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A strong start to the week
Mon, 18 May Closing

The Indian markets ended the day on a firm note as select index heavy weights led the gains. The 30-share BSE Sensex surged 363 points (up 1.33%) and the 50-share NSE-Nifty jumped 111 points (up 1.35%). BSE Mid Cap and BSE Small Cap shared the enthusiasm as the representative indices ended higher by 0.98% and 0.91% respectively. Barring realty, all other BSE sectoral indices were trading in the green. Among them, oil & gas index gained the most by 2.16%, followed by consumer durables 2.08%, healthcare 1.43% and infrastructure 1.42%, while realty index was down 0.25%.

European markets advanced in choppy trading with shares in Germany leading the region. Asian markets finished on a mixed note. The Nikkei gained 0.80%, while the Hang Seng and the Shanghai Composite fell lower by 0.83% and 0.58% respectively.

The rupee was trading a tad weak at 63.52 in the post-noon session due to dollar demand from importers.

Shares of Gujarat Gas Company ended the day on an encouraging note after it was reported that the company had completed the amalgamation with GSPC Gas Company to form a new entity Gujarat Gas Limited. Post amalgamation, Gujarat Gas emerged as India's largest city gas distribution firm, with its presence spread across 19 districts in Gujarat and Union Territory of Dadra Nagar Haveli and Thane in Maharashtra. The new entity has now India's largest customer base in major user segments - 1.02 million domestic households, 2,750 industrial customers, 14,000 commercial customers, and 230 CNG stations selling 765,000 kg of compressed natural gas (CNG) a day. Also, the total daily gas sales volume has reached up to 6.5 million metric standard cubic meters per day - the highest in the country. Reportedly, this amalgamation has resulted in the newly formed company's market capitalization to reach Rs 106 bn.

Automobile stocks were in demand today. Bajaj Auto and Bharat Forge were leading the pack of the gainers. According to a leading financial daily, Suzuki Motor Corporation, parent of the country's largest carmaker Maruti Suzuki, plans to push ahead with its plan to set up a wholly owned manufacturing plant in Gujarat as amendments to the Companies Act have made it easier to get share holder approval. Reportedly, Suzuki would operate the plant and all cars made there would be sold to Maruti at cost plus some profit. The move was bitterly opposed by several minority shareholders in Maruti Suzuki, including institutional investors, mutual funds and insurance companies. Suzuki Motor had already laid the foundation stone of the new facility in Mehsana district in Gujarat and started construction. The factory, which would be SMC's first fully owned plant in India, will have an initial capacity of 100,000 units a year by 2017. An investment of Rs 8.5 bn has been assigned for the facility for the current fiscal.

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Mar 16, 2018 (Close)