Indian stock markets open with marginal gains

Thu, 25 Aug 09:30 am

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Most Asian stock markets have opened the day on a firm note. Stock markets in China (up 1.7%), Hong Kong (up 1.6%) and Japan (up 2%) are leading the pack of gainers. The Indian stock market have opened the day with marginal gains. Stocks in the healthcare and FMCG space are trading firm. However, consumer durables and metal stocks are trading weak.

The BSE-Sensex is trading higher by around 27 points (0.2%) and the NSE-Nifty is down by around 6 points (0.1%). While the BSE-Midcap index is trading firm, small cap stocks are trading in the green, with the BSE-Small cap index up by 0.2%. The rupee is trading at 46.16 to the US dollar.

Power stocks have opened the day on a weak note with GVK Power, Adani Power and Power Grid Corporation trading in the red. However, Tata Power is trading firm. In a bid to sustain its growth, Tata Power is now seeking opportunities outside India. Chairman Ratan Tata said that the company was actively tendering on power projects abroad where there was significant demand for growth. He also said that the company was facing challenges in expanding capacity in India. The entire power sector has witnessed a slowdown in capacity expansion on account of difficulties in acquiring environmental clearances and also securing coal supplies. He further asserted that the power industry needed to be treated with priority by the government. The reason for this is that slow development of the power sector could constrain India's industrial and economic growth.

Engineering stocks have opened the day on a mixed note with Alstom Projects and BHEL trading firm, while Lakshmi Machine and ABB are trading in the red. L&T Construction, a subsidiary of Larsen & Toubro (L&T), has announced that the company has secured orders worth Rs 13.4 bn. The orders are for the building and factories segment for the construction of commercial and residential buildings. It also includes additional orders from ongoing projects. Out of the total, the company has received orders worth Rs 9.75 bn for building a mixed use commercial development and main civil works for a technology campus from reputed customers. L&T Construction also received an order worth Rs 2 bn for the construction of a residential tower from a leading developer. The remaining has come from the additional orders from various existing clients. With these new orders coming through, L&T's order book has been further strengthened.