Indian share markets open firm

Tue, 7 Jan 09:30 am

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Barring Japan (down 0.5%) and Indonesia (down 0.3%), major Asian stock markets have opened the day on a firm note with South Korea (up 0.5%) and Taiwan (up 0.4%) leading the gains. The Indian share markets have opened the day on a positive note. Stocks in the banking and consumer durables space are leading the gains.

The Sensex today is up by around 69 points (0.3%), while the NSE-Nifty is up by around 26 point (0.4%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.8% respectively. The rupee is currently trading at Rs 62.31 to the US dollar.

Engineering stocks have opened the day on a firm note with Emco Ltd, Shanthi Gears and Everest Kanto Cylinder leading the gains. As per a leading financial daily, engineering giant Larsen & Toubro's (L&T) construction division has bagged orders worth Rs 29.6 bn across various business segments. In a filing with the BSE, the company has reported that the the Buildings and Factories Business has bagged new orders worth about Rs 15.6 bn. The contracts include a large turnkey order from an information technology major for construction of two technology centres in Bangalore and a turnkey order for infrastructure development of three government medical colleges in Cuttack, Sambalpur and Behrampur in Odisha. In addition, Cochin International Airport has awarded an order to build the new international terminal complex building in Kochi with the capacity to handle 10 million passengers annually. L&T's Water & Renewable Energy Business has won new orders worth Rs 7.3 bn. This includes contracts for a combined water supply scheme to 1,891 habitations in Pudukkottai and Sivagangai districts in Tamil Nadu from Tamil Nadu Water Supply & Drainage Board. The Power Transmission & Distribution Business has also received new orders worth Rs 2.6 bn. Besides, the company has also received additional orders worth Rs 4.2 bn from various ongoing projects in Metallurgical & Material Handling, Heavy Civil and Transportation Infrastructure Businesses of L&T construction.

Auto stocks have opened the day on a firm note with Maruti Suzuki, Escorts and Mahindra & Mahindra (M&M) leading the gains. As per a leading financial daily, India's second largest commercial vehicle maker Ashok Leyland is planning to launch up to 18 different types of trucks for different applications in 2014 under its new brand for commercial vehicles- Captain. The Hinduja Group flagship firm has invested about Rs 6-7 bn in the development of the new range of medium and heavy commercial vehicles under the Captain range. The Captain series will be available in 16-49 tonnes in various types such as tippers, tractors and haulage vehicles. Apart from marketing it in the domestic market, the company plans to export the Captain range of trucks to Middle East, Latin America, Africa and South East Asian countries as completely built units.