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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Big competition for Nano 
(Tue, 4 May 11:30 am) 
 
The last 2 hours of trade have seen the markets hold on to their opening gains while remaining range bound. Buying activity is being seen in the index heavy weights.However, investors remain cautious with news of realty bubble spreading in China. Buying activity is seen in the health care and auto space while selling activity is seen in the metals space.

BSE-Sensex is trading higher by 49 points while NSE-Nifty is trading 18 points above the dotted line. BSE-Midcap Index is up by 0.4% while BSE-Smallcap index is trading 0.9% above the dotted line. The rupee is trading at 44.52 to the US dollar.

As per a leading financial daily, competition is about to heat up for Tata Motors. French auto major Renault and Bajaj Auto have decided to price the ultra low-cost car being jointly developed by them at US$ 2,500 i.e. around Rs 110,000. The car being developed to Renault-Nissan Alliance and Bajaj auto was announced in 2008. However, the launch was delayed as a result of differences between the partners. While Renault wanted a low cost car, Bajaj was keen on a car with high mileage and low maintenance. The other hurdle was the pricing which was holding up the launch of the car. Now that these issues have been resolved we can expect the car to hit the market in 2012 instead of 2010 as was originally planned. It may be noted that as per agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto, while marketing and selling will be handled by the Renault-Nissan Alliance.

HDFC announced its full year results. The company's interest income grew by 1.4% YoY during FY10 on the back of growth in advances. Other income grew by 403% aided by cash surplus and sale of investments. Net profit for the company grew by 23.8% YoY as a result of lower provisioning and aggressive cost saving measures. During the year, HDFC had repriced its assets and relaxed its home loan rates as a result of competitive pressure. However, this did not have any material impact on the company's performance. We believe that the company's unique business model of selling through direct selling agents and through the branches of HDFC Bank will help the company enjoy a low cost to income ratio and enjoy operating leverage.

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