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Indian share markets up on Asian cues
Tue, 3 Jul 09:30 am

All major Asian stock markets have opened the day on a firm note with stock markets in Hong Kong (up 1.6%) and Indonesia (up 0.9%) leading the gains in the region. The Indian share market indices have also opened the day on a firm note. Stocks in the consumer durables, banking and realty space are leading the pack of gainers.

The Sensex today is up by around 108 points (0.6%), while the NSE-Nifty is up by around 32 points (0.6%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.7% each. The rupee is trading at Rs 55.20 to the US dollar.

Public sector bank stocks have opened the day on a firm note with IDBI Bank and United Bank of India leading the pack of gainers. Public sector lender Punjab National Bank (PNB) has revised its deposit rates downwards on Foreign Currency Non-Resident (FCNR) accounts with maturity of 2-5 years. As per the bank's statement, the existing rates of FCNR (B) scheme have been reviewed according to the directive given by the Reserve Bank of India (RBI). The rates have been revised with effect from July 1, 2012. In dollar terms, the rates have been lowered to 2.55% from 2.63% for deposits of maturity of two years and less than three years. For deposits of maturity of three years and less than four years, the rates have been revised from 3.71% to 3.63%. For maturity of four years and less than five years, the rates have been cut to 3.78% from 3.87%. For deposits maturing in five years, the interest rates have been lowered to 3.97% from 4.04%. However, the interest rate for maturity of deposits for one year and less than two years has been kept unchanged at 3.07 %.

Textile stocks have opened the day on a mixed note with Arvind Ltd and Century Textiles trading firmly in the green. However, Page Industries and Grasim Industries are facing selling pressure. Textile firm Arvind Ltd has said that workers at its Naroda plant in Ahmedabad have called of their strike which went on for more than three weeks. The strike has been called off unconditionally and work has been resumed from the third shift on June 29, 2012. The strike had commenced on June 4, 2012 when about 200 workers of the Naroda denim plant refused to work. On June 17, about 550 workers of Ankur Textiles, a division of the company, also joined the strike. This affected operations at the company's facility to a certain extent. It must be noted that the Naroda plant employs about 3,400 employees.

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