Tuesday April 3, 10:30 AM
Into the positive... |
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By Equitymaster.com
After yesterday's carnage on the bourses, the markets have opened today's proceedings on a positive note. Only 10 stocks on the Nifty are trading in the red indicating optimism among investors. Buying is being witnessed across index heavyweights with engineering, banking and auto stocks leading the rally.
The BSE Sensex is trading at 12,570 (up 114 points) while the NSE Nifty is trading at 3,664 (up 31 points). The rupee is trading at 43.08 to the dollar.
Tata Power (TTPW.BO, news) (TPC), India's largest private sector power company, is exploring opportunities to set up a plant in Indonesia. This would be its first power plant outside the country. Like India, Indonesia too is facing power shortage. Also, the per capita power consumption in Indonesia is lower than that in India. TPC's proposal to set up a power plant in Indonesia is also favoured by its coal mine partners, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia who have offered to supply coal to the proposed plant. TPC had picked up a 30% stake in these two coal companies and a trading company for US$ 1.3 bn. The company is also eyeing the regions of West Asia, South East Asia and Africa. This would help the company venture into newer regions and increase its global presence. The stock is trading 1% higher, while its peer NTPC (up 3%) is also finding favour.
In the US markets, after a volatile session, the indices ended the day marginally higher yesterday. A slowing economy paired with higher inflation led all the three benchmark indices, the Dow Jones, the S&P 500 and the tech laden NASDAQ to end the day a little above breakeven. Oil prices settled at US$ 65.9 per barrel. As regards global markets, while the Asian markets are currently trading in the green, the European markets also ended firm yesterday.
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