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Indian share markets turn flat
Fri, 21 Mar 01:30 pm

Indian share markets pared gains and turned flat in the post-noon trading session. Barring oil & gas, FMCG and pharma, all the sectoral indices are trading in the green with metal, realty and consumer durable stocks being the biggest gainers.

BSE-Sensex is up marginally and NSE-Nifty is trading 8 points up. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.7%. The rupee is trading at 61.1 to the US dollar.

Most of the auto stocks are trading in the green with TVS Motors and Maharashtra Scooters being the biggest gainers. Only Hero MotoCorp and Mahindra & Mahindra are trading in the red. As per a leading financial daily Hero MotoCorp has retained its market share in FY14. During the period April 2013 to February 2014, Hero MotoCorp's market share had fallen marginally to 52% from 53.3% in the year-ago period. Honda, its erstwhile partner saw its market share rise by 3.8% to 15.4% whereas market share of Bajaj Auto fell by 4.3% over the same period. Clearly, Honda has been grabbing market share from Bajaj Auto. For the period between FY11 and FY14, the market share has dwindled by 2.6% for Hero MotoCorp as compared to a contraction of 6.5% for Bajaj Auto. After retaining its leadership position, Hero Motocorp is working towards margin improvement through cost cutting. The company is working on consolidating the vendor base and importing components from China as well as rationalizing ad-spends. Hero MotoCorp stock is trading down 0.9%.

Majority of the public sector bank stocks are trading in the green with Bank of Baroda and SBI being among the major gainers. Only Corporation Bank and Vijaya Bank are trading in the red. As per a leading financial daily, UCO Bank has sold bad assets to the tune of Rs 15 bn to asset reconstruction companies (ARCs). For the December 2013 quarter, the bank had sold off bad assets worth Rs 3.2 bn and had made provisions against bad debts and non-performing assets of Rs 8.1 bn. The bank had not sold bad assets in the first two quarters of FY14. As on 31st December 2013, the bank's restructured asset portfolio stood at Rs 128.7 bn. UCO Bank stock is up 1.2%.

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