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Indian share markets open weak
Mon, 17 Jun 09:30 am

The major Asian stock markets have opened the day on a firm note with Japan (up 1.5 %) and Hong Kong (up 1.4%) leading the pack of gainers. The Indian share markets indices have opened the day on a negative note. The sectoral indices have opened mixed with stocks in the software and healthcare space leading the gains. However, realty and banking stocks are witnessing losses.

The Sensex today is down by around 14 points (0.1%), while the NSE-Nifty is down by around 12 points (0.1%). Mid cap stocks have opened in the red while small cap stocks have opened in the green. The BSE Mid Cap index is down by 0.1% while BSE Small Cap index is up by around 0.2%. The rupee is trading at Rs 57.73 to the US dollar.

Mining stocks have opened the day on a mixed note with Ashapura Minechem Ltd and Sesa Goa Ltd leading the gains. However, MMTC Ltd and Manganese Ore India Ltd (MOIL) Ltd were witnessing selling pressure. As per a leading financial daily, Coal India Ltd is planning to acquire stakes in two Australian companies for over US$ 4 bn (around Rs 230 bn), US$ 2 bn in each. The move is likely to enable it to import 28 million tonnes (MT) of high quality thermal coal a year. The two Australian companies have an annual output of 12 MT and 16 MT respectively. The company has sent proposals in this regard to the company's foreign acquisition committee. Post the committee's clearance, the proposals will be forwarded to the board and CIL will be ready to take them over. The whole process is likely to take a minimum of three months as CIL will conduct a due diligence through its merchant bankers on the assets to make sure the return on investment is in stipulation with the government norms.

Steel stocks have opened on a mixed note with Tata Sponge and JSW Ispat leading the gains. However, Jindal Steel and Gujarat Mineral Development Corporation Ltd are leading the losses. As per a leading financial daily, Steel Authority of India Ltd (SAIL) is eyeing 140 hectare mine with 10 million tonnes of reserves in Karnataka and has initiated talks with the state government for early allocation. The iron ore from the mine will be used to feed Visvesvaraya Iron and Steel Plant (VISL) at Bhadravathi. This is likely to take care of increasing iron ore requirement post SAIL's ongoing expansion. As of now, SAIL does not have any iron ore mine in the southern state.

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