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Markets start the day in red
Fri, 23 Sep 09:30 am

Asian stock markets have opened yet another day with significant losses. Stock markets in South Korea (down 4.7%), Taiwan (down 3.3%) and Hong Kong (down 2.1%) are leading the pack of losers. The Indian stock market have opened the day on a weak note as well. Capital goods, metal and realty stocks are leading the losses. However, FMCG stocks are witnessing buying interest.

The BSE-Sensex is trading lower by around 143 points (0.9%), the NSE-Nifty is down by around 45 points (0.9%). BSE Midcap and BSE Small cap stocks are in the negative as well with both the BSE Mid Cap and BSE Small Cap indices down by 0.8% and 0.7% respectively. The rupee is trading at 49.64 to the US dollar.

Steel Stocks have opened the day on a weak note with Bhushan Steel and JSW Steel in the red. Global power and automation technology company, Asea Brown Boveri Ltd (ABB Ltd.) has received an order from Steel Authority of India Ltd (SAIL) in which the company will supply a high voltage sub-station package to SAIL. The order size is approx US$ 71 m and the package will be supplied to the Bhilai power plant in Chhattisgarh. This new sub-station will be used to increase the power supply required for increasing the annual production capacity. After this sub-station is ready, the production capacity will increase from 5 m to 7 m tones. As a part of this package, ABB will supply products including switchgear, transformers, cables and fire protection and detection systems. The order is expected to get completed by 2013.

Pharma Stocks have opened the day on a weak note with Glenmark Pharma and Biocon in the red. The Bombay High court today allowed one week time to pharmaceutical major, Wockhardt to arrive at solution for foreign debtors. The court has also asked the company not to link the repayment to FCCB (Foreign Currency Convertible Bonds) debtors with its recent asset sale to Danone of France. The court has asked to pay Rs 3.5 bn it owes to the FCCB holders without any further delay. The next hearing is set after a week on September 29, 2012. The group of bond holders includes the bond trustee of the Bank of New York Mellon, Sun Pharma Global and hedge fund QVT. These entities have asked for the winding up of the company as it has not repaid to the FCCB holders.

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