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Indian share markets open weak
Wed, 24 Jul 09:30 am

Major Asian stock markets have opened the day on a weak note with China (down 1.3%) and Japan (down 0.32%) trading in the red. Following the indirect hike in CRR rates by the Reserve Bank of India, the Indian share markets indices have also opened the day on a weak note with stocks in the realty and banking space leading the losses. However, oil and gas and information technology stocks are trading firm.

The Sensex today is down by around 63 points (0.3%), while the NSE-Nifty is down by around 34 points (0.6%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.5% and 0.04% respectively. The rupee is trading at Rs 59.63 to the US dollar.

Power stocks have opened the day on a mixed note with JSW Energy and Indiabulls Power leading the gains. However, PTC India Ltd and Torrent Power are trading weak. As per a leading financial daily, India's largest power producer National Thermal Power Corporation (NTPC) is planning to invest Rs 89 bn to develop its own mines and thereby bring down the share of imported coal in its total consumption to 10%. Currently, imported coal forms about 21% of the state-run firm's total coal consumption. With the new investments, NTPC will be able to meet nearly 17% of its coal requirement from its own mines by 2017. Its coal imports will drop from 24 million tonnes this year to 13 million tonnes by 2017. This will also lower the company's dependence on its largest fuel supplier Coal India Ltd (CIL) from 81.7% to 72% by 2017. As per NTPC Chairman, the company has so far spent about Rs 14 bn in developing 6 mines that have been allotted to it. The balance Rs 7,500 will be spent over the next four years.

Finance stocks have opened the day on a weak note with IDFC Ltd and Mahindra Finance leading the losses. Shriram Transport Finance Company (STFC) has announced its consolidated financial results for the first quarter of financial year 2013-14 (FY14). The company reported total income from operations of Rs 20,032.5 m, higher by 25.2% year-on-year (YoY). Operating profits increased by 26.3% YoY to Rs 14,667.7 m. Finance costs increased by 43.7% YoY to Rs 9,368.3 m. At the bottomline level, net profits increased by 7.1% YoY to Rs 3,662.7 m. Net profit margins declined from 21.4% in 1QFY13 to 18.3% in 1QFY14.

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