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Indian stock markets open firm
Mon, 28 Nov 09:30 am

After a week of heavy losses, the Asian stock markets have opened this week in the green with stock markets in Japan (up 1.8%), South Korea (up 1.7%) and Hong Kong (up 1.7%) leading the gains. The Indian stock market have also opened the day on a firm note. Stocks in the metal and realty space are leading the gains.

The BSE-Sensex is trading higher by 271 points (1.7%), while the NSE-Nifty is up by around 83 points (1.8%). BSE Mid cap and BSE Small cap stocks are also trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 1.2% and 1.1% respectively. The rupee is trading at 52.12 to the US dollar.

Aluminium stocks have opened the day on a firm note with National Aluminium Company (NALCO) and Hindalco Industries trading firmly in the green. As per a leading financial daily, state-owned aluminium producer NALCO is expecting a three-fold jump in alumina exports to about 2.7 million tonnes per annum (mtpa) by the financial year 2014-15. To facilitate the same, the company is planning to overhaul its port handling facility at Visakhapatnam which currently has an alumina handling capacity of 1 mtpa. The company has already invited expression of interest (EOI) from reputed global players by January 15, 2012, for replacement of ship loader. After installation, the new system will not only be able to handle higher capacity but will also improve the dust mitigation measures. This will help in meeting the emission norms set by Andhra Pradesh Pollution Control Board (APPCB).

Oil & gas stocks have opened the day on a firm note with Essar Oil, GAIL India, Reliance Industries and Cairn India leading the gains. In the recent past, Oil and Natural Gas Corporation (ONGC) has failed in its CBM (coal-bed methane) development. To mitigate the problems, ONGC is planning to sell out equity interests in its four CBM assets. These assets are located in West Bengal and Jharkhand. ONGC has received proposals from more than 4 players in the private sector. It is also said that Australia-based Dart Energy, Great Eastern Energy Corporation (GEECL) and Essar Oil have a good track record of developing CBM assets. The company also confirmed that they have received preliminary proposals to acquire equity stake in these 4 CBM assets.

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