Barring Japan (down 0.9%), all major Asian stock markets have opened the day on a firm note with markets in China (up 1.0%), Malaysia (up 0.6%) and Indonesia (up 0.5%) leading the gains in the region. The Indian share market indices have also opened the day on a positive note. All sectoral indices have opened in green with stocks in the metal and auto space leading the gains.
The Sensex today is up by around 180 points (1.0%), while the NSE-Nifty is up by around 43 points (0.8%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.9% and 0.8% respectively. The rupee is trading at Rs 52.68 to the US dollar.
Power stocks have opened the day on a positive note with Tata Power and Torrent Power leading the pack of gainers. As per a leading financial daily, Power Grid Corporation of India Ltd (PGCIL) has plans to invest around Rs 13 bn for strengthening two transmission systems in the Northern region. The investment proposals have already been approved by the company's board of directors. Out of Rs 13 bn, Rs 8 bn will be spent as part of 'Northern Region System Strengthening Scheme - XXVI'. The management expects the project to commission in 30 months from the date of investment approval. Further, the company will invest Rs 5 bn for 'Northern Region System Strengthening Scheme - XXVIII' which is expected to be completed within 32 months from the investment approval date.
Auto stocks have opened the day on a firm note with Ashok Leyland, Maruti Suzuki and Tata Motors leading the pack of gainers. As per a leading financial daily, Tata Motors is planning to expand in Latin American markets by setting up an assembly facility in Mexico. For this, the company is planning to associate with a local partner which will help in building a network of suppliers. The company is likely to invest around US$ 100 m for the Mexico assembly facility. It will assemble Tata Vista, Tata Indica, Tata Manza, Tata Aria and Nano. If the company invests upto US$ 100m and pledges to build 50,000 vehicles or above, it will get some duty exemption as per the Mexican laws.