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Indian equity indices open firm
Thu, 7 Jun 09:30 am

Barring Singapore (down 0.02%), all Asian stock markets have opened the day on a firm note with stock markets in Hong Kong (up 1.4%) and South Korea (up 2.7%) leading the gains in the region. The Indian equity markets have also opened the day on a positive note. All sectoral indices have opened in green with stocks in the banking and metal sector leading the pack of gainers.

The Sensex today is up by around 133 points (0.8%), while the NSE-Nifty is up by around 34 points (0.7%). 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% respectively. The rupee is trading at Rs 55.19 to the US dollar.

Energy stocks have opened the day mainly in green with Essar Oil and Mangalore Refineries and Petrochemicals Ltd. (MRPL) leading the gains .As per a leading financial daily, Hindustan Petroleum Corporation (HPCL) is planning to establish 9 million tonne (MT) unit in Rajasthan post Oil and Natural Gas Commission (ONGC) deterring to do so. ONGC has 30% stake in the Barmer oilfields of Cairn India. In 2005, it had committed to build the refinery but later started delaying the project. HPCL has now shown interest in the project and has proposed to take 51% stake in the project.

In a separate news, HPCL and Bharat Petroleum Corporation Limited (BPCL) are likely to pick up 26%-49% stake in a subsidiary of Mumbai-based Swan Energy Ltd.'s LNG (Liquefied Natural Gas) terminal valued at Rs 25 bn. Swan Energy plans to hive off its LNG terminal to an SPV (Special Purpose Vehicle) before the deal.

Barring Ingersoll Rand and Shanthi Gears Engineering stocks have opened the day mainly in green with Jyoti Structure Ltd and Sanghvi Movers leading the gains. As per a leading financial daily, Larsen and Toubro Ltd.'s (L&T) Infrastructure Development Projects (L&T IDPL), a subsidiary of L&T, has emerged as a successful project bidder to develop two contiguous road projects . The subsidiary and separate Special Purpose Vehicles (SPVs) have already signed concession agreements with National Highways Authority of India (NHAI). The concession period for both the projects is of 20 years, including a construction period of 30 months. The projects will be of length 484 km 4 lane road at a cost of about Rs 48 bn. The projects will be built by L&T's construction are as EPC contractors.

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