Indian Indices Open Firm

Fri, 16 Sep 09:30 am

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Major Asian stock markets have opened the day on a positive note with the stock markets in Indonesia and Singapore are trading higher by 0.6% and 0.9% respectively. Benchmark indices in Europe and the US ended their previous session in green with benchmarks indices in US ending the day higher by 1%. The rupee is trading at 66.02 per US$.

Indian stock markets have opened the day on a strong note. The BSE Sensex is trading higher by 248 points (up 0.8%) and the NSE Nifty is trading higher by 54 points (up 0.6%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 1% and 0.9% respectively.

Major sectoral indices have opened the day on a positive note. Stocks from automobile and banking sector are witnessing maximum buying interest.

As per an article in Livemint, Oil and Natural Gas Corporation (ONGC) has signed a definitive agreement with Russia's national oil company Rosneft to acquire an additional 11% stake in its unit named JSC Vankorneft.

JSC Vankorneft accounts for 4% of Russia's entire production of oil. The acquisition will give ONGC the access to these oil wells which in-turn would help India in terms of our energy security. Additionally, this would also help to keep a check on our current account deficit and act as a hedge against a spurt in the oil prices.

Reportedly, the acquisition of 11% stake would have cost the company somewhere around US$ 924 million. However, there has been no official disclosure of this amount as yet.

ONGC had already bought in 15% of the stake in this unit in May this year at a valuation of US$ 1.26 billion. The stock of ONGC is trading higher by 1.5%.

In another news update, <>State Bank of India (SBI) raised US$ 300 million by selling perpetual bonds overseas. The proceeds fell short of the initial target size of US$ 500 million.

These funds were raised at an interest rate of 5.5% with a five year call option that allows the bank to withdraw the issue after the stipulated period.

The investors though were expecting higher yields, which the bank declined to oblige after comparing them with domestic borrowing costs. This was the prime reason behind not meeting the target size issue of US$ 500 million. Though, the bond sales has set a benchmark as the rates were quite competitive. The stock of SBI is trading higher by 1.4%.

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