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Indian share markets open firm
Mon, 29 Oct 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (down 0.3%) and Singapore (down 0.3%) leading the losses in the region. However, markets in South Korea (up 0.2%) and Malaysia (up 0.2%) are trading firm. The Indian share market indices have opened the day on a positive note. Barring consumer durables, all sectoral indices have opened in the green led by stocks in the oil and gas and auto space.

The Sensex today is up by around 70 points (0.4%), while the NSE-Nifty is up by around 24 points (0.4%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.5% respectively. The rupee is trading at Rs 53.82 to the US dollar.

Energy stocks have opened the day on a mixed note with Reliance Industries Ltd and Essar Oil leading the gains. However, Chennai Petroleum Corporation Ltd (CPCL) and Petronet LNG are facing selling pressure. As per a leading financial daily, Gas Authority of India Ltd (GAIL) is planning to buy a stake in Reliance Gas Transportation Infrastructure Ltd (RGTIL). RGTIL, originally a subsidiary of RIL, operates the East-West pipeline that expands from Andhra Pradesh to Gujarat. GAIL is also examining recent order of the Petroleum & Natural Gas Regulatory Board (PNGRB) that recently cancelled RGTIL's license to build and operate four other pipelines because of inordinate delays. As per GAIL's management, the company will take the decision only after proper due diligence. Earlier in May 2012, several companies including GAIL and Oil India Ltd had expressed interest to buy stake in RGTIL. As per an industry official, GAIL wants a controlling stake in RGTIL which is not acceptable to its current promoters. GAIL's management has not yet disclosed the details of negotiations with RGTIL.

Investment and Finance stocks have opened the day on a mixed note with Sundaram Finance Ltd and India Infoline Ltd leading the gains. However, CRISIL and Geojit BNP Paribas are facing selling pressure. Infrastructure Development Finance Company Ltd (IDFC) has announced its results for the second quarter of the financial year 2012-13 (2QFY13). The company has reported a growth of 18.8% on a year on year basis in the total income during the quarter. The net interest income of the company witnessed a growth of 31% YoY for the quarter. However, its net profits declined by 9.3% YoY. IDFC's gross nonperforming assets declined to 0.28% during the quarter from 0.3% in the previous quarter (1QFY13). The net non performing assets (NPAs) also slipped to 21.5% versus 21.8% for 1QFY13.

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Feb 20, 2018 (Close)