Barring Taiwan (down 0.2%), most major Asian stock markets have opened the day on a firm note with stock markets in Hong Kong (up 0.9%) and China (up 2.1%) leading the gains. The Indian share markets have opened the day on a negative note. The sectoral indices have opened on a mixed note with realty and oil & gas stocks leading the losses. However, banking and auto stocks are trading firm.
Fertilizer stocks have opened the day on a mixed note with Nagarjuna Fertilizers & Chemicals Ltd and Coromandel International Ltd leading the losses. However, Godavari Fertilisers and Deepak Fertilisers and Petrochemicals Corporation Ltd are trading firm. As per a leading financial daily, Tata Chemicals has moved a special resolution to seek the approval of its shareholders for raising up to Rs 10 bn from private placement of non-convertible debentures. The aim of the exercise would be to expand the long term resources for financing and for general corporate purposes. Tata Chemicals may offer or invite subscriptions for redeemable non-convertible debentures in one or more tranches. In addition, the Tata Group firm has also moved a resolution for the approval of borrowing limits to up to Rs 55 bn.
Auto stocks have opened the day mainly on a firm note with Tube Investments and TVS Motor leading the gains. As per a leading financial daily, India's leading passenger vehicle maker Maruti Suzuki is aiming to augment supply of the auto gear shift version of its latest compact hatchback Celerio in a bid to cut down the waiting period that currently stands at about four months. Celerio was launched in February 2014. Since the launch, the company has received bookings for over 57,800 units. Of these, 43% (25,000) are units with automated manual transmission (AMT) technology. It must be noted that Maruti had increased the monthly production of Celerio with AMT option to 6,500 units from about 4,500 units when it was launched.