Asian stock markets have opened the day on a mixed note with Japan (down 2.1%) and Indonesia (down 0.7%) leading the losses. However, markets in China (up 1.3%) and Taiwan (up 0.4%) are trading firm. The Indian share market indices have opened the day on a negative note. Stocks in the banking and capital goods space are leading the losses. However, information technology and metal stocks are trading firm.
The Sensex today is down by around 33 points (0.2%), while the NSE-Nifty is down by around 9 point (0.2%). However, mid and small cap stocks are 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 62.37 to the US dollar.
Auto stocks have opened the day on a weak note with Maharashtra Scooters, Maruti Suzuki and Ashok Leyland leading the losses. As per a leading financial daily, India's largest two-wheeler manufacturer Hero MotoCorp has announced a joint venture with Milan-based Magneti Marelli for manufacturing next generation fuel injection systems. The JV firm is named HMC-MM Auto Ltd. Hero and Magneti Marelli will together make an equity investment of US$ 8.5 million in the ratio of 60:40 in the JV firm in the next three years and around US$ 27 million over the next ten years. The JV firm is expected to commence manufacturing by the end of 2014 and is aiming at a turnover of US$ 200 million in the next ten years.
Telecom stocks have opened the day on a firm note with Bharti Airtel and Reliance Communications leading the gains. As per a leading financial daily, Aditya Birla Group firm Idea Cellular has been awarded a grant of US$ 1 million by the US Trade and Development Agency (USTDA) for funding a green telecom pilot project in India. The project involves deployment of Solar Hybrid Methanol-Based Fuel Cell (SHMBFC) at telecom sites in India. The telecom service provider will be supported by ICF International (Fairfax, VA), which will undertake a feasibility study. The pilot project will assess the technical, economic and financial feasibility of deploying fuel cells that provide uninterrupted power to off grid telecom towers at five sites belonging to Idea Cellular. The project aims to assist Idea Cellular's endeavour to replace stationary diesel engines with SHMBFC technology at five telecom tower sites using 2.5 and 5.0 kilowatt fuel cell units.