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India's Third Giant Leap

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Indian markets open firm
Fri, 3 Jul 09:30 am

Asian stock markets have started today's trading session on a negative note with markets in China (down 3.25%) and Hong Kong (down 0.2%) leading the losses. US markets also closed their session in the red while European stock markets closed on a positive note. The rupee is trading at 63.36 per US dollar.

Indian markets have opened the day on a firm note. BSE-Sensex surged 152 points (up 0.5%) while NSE-Nifty is up by 37 points (up 0.4%). S&P BSE Midcap is up by 0.6% and S&P BSE Smallcap index is trading up by 0.7%. Sectoral indices are also trading firm with stocks in engineering and pharma witnessing buying interest.

Most of the stocks in the fertilizer sector have opened the day on a positive note. As per a leading financial daily, Gujarat State Fertilizers & Chemical Ltd (GSFC) will invest Rs 100 bn for setting up four new projects at Dahej. These new projects are urea, ammonia, caprolactam and MMA. The company has categorized these as greenfield projects which will be set up on 300 hectares of land that the company acquires. GSFC is also setting up a new facility for manufacturing water soluble fertilizers on the same location with an investment of Rs 4500 m and a melamine plant of 40,000 MTPA at a cost of Rs 10 bn.

Engineering stocks have opened the trading session on a mixed note. As per a leading financial daily, engineering major Larsen & Toubro (L&T) has bagged orders worth Rs 18.8 bn for power transmission and distribution in June. These orders include a major engineering, procurement and construction order from Odisha Power Transmission Corporation. Further, the company has also bagged projects in the Middle East for construction of medium voltage substations on EPC basis from a major infrastructure development company. Stock of Larsen & Toubro has opened the day in the green.

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