Asian stock markets have opened the day on a mixed note with Hong Kong (down 0.6%), China (down 0.6%) and Indonesia (down 0.4%) leading the losses. However, markets in Japan (up 1.1%) and Singapore (up 0.8%) are trading firm. The Indian share markets indices have opened the day on a weak note. Stocks in the FMCG and auto space are leading the losses. However, healthcare and information technology stocks are trading firm.
The Sensex today is down by around 62 points (0.3%), while the NSE-Nifty is down by around 24 points (0.4%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is trading at Rs 59.38 to the US dollar.
Auto stocks have opened the day on a weak note with Tata Motors, Mahindra & Mahindra (M&M) and Ashok Leyland leading the losses. As per a leading daily, the passenger vehicles continued to witness sluggish demand during the month of June 2013 owing to high fuel prices and the overall slowdown in the economy. Major car manufacturers such as Maruti Suzuki, Toyota and Tata Motors saw their sales declining during the month. India's leading passenger vehicle manufacturer Maruti Suzuki reported domestic sales of 77,002 units during the month as against 83,531 units in June 2012, a decline of 7.8% year-on-year (YoY). Tata Motors witnessed a steeper fall in its domestic passenger vehicle sales. The company sold 11,804 units during the month as against 17,140 units in June 2012, reporting a sharp 31.5% YoY fall. The sales of Hyundai Motor India were marginally up by 0.5% YoY at 30,610 units against 30,450 units in June 2012.
Retailing stocks have opened the day on a firm note with Koutons Retail, Provogue India Ltd and Future Retail leading the gains. As per a leading financial daily, Titan Industries' jewellery brand Tanishq is targeting a growth rate of 27% YoY during the current financial year 2013-14 (FY14). In order to achieve this growth, the company plans to increase outlets and merchandise, have better pricing and communication. During FY14, Tanishq plans to open about 30 stores in all A, B and C category cities. The new stores will have a mix of company operated and franchise operated stores. It must be noted that Tanishq currently has 150 stores under its brand name.
Besides Tanishq, Titan Industries also owns two other jewellery brands, namely, GoldPlus and Zoya. The jewellery business accounts for 75% of the company's revenue. Tanishq alone contributes 90% of the revenue in the jewellery business.