Asian stock markets have opened the day on a firm note. Stock markets in Japan (up 1.5%), Hong Kong (up 1.3%) and Singapore (up 0.8%) are in the green. The Indian stock markets have opened the day on a firm note. Stocks in the Realty and Metals space are leading the gains.
The BSE-Sensex is trading up by 119 points (0.7%) while the NSE-Nifty is up by around 40 points (0.8%). Mid cap and small cap stocks are trading in the green, with the BSE Mid cap and BSE Small cap indices up by 0.8% and 0.7% respectively. The rupee is trading at Rs 51.13 to the US dollar.
Mining Stocks have opened the day on a firm note with Manganese Ore India Ltd and Sterlite in the green. The Children's Investment Fund (CIF) Management, United Kingdom has blamed the management of Coal India for harming the public sector undertaking (PSU) and thereby affecting the shareholders return. CIF, the hedge fund, is a minority shareholder in Coal India and has written to the company's management indicating that the management is not performing their duty adequately. The Coal India management responded by saying that these comments does not merit comments. CIF management further said that the management lacked necessary leadership and demanded the board should be changed. They further alleged that the government had sold their shares in Coal India IPO in 2010 on misrepresentation of facts. In spite of price of Coal being deregulated according to the law in Supreme Court rulings, government plays an active role in determining the coal prices.
Cement stocks have opened the day on a firm note with Grasim and ACC in the green. Grasim Industries which has interest in cement to yarn business seems to be at inflexion point with major expansion plans in all the businesses that are planned in the next two years. For the same reason the company has opened the post of Managing Director for the first time in the last 65 years. Mr K.K. Maheshwari who has been associated with Grasim for last 30 years is the obvious choice for the post as he has handled leadership positions in many divisions within the Aditya Birla group. The reason for opening a post of Managing Director within Grasim is to manage the growth plans in each vertical. The new target for each of the company's division is to be among the top two in the respective categories.