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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Metal, engg aid in final hour surge 
(Thu, 19 Feb Closing) 
 
The Indian markets ended the day on a firm note as buying activity picked up during the final hour of trade. The BSE-Sensex closed higher by about 140 points or 0.5%, while the NSE-Nifty closed higher by about 26 points or 0.3%. Stocks from the metal, capital goods and realty spaces were amongst the key gainers today. Midcaps and smallcaps closed the day on a flat note.

Asian stocks ended the day on a firm note; stocks in Europe were trading positive at the time of writing. The rupee was trading at Rs 62.25 to the dollar.

Auto ancillary stocks ended the day on a mixed note with Sundaram Clayton and Munjal Showa leading the gains while SKF India and Bosch closed with losses. Bharat Forge ended the day on a firm note today. One of the key reasons for the stock being in favour today was the announcement of the company's 51:49 JV with Israel's Rafael Advanced Defence Systems for manufacturing high-tech defense components. This deal has come within months of the government allowing 49% FDI in defense manufacturing sector. As per a leading business daily, this venture will make Spike anti-tank guided missiles for the Indian armed forces and would involve technology transfer from the Israeli JV partner firm. The fact that Rafael has been working with Indian defense for about two decades will be an advantage. As per the company's management, it will be looking to scale up investments in this JV over time.

Paint companies ended the day on a firm note with Asian Paints and Berger Paints leading the gains. As reported by the Hindu Business Line, Berger Paints is looking to set up an industrial coatings plant in Russia, for which it has signed an MoU with the Government of Stavropol Region, Russian Federation. The company will be conducting a feasibility test for the same. The initial capacity is expected to be 3,000 tonnes a year; which will be able to scale up to as much as 50,000 tonnes. As per the company's management, it would be spending about US$ 5 m on the same. The region where the company is planning to setup a plant is an industrial area, which also has an automobile manufacturing facility. About 6 hectares of land will be allocated to the company. Land cost for the company will not be too high given that the government would be giving it on a long term lease. Overseas business for Berger Paints is not very substantial at the moment. It contributes to about 5% of the company's revenues. The company has plants in Nepal, Bangladesh and Poland.

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