The Indian markets remained extremely choppy witnessing alternate bouts of buying and selling during the previous two hours of trade. The Sensex barely kept itself afloat above the dotted line. Stocks from the IT, realty, telecom and consumer durables sectors are leading the pack of gainers, while capital goods, FMCG, metal and auto are leading the pack of losers.
The BSE-Sensex and the NSE-Nifty are currently trading marginally higher by around 16 points and 5 points respectively. Stocks from the midcap and small cap spaces are trading in the green, with the BSE-Midcap and the BSE-Smallcap indices trading higher by 0.2% and 0.3% respectively. The rupee is trading at 45.44 to the US dollar.
According to a leading business daily, Titan Industriesí Rs 10 bn watch division , has big overseas plans especially for the South-east Asian watch markets. The company which forayed in the foreign watch markets a few years back has limited presence in the South Asian countries like Singapore, Malaysia, Thailand, Pakistan and Bangladesh. It believes that its target audience i.e. youth (below 35 years) in these markets has become highly westernized and fashion conscious. The company aims to redesign its offerings in-line with their changing demands. To this end, the company has collaborated with international design houses and targets to launch 4 to 6 collections every year. The new product ranges will be introduced in south Asian countries as well as in the domestic markets simultaneously. It also plans to venture into the South African watch market shortly.
It may be noted that on account of its strong brand portfolio, its ability to understand changing consumer preferences and accordingly streamline its products has helped Titan withstand the difficult economic situation better than others. In future too we expect the company to continue to grow on the back of its strong positioning and new initiatives.
Mr. O.P Bhatt, Chairman of Indiaís largest public sector lender, SBI has cited that the bank is considering testing the retail bonds market next year with a 10-year issue. It will test waters with an initial small issue of the size Rs 500-1000 m. If suitable, the bank will then raise more money by following that route. However, he has clarified that currently the bank is adequately capitalised and does not need any immediate funding.
The banker also hinted about his preference for using a rights issue rather than governmentís stake dilution for strengthening SBIís capital base. It may be noted that lately, the government has proposed an amendment in the SBI Bill allowing government to dilute its stake in SBI to 51% from the present limit of 55%. Presently, the government of India being the largest shareholder holds 59.4% in SBI.