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Major Asian stock markets have opened the day on a negative note. The stock markets in China and Japan are trading lower by 2.2% and 1.6% respectively. Major indices in Europe and US ended their previous session in red. The rupee is trading at 67.27 per US$.
Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 13 points (up 0.05%) and NSE Nifty is trading higher by 1 point (up 0.01%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.1% and 0.2% respectively. Barring, banking and information technology sector, major sectoral indices have opened the day in green. The stocks from oil & gas and automobile sectors are witnessing maximum buying interest.
As per an article in leading financial daily, Tata Motors tied up with Bharat Forge Ltd and US based General Dynamics Land Systems Inc for manufacturing Futuristic Infantry Combat Vehicle (FICV). FICV is an armored battle vehicle which can fire anti-guided missiles to ranges beyond four kilometers. General Dynamics will offer its expertise in combat vehicle platforms to the venture.
Reportedly, Tata Groups revenue from aerospace and defence for FY15 is more than Rs 25 billion. Further, the order book size for the group in this sector is in excess of Rs 100 billion. The joint venture will help the 'Make in India' vision for the first completely indigenized combat vehicle.
In another news update, ministry of renewable and new energy has offered interest rate rebate and flexibility in the timing of tax payments for small wind power producers. The said offer is given to those producers who will be upgrading their existing plants. Reportedly, the move is in line with the Narendra Modi government's idea of stepping up power capacity by revamping existing projects rather than going for new ones, for which acquiring land and getting green clearances may be time-consuming.
Currently, the power producers that are generating less than one megawatt (MW) of wind power will get an interest rebate of 0.25% from the Indian Renewable Energy Development Agency Ltd. Further, producers will also get the benefit of accelerated depreciation. Beneath accelerate depreciation, 100% of the cost of the plant or machinery can be recognized in one year. The initiative is line with government's commitment to use the renewable sources to generate at least 40% of its power needs by 2030.
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