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Indian share markets open weak
Tue, 10 Dec 09:30 am

Asian stock markets have opened the day on a mixed note with South Korea (down 0.4%) and Singapore (down 0.3%) leading the losses. However, markets in Indonesia (up 1.2%) and China (up 0.2%) are trading firm. The Indian share markets indices have opened the day on a negative note. Stocks in the power, banking and capital goods space are leading the losses. However, information technology and consumer durables stocks are trading firm.

The Sensex today is down by around 73 points (0.3%), while the NSE-Nifty is down by around 21 point (0.3%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.04% and 0.1% respectively. The rupee is currently trading at Rs 61.13 to the US dollar.

Mining stocks have opened the day on a mixed note with Ashapura Minechem and Gujarat NRE Coke leading the losses. However, Hindustan Zinc and Sesa Sterlite are trading firm. As per a leading financial daily, state-run coal mining giant Coal India Ltd (CIL) is planning to invest Rs 76 bn to develop Kusmunda mine to a production capacity of about 50 million tonnes per annum. The Kusmunda mine is part of CIL's subsidiary South Eastern Coalfields Ltd (SECL). Currently, the mine has an annual production capacity of 15 million tonnes. If the company manages to expand the capacity to 50 million tonnes, it will not only make it the largest mine in India but also one of the largest mines in the world. The expansion plan includes ramping up railway capacity for evacuating this coal. The company plans to achieve the production capacity of 50 million tonne through existing techniques of shove-dumper mix and in-pit conveyors, which will transport the coal from the mine to the stockyard.

Auto stocks have opened the day on a firm note with Eicher Motors, Escorts and Bajaj Auto leading the gains. As per a leading financial daily, Mahindra Two Wheelers Ltd- the scooter and motorcycle making arm of Mahindra and Mahindra Ltd, is planning to augment its production owing to growing demand for its Centuro model as well as to support the upcoming 6-8 vehicle launches over the next couple of years. Mahindra is planning to increase its capacity to 1,700-1,800 vehicles per day by the end of financial year 2013-14 (FY14). It is noteworthy that the company has already managed to increase its capacity to 1,200 units per day from 500-600 units per day when it had started. The company is open for tie-up for brand and technology.

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