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Indian markets open firm
Wed, 17 Jun 09:30 am

Asian stock markets have started today's trading session on a mixed note with markets in Japan (down 0.4%) and China (down 1.3%) leading the losses while markets in Hong Kong (up 0.3%) and Singapore (up 1.2%) were witnessing gains. US and European stock markets also closed their session on a positive note. The rupee is trading at 64.19 per US dollar.

Indian markets have opened the day on a firm note. BSE-Sensex surged 86 points (up 0.3%) while NSE-Nifty was up by 16 points (up 0.2%). S&P BSE Midcap and S&P BSE Smallcap indices also opened in the green, up 0.3% and 0.5% respectively . Sectoral indices are trading mixed with stocks in steel and pharma witnessing maximum buying interest. However, stocks in oil and gas and power sector were leading the losses.

Automobile stocks have opened the day on a mixed note. As per a leading financial daily, Mahindra & Mahindra has bagged a deal with the Airbus for manufacturing and supply of aerospace components. The contract has been awarded to Mahindra group subsidiary, Mahindra Aerospace. This multi-year contract will envisage the manufacture and supply by Mahindra of a variety of metallic components that will be fitted into several Airbus aircraft programs. These components under the contract which will be in excess of a million parts per annum will be produced at the new Mahindra Aerostructures facility located at Narsapura near Bengaluru, India.

As per a leading financial daily, country's largest FMCG company Hindustan Unilever Ltd has witnessed that its royalty and technical fees has almost doubled in three years as research and development expenditure fell 14%. The company has been counting on its parent for technical knowhow, expertise and even trademarks as per an admission it makes in its latest annual report. The company's board had approved a royalty of 3.15% of turnover effective from February 2013 to its parent. This was a significant jump over the 1.3% of sales that the firm paid as royalty fees till then. Stock of Hindustan Unilever has opened the day on a positive note.

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