Indian share markets open in the green

Thu, 28 Nov 09:30 am

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The major Asian stock markets have opened the day on a positive note with stock markets in Japan (up 1.2%) and China (up 1.3%) leading the gains. The Indian share market indices have opened the day on a firm note as well. All sectoral indices have opened in the green with the stocks in the banking and realty space leading the gains.

The Sensex today is up by around 140 points (0.7%), while the NSE-Nifty is up by around 46 points (0.8%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 62.30 to the US dollar.

Power stocks have opened the day mainly in the green with Indiabulls Power Ltd and PTC India Ltd leading the gains. As per a leading financial daily, Tata Power Ltd has announced that it has generated 22,738 million units (MUs) of power collectively from all its power plants in first half of the financial year 2013-14 (1HFY14). This compares to 14,029 MUs in the corresponding period of the previous year, implying a 61% year or year (YoY) increase in the generation. With the impressive growth in the generation, the company has reinforced its position as the largest integrated power company in India. The total power generation capacity of the company from various fuel sources stands at 8,521 megawatt (MW). As per the management, its subsidiaries - Coastal Gujarat Power Ltd (CGPL) and Maithon Power Ltd (MPL) have contributed significantly to the growth in generation capacity, with 11,574 MUs and 2,930 MUs respectively. The clean energy sources contribution amounted to 1,439 MUs. The company has committed to maintain a 20%-25% share of its generation mix through non- greenhouse gas (non GHG) sources. The non-GHG capacity percentage had come down from the last year because of the large capacity addition through CGPL.

Mining stocks have opened the day on a mixed note with Sesa Sterlite Ltd and NMDC Ltd leading the gains. However, Gujarat NRE Coke Ltd Manganese Ore (India) Ltd (MOIL) were facing selling pressure. The Petroleum Secretary Mr. Vivek Rae in his address at the Energy Security Conference 2013 has said that Coal India Ltd (CIL) would soon be authorized to explore coal bed methane (CBM) gas in its mines. The petroleum ministry has auctioned 30 CBM blocks while three others have been allocated on nomination basis. Mr Rae also stated that India has better prospects for CBM than shale gas and oil. Being the fourth largest coal producer in the world, India holds significant prospects for CBM exploitation. As per the Directorate General of Hydrocarbons (DGH), the country's CBM reserves have been estimated to be around 4.6 trillion cubic metres.