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Indian stock markets open firm
Tue, 28 Oct 09:30 am

The major Asian stock markets have opened the day on a mixed note with the markets in Hong Kong (up 0.6%), and Taiwan (up 1.4%) leading the gains. However, the markets in Japan (down 0.8%) and Singapore (down 0.6%) were trading weak. The Indian stock markets have opened the day in the green. The sectoral indices are trading mixed with stocks in the capital goods and banking sector leading the gains. However, stocks in the metal and software segment have opened on a weak note.

The Sensex today is up by around 64 points (0.2%), while the NSE-Nifty is up by about 17 points (0.2%). The mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% and 0.2% respectively. The rupee is currently trading at Rs 61.34 to the US dollar.

Stocks in the consumer products segment have opened on a mixed note with Archies Ltd and Gillette India Ltd leading the gains. However, Lakshmi Energy and Kokuyo Camlin were leading the losses. The FMCG major Hindustan Unilever Ltd (HUL) has announced results for the quarter ending September 2014 (2QFY15). The domestic revenues for the quarter grew by 10% YoY. The company's volume growth for the quarter stood at 5% YoY. Segmentwise, the personal care business grew by 9.9% YoY, while its largest segment- soaps and detergents grew by 11% YoY. Sales of beverages segment grew 7.5% YoY while packaged foods business grew 13.4% YoY. The company has reported net profit growth of 8% on a year on year basis (YoY), supported by 3% YoY cut in advertising and promotion expenses.

Power stocks have opened on a mixed note with Torrent Power Ltd and GVK Power & Infrastructure Ltd leading the gains. However, KSK Energy and Indiabulls Power Ltd were facing selling pressure. As per a leading financial daily, Tata Power Ltd plans to expedite the work on US$ 1.8 bn thermal power station in Vietnam and finish it three years early. The company had won the contract last year to develop the coal-fired Long Phu 2 Power Project in the southern Soc Trang province of Vietnam on a build, own and transfer basis. The Vietnamese Prime Minister Nguyen Tan Dung during his visit to India has met Tata group officials and said that the 1,320 megawatt project would be completed by 2019 instead of 2022. He has promised that favorable conditions will be created for the power project.

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