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Indian share markets open firm
Fri, 17 Aug 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.6%), Hong Kong (up 0.5%), and Indonesia (up 0.5%) leading the gains in the region. However, markets in South Korea (down 0.8%), China (down 0.1%) and Taiwan (down 0.1%) are facing selling pressure. The Indian share market indices have opened the day on a firm note. Stocks in the auto, power and FMCG space are leading the gains.

The Sensex today is up by around 81 points (0.5%), while the NSE-Nifty is up by around 20 points (0.4%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% and 0.6% respectively. The rupee is trading at Rs 55.75 to the US dollar.

PSU bank stocks have opened the day on a firm note with Oriental Bank, Andhra Bank and Dena Bank leading the gains. As per a leading financial daily, public sector lender Union Bank of India is planning to seek capital infusion of about Rs 9.5-10 bn from the government in the current financial year 2012-13 (FY13). The reason for the capital requirement is to strengthen the capital base to meet Basel-III norms and also to prop up business growth. The bank reported a capital adequacy ratio (CAR) of 11.6% at the end of the quarter ended June 2012. In FY13, the bank expects its business to register a growth of about 18-19% year-on-year (YoY). While it expects advances to grow by 18% YoY, it expects deposits to increase by 15% YoY. It must be noted that the bank had asked for Rs 6.5 bn in the financial year 2011-12 (FY12) but the same was not granted.

Oil and gas stocks have opened the day on a firm note with Hindustan Petroleum Corporation Ltd (HPCL), Cairn India and Bharat Petroleum Corporation Ltd (BPCL) leading the pack of gainers. State-run Oil and Natural Gas Corporation (ONGC) is planning to sell 26% stake in KG-DWN-2004/6 block in the Krishna-Godavari basin to Inpex Corporation, a Japanese firm engaged in the energy supply business on a global scale. The deal for the exploration block has been structured in a way that Inpex will pay ONGC what it has spent on the block in the past proportionately. In addition, it will also meet future expenses according to its share. Currently, ONGC is the block operator with 60% stake. Post the deal, ONGC will hold 34% stake in the block. The other partners in the block which includes PSU players such as Gujarat State Petronet Corporation (GSPC), HPCL, Oil India and Gas Authority of India Ltd (GAIL) hold 10% stake each. The costs are equally shared between all partners. It must be noted that ONGC is looking at selling stakes in other blocks also.

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