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Sensex breaches 17,000
Thu, 3 Jun 11:30 am

Indian indices continued to move higher backed by buying in heavyweights over the last two hours of trade. Stocks from auto and metals space are seeing maximum buying interest while some buying interest is seen in stocks from the healthcare and consumer durable space.

BSE-Sensex is trading up by 300 points while NSE-Nifty is trading 95 points above the dotted line. BSE-Midcap index is trading higher by 1.2% while the BSE-Smallcap index is trading 1.5% above yesterday's closing. The rupee is trading at 46.56 to the US dollar.

As per a leading news daily, India's largest car manufacturer Maruti Suzuki Limited is seeing incremental volumes in sales from its top 10 cities. The company registered a growth in sales of 15% YoY in May while the same was 25% over April. As per the company, the growth has been possible due to its strategy of having multiple products in the same category. This was supported by the improving economy and return of jobs stability. The split in sales between the top 10 cities and other cities had been 50:50 around 3 to 4 years back. Since then the split has become 40:60 in favor of non top ten cities. While the company sees this split remaining, the return of demand in the top ten cities is a positive for Maruti's volume growth.

As per a leading news daily, the process for the divestment of government's equity in SAIL has been set in motion. The issue is expected to hit the market in the next 3-4 months after due diligence and filing of the issue after the cabinet's approval. The follow on issue of SAIL issue is expected to fetch the government Rs 80 bn.

SAIL is India's second largest steel producer and commands almost 1/3rd of the domestic market share with its 13 MTPA capacity. The company's top line in FY10 stood at Rs 413 bn after a 6% YoY decline from the previous year. This was due to lower steel realization. However, the company's bottom line grew by 10% YoY in FY10 as a result of higher operating income which was a result of fall in employee strength. SAIL had a debt of Rs 165 bn at the end of FY10 and cash reserve of Rs 220 bn. The debt to equity ratio of the company stood at 0.5:1 while the company had declared a total dividend of Rs 3.3 per share for FY10.

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1 Responses to "Sensex breaches 17,000"

a k thakore

Jun 3, 2010

market is so volatile & this put investor in a precarios condition & he is unable to enter or sale any ?

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Feb 22, 2018 03:37 PM