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After witnessing volatility for the entire day, the Indian stock markets ended the day on a negative note. BSE Sensex closed down by 174 points (0.7%), while Nifty closed lower by about 44 points (0.6%). BSE Mid Cap closed lower by 0.3%, while BSE Small Cap index ended its session 0.4% lower. Sectoral indices ended on a discouraging note with FMCG, metal and capital goods stocks bearing most of the brunt.
Asian markets finished mixed today with shares in China leading the gains. However, Japan's Nikkei 225 was off 1% and Hong Kong's Hang Seng ended lower by 0.99%. European markets are trading sharply lower today with shares in Germany off the most. The DAX is down 0.9%, while France's CAC 40 is off 0.86% and London's FTSE 100 is trading lower by 0.85%. The rupee was trading at 66.81 against the US$ in the afternoon session.
As per an article in Economic Times, India's coal imports fell by 15% to 132.3 million tonnes (MT) in the first nine months of the current fiscal as against 155.4 MT a year ago. Going by value terms, the decline was worth nearly Rs 180 billion.
The fall in imports was attributed to record production by state-owned <>Coal India Limited (CIL). During April-December, the company managed to achieve a 9% growth in its production as against the corresponding period last year. To remember, the government has set one billion tonnes production goal for Coal India by 2020.
The fall in coal imports comes as a greater relief for India as it has been one of the biggest coal importers in the past. One of our articles from The 5 Minute WrapUp has explained the reasons for this. You can read it here (subscription required). Going ahead, there are hopes that coal imports will keep on falling with an increase in domestic output. As Piyush Goyal, Power and Coal Minister, states that India will not need to import dry fuel by 2017, except to meet requirements of power plants located near coastal areas.
Eicher Motors reported its sales figures for the month of December 2015. The overall sales for the month showed a robust growth of 41% YoY to 40,453 units. Sales of two-wheelers with engine capacity upto 350cc surged 49% to 37,475 units in December 2015. Whereas, sales of two-wheelers with engine capacity exceeding 350cc were lower by 16% at 2,978 units.
Earlier, company had reported the sales figures of its subsidiary 'VE Commercial Vehicles Ltd' which is a joint venture between 'Volvo Group' and 'Eicher Motors'. The subsidiary reported a sales volume growth of 44% to 5068 units on a YoY basis. Scrip of Eicher Motors ended the day up by 2.2%.
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