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Indian stock markets open weak
Thu, 18 Aug 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in Hong Kong (down 0.2%), South Korea (down 1.9%), Nikkei (down 0.4%), and China (down 0.5%) are trading in the red whereas Indonesia (up 0.8%) is trading in the green. The Indian stock market have opened the day on a weak note. Realty and IT stocks are trading weak. However, stocks in the Consumer Durables and FMCG space are witnessing buying interest.

The BSE-Sensex is trading lower by around 12 points (0.1%) and the NSE-Nifty is down by around 6 points (0.1%). However, midcap and small cap stocks are trading in the green, with the BSE-Midcap and BSE-Small cap indices up by 0.1% and 0.2% respectively. The rupee is trading at 45.30 to the US dollar.

Steel stocks have opened the day on a mixed note with Tata Steel and Bhushan Steel leading the losses while SAIL and JSW Steel leading the gains. Steel major, SAIL (Steel Authority of India Ltd) is planning to go ahead with a special purpose vehicle (SPV) route for the revival of Sindri unit of Fertiliser Corporation of India (FCI). The company has planned three such SPVs and has roped in different strategic partners. The SPVs will be used to set up a steel plant, a fertilizer plant and a power plant. For this, the existing FCI unit at Sindri will be dismantled. SAIL will have a stake of 51% in the SPVs. SAIL has recently received an approval on its proposal of SPVs from the Cabinet Committee on Economic Affairs. The total estimated investment is around Rs 350 bn.

Engineering stocks have opened the day on a mixed note with BEML and Bharat Electric leading the losses while L&T and Punj Lloyd in the green. Engineering giant Larsen & Toubro (L&T) is gearing up to drive its growth through international markets. The company currently derives 91% of its Rs 1.36 trillion order book from the domestic market. However, given the constraints in the country and the problems such as corruption, the company is looking forward to increasing the share of exports by at least 10% points. It expects order inflow to pace up from West Asia for hydrocarbon, power transmission and distribution and infrastructure projects. L&T has reaffirmed its guidance of 25% for revenue growth and 15-20% for order inflow during the financial year 2011-12.

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