Barring Malaysia (up 0.3%), all major Asian stock markets have opened the day on a weak note with the markets in Japan (down 1.2%) and Hong Kong (down 1.2%) leading the losses. However, markets in China (up 0.4%) and Japan (up 0.4%) are trading firm. The Indian share markets have opened the day on a negative note. The sectoral indices are trading mixed with consumer durables and healthcare indices leading the gains. However, the IT and oil and gas indices are trading weak.
Auto sector stocks have opened the day mainly in the green with Eicher Motor and TVS Motor Company leading the gains. In a bid to turn around its struggling passenger vehicle business, India's leading vehicle maker Tata Motors has hired Mayank Pareek, a former executive of Maruti Suzuki India Ltd to head the passenger vehicle business unit. As per a leading financial daily, Pareek will take over from Ranjit Yadav on 1st October 2014. Ranjit Yadav will now head the international business for passenger and commercial vehicles. It must be noted that Pareek was chief operating officer for sales and marketing at Maruti. He resigned from the post on 26th September, 2014.
Aluminium stocks have opened the day on a weak note with Hindalco Industries and Nalco trading in the red. As per a leading financial daily, the government has cancelled approvals of nine special economic zones (SEZ) as no "satisfactory" progress was made to execute the projects. The Board of Approvals has stated that the developers have to refund the duty benefits availed by them. The developers whose SEZs were cancelled include Hindalco Industries, Essar Jamnagar SEZ Ltd, Adani Townships & Real Estate Company Ltd, Chennai Business Park, Integrated Warehousing Kandla Project Development and Gujarat Industrial Development Corporation. It must be noted that Hindalco Industries had proposed to set up an aluminium product SEZ in Orissa. The formal approval to the company was granted in July 2007. It was granted extension from time to time and the last extension granted expired on December 31, 2013.