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Indian Indices Open Strong

Mon, 11 Jul 09:30 am

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Major Asian stock markets have opened the day on a encouraging note with stock markets in Japan and Indonesia trading higher by 3.4% and 2% respectively. Benchmark indices in US and Europe ended their previous session on a positive note with stock markets in Germany ending the day higher by 2.2%. The rupee is trading at 67.45 per US$.

Indian stock markets too have opened the day on a strong note on positive global cues. The BSE Sensex is trading higher by 376 points (up 1.4%) and the NSE Nifty is trading higher by 105 points (up 1.3%). While, BSE Mid Cap and BSE Small Cap are trading higher by 1% and 0.9% respectively.

Major sectoral indices have opened the day in green with stocks from telecom and capital goods sector are witnessing maximum buying interest.

As per an article in Livemint, sales of medium and heavy-duty trucks (M&HC) are moderating owing slowdown in the demand. The growth in the commercial vehicles has fallen from a high of 21.5% in the month of April to 4% in the June month.

However, executive at truck firms believe that the sales will pick up in the month of September as the festive season nears coupled with the change in emission norms from April 2017.

Reportedly, an implementation of the stricter Bharat Stage IV norms of emission from April 2017 is set make trucks costlier by Rs 1.5-2 lakh. Hence, in order to beat this price rise, the truck operators would advance their purchases.

Freight rentals as demanded by truck operators has remained stagnant or even reduced in certain key freight corridors. Reportedly, freight rates on busy routes such as Delhi-Mumbai-Delhi fell by 1.5% on 1 July 2016. This is in-spite of two rounds of hikes in diesel prices.

Weak rentals could possibly fade truck operator's enthusiasm to purchase new trucks. Post monsoon trends in sales coupled with freight rates will be the key things to watch out for going forward.

In another news update, the debt in leveraged companies as a proportion of total debt has come down drastically and is the lowest in a decade.

Leveraged companies are companies have a negative net worth or having a debt equity ratio of 2 or above.

The above proportion stood at around 40% in FY15. This essentially implies that leveraged firms contributed to around 40% of the total debt in the economy. Now in FY16, this ratio has dropped to 9.42%. Almost a reduction of 75%. Now, that's a good sign for the economy in general as well as the banking sector.

The reduction has happened mainly on account of sale of non-core business and assets. Some companies were forced to do this. Reportedly, even the metals and real estate sectors showed an improvement in debt profile.

Having said that, a further improvement in this ratio will happen once the underlying demands in these sectors improve coupled with elimination of policy hurdles.

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