Barring South Korea (up 0.4%), all major Asian stock markets have opened the day on a weak note with the markets in Singapore (down 0.6%) and Taiwan (down 0.5%) leading the losses. The Indian share markets have opened the day on a flat note. The sectoral indices are trading mixed with auto and metal indices trading in the red. However, realty and healthcare indices are leading the gains.
Auto stocks have opened the day mainly on a weak note with Tube Investments and Tata Motors leading with losses. However, Hero MotoCorp and Ashok Leyland are trading in the green. As per a leading financial daily, India's leading two-wheeler maker Hero MotoCorp is set to be the title sponsor of the prestigious 2014 World Challenge Golf. The tournament will be hosted by the Tiger Woods Foundation from 3 to 7 December, 2014. The tournament will be rechristened the Hero World Challenge. This will not only be the company's biggest-ever association with a marquee international sports event, but also the biggest-ever worldwide sports sponsorship association for any Indian brand. It is worth noting that Hero MotoCorp is the world's largest two-wheeler company by volumes. The brand building initiative with this international event is aimed at boosting its presence and prospects in the international markets.
Aluminium stocks have opened the day in the green with Hindalco Industries and Nalco leading the gains. As per a leading financial daily, the state government of Jharkhand has shut down five bauxite mines of Hindalco Industries, the flagship company of the Aditya Birla Group. This move by the government follows allegations of illegal mining by the Shah Commission report. As per the report, the alleged illegal mining activity was causing widespread damage to the environment as well as losses to the exchequer. It is worth noting that the action against Hindalco follows similar moves by the Jharkhand government against Steel Authority of India Ltd (SAIL) and Tata Steel.