Asian stocks have opened the day on a flat note. While Hong Kong and Japan are trading in the green, however, China and Indonesia have opened the day on a weak note. The Thanksgiving holiday in US has kept investors' interest in Asia tepid. The Indian markets have opened the day on a positive note. Stocks from FMCG and energy sectors are the main gainers.
The BSE-Sensex is trading higher by around 30 points (0.2%), while the NSE-Nifty is up by about 33 points (0.6%). Mid and small cap stocks have opened in the positive as well, with the BSE-Midcap and BSE-Smallcap indices up by 0.1% and 0.3% respectively. The rupee is trading at 45.58 to the US dollar.
Telecom stocks have opened the day on a positive note. Bharti Airtel and Idea Cellular are trading in the green. However, Reliance Communications is trading in the red. The much awaited mobile number portability (MNP) was finally launched in the country yesterday. MNP will allow mobile users to switch between operators without changing their mobile numbers. The services were launched by the Telecom Minister, Mr. Kapil Sibal. Initially these services are available only in the Haryana circle. The rest of the country would get to use it from January 20 next year. MNP was proposed in 2008 and was initially scheduled to be launched in 2009. However its implementation was delayed several times due to lack of preparedness of the PSU operator BSNL as well as due to delays in appointment of an appropriate porting agency.
Power Grid Corporation has announced its expansion plans for the coming years. The company plans to add 40,000 MW of capacity in the next two years. Of the total amount of Rs 74 bn raised by Power Grid through its FPO, half of the amount would go to the government and the balance would be utilized by the company. Part of this amount would be spent for completing the 11th Plan project and the balance would be spent on the 12th plan project. The company expects its revenues to grow by 25-30% over the next two years on the back of 5-6% growth in the completion schedule over this time period. The company's shares offered during the follow-on offering listed on the stock exchange yesterday. The stock is currently facing selling pressure. Other power stocks that are trading in the red are Tata Power and Reliance Power. PSU major NTPC, on the other hand, is trading in the green.