindustan Zinc Ltd and NMDC Ltd leading the losses. As per a leading financial daily, Coal India Ltd (CIL) may have to shell out up to Rs 52 bn on account of clean energy cess in FY15 as the government has proposed to double the cess to Rs 100 per tonne. Mr. Jaitley in his Budget speech had proposed to expand the scope of purposes of levying the cess to include financing and promoting clean environment initiatives and funding research for this purpose. In FY14, the company had given around Rs 25 bn to government as clean coal cess.

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