All major Asian stock markets have opened yet another day in the red with stock markets as fears of a global slowdown gripped the investors. Stock markets in Indonesia (down 2%), Hong Kong (down 1.8%), South Korea (down 1.7%) and Taiwan (down 1.7%) are leading the losses. The Indian stock market have also opened the day on a weak note. Stocks in the metal and power space are the biggest losers.
is trading lower by 147 points (0.9%), while the NSE-Nifty is down by around 47 points (1%). BSE Midcap and BSE Small cap stocks are trading in the red as well, with the BSE Mid Cap and BSE Small Cap indices down by 1.1% and 0.8% respectively. The rupee has sunk further and is trading at 54.12 to the US dollar.
Engineering stocks have opened the day on a weak note with Larsen & Toubro (L&T), Suzlon Energy and Punj Lloyd trading in the red. Engineering company Siemens Ltd has announced that it will venture into engineering, construction and procurement (EPC) business for solar photovoltaic plants in India. So far, Siemens has already executed 160 MW (Mega Watts) solar projects across the world. In addition, it has also supplied equipment for more than 1,200 solar projects. The company considers the Indian market significant as it is one of the fastest growing renewable energy markets in the world. India has plans to build an initial capacity of 1 GW (Giga Watts) of solar power by 2013. This capacity can power about 1 million homes. There are plans to add 3-10 GW by 2017, and an aim to reach 20 GW by 2022. India has so far commissioned solar projects with capacity of about 186 MW, of which 40 MW worth of off-grid projects were commissioned in 2011.
Oil & gas stocks have also opened the day on a mixed note with Cairn India, Essar Oil and Gas Authority of India Ltd (GAIL) leading the losses. However, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation (IOC) are trading in the green. State-owned firm IOC is deliberating with Dhamra Port Co Ltd for setting up a 5 million tonne per annum LNG (liquefied natural gas) terminal in Orissa. This facility will be used to meet the demand in Orissa and West Bengal. Dhamra Port Co Ltd is a 50-50 joint venture between L&T and Tata Steel. It has been awarded a concession by Government of Orissa to build and operate the port. The port at Dhamra will be one of the deepest ports of India with a depth of 18 meters. As per IOC's management, the LNG import and regassificiation facility at Dhamra port will be in addition to the Rs 43.2 bn terminal that the company is planning to set up at Ennore in Tamil Nadu.