The major Asian stock markets have opened on a firm note with stock markets in Hong Kong (up 1.0%) and Korea (up 0.7%) leading the gains.
The Indian share markets have opened the day on a positive note. All sectoral indices have opened in the green with metal and realty sector leading the gains.
The Sensex today is up by around 200 points (0.8%), while the NSE-Nifty is up by around 56 points (0.7%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.9% and 0.8% respectively. The rupee is currently trading at Rs 60.02 to the US dollar.
Engineering stocks have opened the day mainly in the green with Shanthi Gears Ltd and Sanghvi Movers Ltd leading the gains. As per a leading financial daily, the power and distribution business of Larsen & Toubro Ltd (L&T) has won a contract worth Rs 24.4 bn from state-owned Bharat Sanchar Nigam Ltd (BSNL) for telecom works across the country. The network will be deployed with optic technology which will form the backbone optical highway infrastructure and serve as a communication media for the defence sector. In a separate news, L&T is understood to have deferred its plans to list its business trust on the Singapore Stock Exchange indefinitely. The reason is disagreement on valuation. The company was planning to raise around $700-800 m through this listing.
Investment and Finance stocks have opened the day mainly in the green with Prime Securities Ltd and IIFL Holdings Ltd leading the gains. However, Sundaram Finance Ltd and Cholamandalam Investment & Finance Company Ltd were facing maximum selling pressure. As per a leading financial daily, Power Finance Corporation Ltd has received shareholders' approval for raising up to Rs 440 bn through issue of securities in FY 15. Through a postal ballot, shareholders have also authorised the PFC board to mortgage or create charge on assets of the company for securing loan. The company had sought approval to raise funds through private placement of non-convertible debentures.
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