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India's Third Giant Leap

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Indian markets open firm
Tue, 22 Sep 09:30 am

The major Asian equity markets have opened the day in green. Stock markets in Hong Kong and China are up by 0.7%. Even, the most of the indices in the European markets ended their previous session in green. While, the benchmark indices in US ended their previous session marginally up by 0.04%. The rupee is trading at 65.67 per US dollar.

Indian stock markets have opened the day on an encouraging note too. BSE Sensex is trading up by 120 points (up 0.5%) and NSE-Nifty is trading up by 30 points (up 0.4%). Both BSE Mid Cap and BSE Small Cap have moved upwards. Both the indices are trading up by 0.6% and 0.7% respectively. Sectoral indices have opened the day on a positive note with stocks from banking, information technology (IT) sector are witnessing maximum buying interest.

As per an article in Livemint, National Thermal Power Company (NTPC) plans to raise Rs 7bn by selling tax free bonds. These funds will be utilized for its renewable energy project. Of the total issue, 40% is reserved for the retail sector. The raised amount will help the company to cut the cost of its renewable energy. The earlier private placement of Rs 3bn was oversubscribed by 7.25 times. NTPC also plans to raise $ 500m each from its first global rupee bond and green bonds that it plans to sell soon. The move comes at a time when the company is trying to reduce electricity tariff to improve power off-take from its projects. The stock of NTPC is trading up by 0.2%.

As per an article in Livemint, Hero MotoCorp plans to roll out new motorcycles with indigenously developed engines and platforms. The company has developed three engines and platforms in the range of 110-150cc. Currently, the motorcycles have engines manufactured by Honda. The indigenously developed engines will be used in some of its top selling models such as Splendor, Passion and Glamour. The engines have been developed under the supervision of Markus Feichtner, former head of Austrian engine maker AVL's India Technology Centre who joined Hero late last year as its vice-president for research and development (R&D). The stock of Hero MotoCorp is trading up by 0.9%.

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