The BSE-Sensex is trading lower by 21 points and NSE-Nifty is trading lower by 9 points. However, BSE Mid Cap and BSE Small Cap indices are trading up by 0.5% and 0.8% respectively. The rupee is trading at 54.33 to the US dollar.
Auto stocks are trading weak led by Bajaj Auto and Tata Motors. As per a leading daily, Hero MotoCorp (Hero) has started its operations in Latin America and Africa. The company has already dispatched consignments of two-wheelers to Peru in Latin America; El Salvador, Guatemala and Honduras in Central America and to Burkina Faso and Ivory Coast in Africa. In April, Hero plans to ship first lot of two-wheelers to Kenya. Hero has appointed new distributors and channel partners for these markets. The company is selling a mix of models in these markets from the 100cc and 125cc range. Hero is targeting a turnover of US$ 10 bn between 2011-16. This would come from sale of 10 m units of which 10% would be from exports. Meanwhile, Hero has set aside Rs 11 bn as capital expenditure for FY2013-14.
Media stocks are trading mixed with Compact Disc and Cinemax Properties leading the gains while Next Mediaworks and Pritish Nandy Communications are witnessing maximum selling pressure. As per a leading daily, Zee Entertainment is planning to buy stake in UK firm MirriAd Limited through its Mauritius subsidiary, Asia Today Limited. This will be a minority strategic investment by the Indian media conglomerate. MirriAd specializes in brand integration into television programming. The proposed corporate action will help Zee integrate its UK brands into the content produced in India. We may note here that Zee has been increasingly investing in content and marketing activities of existing channels as well as executing newer launches. The stock is trading down by 1%.