Indian Indices Continue Momentum; Banking Sector Up 1.1%

Mon, 15 Jan 11:30 am

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Stock markets in India are presently trading on a positive note. All sectoral indices are trading on a positive note with stocks in the banking sector and metal sector witnessing maximum buying interest.

The BSE Sensex is trading up 306 points (up 0.9%) and the NSE Nifty is trading up 80 points (up 0.8%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 63.41 to the US dollar.

Market participants are tracking IDFC Bank share price and Capital First share price. The two companies have announced their merger to form a combined entity.

The boards of directors of IDFC Bank and Capital First at their respective meetings approved a merger of Capital First with IDFC Bank. As per the agreement, IDFC Bank will issue 139 shares for every 10 shares of Capital First. V Vaidyanathan, currently the Chairman and MD of Capital First, will succeed Rajiv Lall as MD and CEO of the combined entity.

Following the merger, the combined entity will have assets under management (AUM) of Rs 880 billion, branch network of 194 and customer base of over 5 million.

At the time of writing, Capital First share price was trading up by 4.7%, while IDFC Bank share price was trading down by 1.6%.

In other news, as per a leading financial daily, the World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index. This is below China's 5th place but above other BRICS peers, Brazil, Russia and South Africa.

As per the rankings, Japan has been found to have the best structure of production and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.

The reports stated that the 25 leading countries are in the best position to gain as production systems stand on the brink of exponential change.

India has been placed in the 'Legacy' group along with Hungary, Mexico, Philippines, Russia, and Thailand, among others. The countries under this group are ones which have strong current base, but are at risk for future.

Note that while India has jumped 30 places to 100 in the World Bank's Ease of Doing Business rankings, there isn't much to cheer about the manufacturing activity.

The Nikkei manufacturing index recorded a low of 50.3 in October 2017 as compared to 51.2 in the previous two months, as can be seen from the chart below. Also, new export orders were at their lowest level since September 2013.

Slowdown in Manufacturing Activity Post GST

Long-term planning for the manufacturing base could be one of the factors that can aid the manufacturing activity in coming years. It would be interesting to track the developments in this space and see how things pan out in the coming period.

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