The major Asian stock markets have opened the day on an encouraging note, with stock markets in Japan (up 5%), and Hong Kong (up 1.8%) leading the pack of gainers. The major stock indices in the European markets ended their previous session on a firm note. Even the US markets surged upwards and closed their previous session up by 2.7%. The rupee is trading at 66.33 per US dollar.
Stocks in the automobile sector have opened their day in green. According to a financial daily, Tata Motors Ltd in collaboration with Jaquar Land Rover (JLR) is planning to launch two new Sports Utility Vehicle (SUV's) under the brand name of Tata. This is the first time JLR will collaborate with Tata Motors in developing the latter's SUV. The models are likely to be rolled out by the end of the calendar year of 2016.The company has awarded contracts to three key Indian auto parts suppliers to source components for the SUV's. As per an article in Livemint, company has identified Motherson Sumi Systems for supply of wiring harness used in electrical systems and Sona Group for supply of steering systems. The article further stated that Bridgestone Tyres India will be the official tyre partner for the SUV's. Stock of Tata Motors is trading up by 1.1%.
Major stocks in the power sector have opened their day on a positive note. As per an article in Economic Times, the Union Cabinet is likely to take a call today, on increasing the fund allocation in relation to grid connected solar rooftops. The proposal has sought to increase the fund allocation to Rs 50bn from Rs 6bn. The government has set a target of 40,000 Megawatt (MW) of grid connected solar power generation capacity by 2022 under the National Solar Mission. The government is providing financial assistance of 15% of the benchmark cost for installation of grid connected rooftop solar systems.