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Indian equity markets remain in green
Mon, 10 Jun 11:30 am

Indian equity markets have remained in green during the previous two hours of trade. IT and capital goods sectors are leading the gains while healthcare and consumer durables are facing the maximum selling pressures.

The BSE-Sensex is up by 51 points and NSE-Nifty is up by 14 points. BSE Mid Cap index is down by 0.1% while BSE Small Cap index is up by 0.3%. The rupee is trading at 57.63 to the US dollar.

Auto shares are trading on a mixed note with Hero Motocorp and M&M leading the gains while Maruti Suzuki and Tube Investments are leading the losses. According to a leading financial daily, India's largest carmaker, Maruti Suzuki is going ahead with its expansion plans. The carmaker has plans to foray into the light commercial vehicles (LCV) market, while the Japanese parent wants it to develop the export markets in the Middle East, Africa and Southeast Asia, which requires capacity addition. The LCV, codenamed Y9T, is likely to be ready by FY16.Maruti is expected to set up a separate assembly line in Gujarat plant for LCVs. Apart from the LCV, Maruti has lined up a slew of new models, including a small car YL7 and a series of big cars, including an SUV.

Steel shares are trading on a mixed note with JSW Ispat and Tata Sponge leading the gains while Jindal Saw Ltd and Tayo Rolls are leading the losses. According to a leading financial news medium, Steel Authority of India (SAIL) is looking forward for better realization in FY14 as it expects that steel price will improve during the current fiscal. The company expects improvement in EBIDTA margins in 1QFY14. In 4QFY13, EBIDTA margin was 9.3%. Besides, 4QFY13 had a one-time hit of Rs 5230m due to actuarial revaluation which pulled down the profits. SAIL would also be making the country's largest blast furnace located at Rourkela operational in the next 10 days. In the current fiscal, the capacity would increase to 19 m tonne from 14 m tonne. In the next 18 months, the capacity would be further augmented to 24 m tonne. The steel major had invested Rs 450 bn for the expansion. The capex for FY14 would be to the tune of Rs 115 bn.

Steel Authority of India (SAIL) has recorded best-ever production of saleable steel for May at 1.1 million tonnes (MT), up by 11% over the corresponding month previous year. The production of value added and special steel too surged by around 8% during the month against the corresponding month of the last year.

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