The major Asian stock markets have opened the day in green. Stock markets in Hong Kong, Japan and Singapore are up by 1.1%, 0.7% and 0.7% respectively. The major stock indices in the European markets ended the day on an encouraging note too. The rupee is trading at 66.43 per US dollar.
As per an article in Livemint, India's merchandise exports contracted for the ninth month in a row in August. Lower shipment of petroleum products because of low crude prices and weak global economic recovery led to contraction in exports. The data revealed that the exports contracted by 20.7% during the month of August. The article further stated that the dip in exports was driven mainly by a 48% drop in shipments of petroleum products. Among other major items, shipments of gems and jewellery and pharmaceutical grew by 2.7% and 6% respectively. However engineered goods and electronics goods contracted by 29.1% and 17.4% respectively. In all shipments of 23 out of 30 commodity groups contracted during August.
Stocks in the automobile sector are trading on a positive note. As per an article in Economic Times, Tata Motors has revealed its expansion plans for its truck and buses business in international market. The company is planning to open three new assembly plants for its medium and small trucks this year. The new assembly plants will be set up this year at Nigeria, Mauritius and Vietnam. The company will be spending around Rs 1.2-1.5bn in the process. The company is also planning to start assembling its Prima range of products outside India. Currently the company manufactures Prima only in India and exports it as a completely built vehicle. Stock of Tata Motors is trading up by 1.1%.