Indian stock markets up on global cues

Fri, 18 Oct 09:30 am

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Barring Japan (down 0.1%) and Indonesia (down 0.2%), the major Asian stock markets have opened the day in the green with China (up 0.7%) and Hong Kong(up 0.6%) leading the gains. The Indian stock markets have opened the day on a firm note. All sectoral indices have opened in the green with stocks in the banking and realty sector leading the gains.

The Sensex today is up by around 121 points (0.6%), while the NSE-Nifty is up by around 36 points (0.6%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap index and the BSE Mid Cap index up by around 0.6% and 0.5% respectively. The rupee is trading at Rs 61.12 to the US Dollar.

Auto stocks have opened the day mainly in the green with TVS Motors Ltd and Escorts Ltd leading the pack of gainers. However, Eicher Motors Ltd and Tube Investments Ltd are leading the losses. As per a leading financial daily, India's auto major Tata Motors Ltd will be expanding its product portfolio in South Africa. The company plans to increase sales by nearly four-fold in the combined passenger and light commercial vehicle segments by 2018. The company has described South African market as its focus area. It has recently disclosed the cross-over vehicle Tata Aria and two trucks from Tata Prima and Tata Ultra range at the Johannesburg International Motor Show, 2013. These new vehicles are likely to hit the market here early next year. Tata Motors currently has two passenger vehicle models in the country and it plans to increase the number to six passenger vehicle models in the next few months. The CEO of Associated Motor Holdings (exclusive distributor of Tata Motors' passenger vehicles and light commercial vehicles for the last 10 years) has stated that it aims to sell total of 30,000 units of passenger and light commercial vehicles (LCV) by 2018 in South Africa. Last year, the company sold a total of 6,500 passenger and LCV vehicles and this year the plan is to sell 8,000 units.

Telecom stocks have opened the day on a mixed note with Bharti Airtel Ltd d and Mahanagar Telephone Nigam Ltd (MTNL) leading the gains. However, ITI Ltd and ADC India Communications Ltd were leading the losses. As per a leading financial daily, the telecom major Bharti Airtel Ltd has increased its stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm, to 93.45 %. The cost of increasing the stake is estimated at around Rs 8.8 bn. As per the revised equity structure, Bharti Airtel holds 93.45 % and Qualcomm Asia Pacific holds 6.55 % equity in the company. Earlier, Airtel had expressed its plans to completely acquire WBSPL by 2014. It had acquired a 49% stake in WBSPL in May 2012 for US$ 165 m which was subsequently raised to 51%. WBSPL holds 4G spectrum in four areas - New Delhi, Mumbai, Haryana and Kerala that can be used by the company.