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Realty Stocks Lead the Gains
Fri, 17 Jun 01:30 pm

After opening the day in the green, the Indian indices have continued to trade on a positive note in the post-noon trading session. Sectoral indices are trading on a positive note with stocks from the realty, consumer durables and auto sectors leading the gains.

The BSE Sensex is trading up 132 points (up 0.5%) and the NSE Nifty is trading up 33 points (up 0.4%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is up by 0.5%. Gold prices, per 10 grams, are trading at Rs 30,357 levels. Silver price, per kilogram, is trading at Rs 41,180 levels. Crude oil is trading at Rs 3,140 per barrel. The rupee is trading at 67.12 to the US$.

As per an article in Economic Times, Indian business giant Tata companies and Uber Technologies Inc. have announced a new tie up to offer drivers and owners on Uber platform comprehensive vehicle purchase and financing solution. This arrangement will allow owners and drivers on Uber platform to buy cars from Tata Motors, using flexible financing solutions from Tata Capital Financial Services and Tata Motors Finance, and get insurance from Tata AIG. Further, this partnership will enable micro entrepreneurial eco system. It will allow these drivers to get started and have flexible working style and works.

One must note that Tata had invested up to US$100 million in ride hailing app Uber to develop new products and services previous year.

Tata Motors is India's largest automobile company. In its results for the quarter ended March 2016, the company's consolidated revenues grew by 18.8% YoY to Rs 799.2 billion. The healthy growth was on the back of the strong performance of its Jaguar Land Rover (JLR) unit (subscription required). The consolidated net profits of the company grew by 201% to Rs 51.7 billion during the quarter.

The stock of Tata Motors is trading up by nearly 2% currently.

Moving on to the news from steel sector. India's steel behemoth SAIL has advised the government to review the market opening trade deals with Japan and South Korea. SAIL has also proposed to continue with minimum import price (MIP) due to the excess availability of metals globally. One must note that MIP is the minimum price per tonne that firms have to pay while importing products. To know more about MIP and its impact on steel industry, do read this interesting 5 Minute WrapUp Premium (subscription required).

The government of India on February 5, 2016 had imposed the MIP on 173 steel products. This was done to promote domestic growth of steel manufacturing industry. Also, government has made efforts to impose anti-dumping duty, safeguard duty on imported steel products. This is likely to further restrict and reduce dependence on externally manufactured steel products. SAIL is currently trading up by 0.45%

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Feb 20, 2018 09:25 AM