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Auto stocks lead markets higher
Fri, 6 Aug 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened below the breakeven mark but soon moved into the positive territory. They have managed to stay firmly in the green since then. Other key Asian markets are in the green with Taiwan (up 0.2%) leading the pack of gainers. The US markets closed lower by 0.1% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with auto majors finding investors' favour. The BSE-Sensex is trading higher by around 32 points, while the NSE-Nifty is up by about 11 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.8% and 0.7% respectively. The rupee is trading at 46.14 to the US dollar.

Real estate stocks have opened the day on a strong note. Gainers here include Godrej Properties and Unitech. Anant Raj announced its 1QFY11 results. The company's top line declined 2% YoY due to a 11% YoY decline in real estate sales during the quarter. However, rental income witnessed a significant jump and increased 98% YoY. The company's other business of ceramic tiles recorded a fall in sales of 13% YoY during the quarter. Its operating profits fell by 25% YoY due to the rise in raw material costs and other expenditure as a percentage of sales. The company's net profits declined by 34% YoY owing to the fall in operating profits and increase in interest expenses.

Energy stocks have opened the day on a positive note. Gainers here include Petronet LNG and HPCL. As per a leading business daily, Reliance Industries will acquire a 60% stake in Marcellus shale-gas acreages held by Carrizo Oil & Gas and its partner for US$ 392 m. The shale acreage in central and northeast Pennsylvania is a 50:50 joint venture between Carrizo and Avista Capital. Reliance Industries will acquire 100% of Avista's stake and 20% of Carrizo's stake. This will be its third shale-gas asset in the US in less than four months. Earlier, Reliance Industries had bought a 40% stake in Atlas Energy's Marcellus Shale acreage for US$ 1.7 bn. It had also picked up a 45% stake in Pioneer Natural Resources' Eagle Ford shale acreage for US$ 1.3 bn. Shale gas is natural gas stored in organic-rich sedimentary rocks. It accounts for 15% to 20% of US gas production, but is expected to increase in coming years leading to a rush of participation.

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Feb 23, 2018 (Close)