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Metals weigh on Indian stock markets
Tue, 27 Dec 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in China (up 0.1%) are in the green while Indonesia (down 0.4%), Japan (down 0.4%) and Singapore (down 0.1%) are in the red. The Indian stock markets have opened the day on a weak note as well. Stocks in the banking and metals space are leading the losses while power and healthcare stocks are in the green.

The BSE-Sensex is trading lower by 36 points (0.2%) and the NSE-Nifty is down by around 11 points (0.2%). BSE Midcap and BSE Small cap stocks have opened on a firm note, with the BSE Mid Cap and BSE Small Cap cap indices up by 0.2% and 0.1% respectively. The rupee is trading at 52.78 to the US dollar.

Auto stocks have opened the day on a weak note with Tata Motors and Maruti Suzuki trading in the red. After some problems beings found in the starter motor of Tata Nano, Tata Motors has asked around 140,000 Nano owners to bring back their car for change. This will be the biggest ever replacement exercise in the history of Indian automobile industry Needless to say, Tata Motors will bear the cost of replacement the starter motor. Tata Motors is of the opinion that this exercise is not a recall. They are of the opinion that it is just a replacement of new and better motor with the old one. This replacement exercise will cost the company nearly Rs 1.1 bn. The company has started this from the end of October, 2011.

Energy stocks have opened the day on a firm note with Coal India and Reliance Industries Limited (RIL) in the green. Oil Ministry's technical arm and Oil and Natural Gas Corporation Ltd. (ONGC) have finally granted a go-ahead to Cairn India for starting the production at Bhagyam oilfield. This oil field is the 2nd largest oil find in the oil rich Rajasthan block. Cairn now a part of Vedanta group will begin oil production. It is expected that it will produce 20,000 to 25,000 barrels of oil per day. Within a month time, it should reach to the peak production of 40,000 barrels per day. ONGC holds 30% stake in this Rajasthan block.

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1 Responses to "Metals weigh on Indian stock markets"

Avantika Agrawal

Dec 27, 2011

A friend told me that the Nano has a starter motor problem and the company is recalling the cars for replacing them. I never had any problem with my Nano and I know quite a few people driving this wondercar, nobody complained either. I had to dig deep to find out the truth, for if my first car has a problem it needs to be fixed, and I landed up googling for the official statement. Guys, they are doing a free upgrade of a perfectly good working starter motor of the older Nano to the one in the Nano 2012 so that we can have a performance boost. Love you Tata for caring so much about your customers!

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