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Indian share markets open in the green
Thu, 16 Jan 09:30 am

The major Asian stock markets have opened the day mainly in the green with stock markets in Japan (up 0.4%) and Taiwan (up 0.4%) leading the gains. The Indian share market indices have opened the day on a firm note as well. Barring FMCG (down 0.3%), the sectoral indices have opened mainly in the green with the stocks in the capital goods and metal space leading the gains.

The Sensex today is up by around 33 points (0.2%), while the NSE-Nifty is up by around 14 points (0.2%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.5% respectively. The rupee is currently trading at Rs 61.59 to the US dollar.

Engineering stocks have opened the day mainly in the green with KSB Pumps and Elgi Equipments Ltd leading the gains. As per a leading financial daily, India's biggest construction and engineering group Larsen & Toubro Ltd is in talks with potential investors for a stake sale in its container terminal in Tamil Nadu. The move is prompted by slow off-take of the port business. L&T holds 97% stake in Kattupalli International Container Terminal that has been developed jointly with state government entity TIDCO. While it became operational last year, the project is finding it tough to attract traffic due to slow off take in the port business and because of excess capacity in South India. The conglomerate is looking at an enterprise value of Rs 23 - Rs 25 bn. However, with around Rs 15 bn of debt, the equity valuation of the port would be Rs 8 bn to Rs 10 bn.

Auto stocks have opened the day on a mixed note with Force Motors Ltd and Hero Motocorp Ltd leading the gains. However, Mahindra & Mahindra and Tata Motors were leading the losses. As per a leading financial daily, Tata Motors Ltd's global vehicle sales, including Jaguar Land Rover, declined by 19.95 % year on year to 79,220 units in December 2013. The company had sold 98,968 units in the corresponding period of 2012. Global sales of all passenger vehicles stood at around 49,721 units in December 2013, up 5.6% YoY. Further, the sales of luxury brand Jaguar Land Rover increased by 24.7% YoY to 40,244 units in December 2013.

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