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India's Third Giant Leap

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Indian markets open firm
Fri, 27 Feb 09:30 am

The major Asian stock markets have opened the day on mixed note with Taiwan (down 0.8%) and Korea (down 0.2%), leading the losses. However, stock markets in China (up 0.6%) and Japan (up 0.06%) have opened on a positive note. The Indian markets have also opened firm. Barring FMCG sector, all the sectoral indices have opened in the green. Auto and Metal sector stocks are leading the pack of gainers.

BSE-Sensex currently trading higher by about 154 points (up 0.5%), while the NSE-Nifty is higher by about 53 points (up 0.6%). Both Midcap and small caps have also opened on a positive note. The BSE Mid Cap and BSE Small Cap are up by 0.8% each. The rupee was trading at Rs 61.93 to the dollar.

Telecom stocks have opened firm with MTNL and ITL being the leading gainers. As per a financial daily, industry body Cellular Operators Association of India (COAI), that represents GSM telecom operators like Bharti Airtel, Vodafone India and Idea Cellular have shown apprehension over the government not putting up the entire 3G spectrum on sale in next month's auction. COAI calls the government reason as 'flimsy'. Reportedly, the department of telecommunication (DoT) has chosen to ignore regulator's suggestions so far. As per the COAI's director general, Rajan S Mathews, the scarcity of airwaves, could negatively impact the industry which is already having huge debts.

Most of the stocks in engineering and power sector have opened on a firm note. As per a financial daily, the Defence Ministry has shortlisted a consortium of Tata Power's subsidiary: Tata Power-Strategic Electronics Division (SED) and Larsen & Toubro for the battlefield management project. The order value of this project in the production phase is expected to be Rs 500 bn. Reportedly, as per the requirement of the procurement procedure, both the shortlisted companies will be assigned "prototype systems" for which purpose 80% cost will be funded by the government.

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