The major Asian stock markets have opened the session on a positive note with markets in Japan (up 1.7%) and Taiwan (up 1.2%) leading the gains. US and European stock markets also closed their session on a positive note. The rupee is trading at 63.50 per US dollar.
Stocks in the automobile space have opened on a mixed note. As per a leading financial daily, utility and tractor vehicle major Mahindra & Mahindra (M&M) is going to seek shareholders' approval for raising up to Rs 50 bn through issue of securities on private placement basis at the annual general meeting. The company has stated that it intends to use the funds to augment resources for the ongoing capital expenditure, long term working capital, and short term working capital and for general corporate purposes. The said funds would be raised during the period of one year from the date of the annual general meeting which is scheduled to be held on 7th of August. As on 31st March, 2015, the aggregate of the paid-up capital and free reserves of M&M stood at Rs 167.7 bn while its outstanding borrowings stood at Rs 37.3 bn. Stock of M&M has opened the day on a positive note.
Engineering stocks have also opened on a mixed note. According to a leading financial daily, state-run Bharat Heavy Electricals Limited (BHEL) has announced that it is going to commission the second 500 MW (mega watt) unit at Tuticorin Thermal Power Station (TPS) in Tamil Nadu. Further, BHEL had also commissioned second unit of NLC's 250 MW circulating fluidised bed combustion (CFBC) based power plant at Neyveli. This other project executed by BHEL for NLC is the prestigious 2x500 MW pulverised lignite fired thermal power plant, which is the highest rating set of its kind in the country. During the financial year 2014-15, BHEL has commissioned 8,230 MW in the power sector utility segment in the country. Stock of BHEL has opened on a negative note.