The major Asian stock markets have opened the session on a mixed note with markets in Hong Kong (up 0.62%) leading the gains and Taiwan (down 1.75%) being the leading loser. The US and European stock markets closed their session in red. The rupee is trading at 63.67 per US dollar.
Stocks in the automobile space are trading mixed. As per a leading financial daily, Tata Motors has set an ambitious target in relation to the export of its commercial vehicles (CV). The target is to triple the export of C.V before 2020. The company had shipped close to 45,000 units of trucks and buses in the year to March, 2015, which it targets to treble over the next three-four years. Further, it is focusing on international markets in SouthEast Asia, Middle East and African countries to counter the slow growth in India. These export markets include the neighboring Sri Lanka, Bangladesh and Nepal, but will look at increasing shipments to countries in the Middle East and Southeast Asia. The company stated that they have seen good traction in their exports driven by the Prima and Ultra trucks and the premium vehicle Zeon. Stock of Tata Motors has opened on a weak note.
Power stocks have too opened the day on a mixed note. A leading financial daily reports, solar power could become as cheap as thermal energy over the next two to three years. Reportedly, as per International Renewable Energy Agency, solar photovoltaic prices have fallen nearly 80% since 2008. Additionally, solar module efficiency has witnessed an annual increase of 3.5%-4.5%. The increasing size of projects to 10MW and above from 5MW earlier also leads to the economies of scale in component procurement and better absorption of fixed costs. The recent solar bids conducted by MP Power Management Company with per unit prices reaching as low as Rs 5.05 per unit supports the above trends prevailing.