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Rupee drags markets lower
Wed, 28 Aug 09:30 am

All major Asian stock markets have opened the day on a weak note with Japan (down 2.3%), Hong Kong (down 1.4%) and Singapore (down 1%) leading the losses. The Indian equity markets indices have opened the day on a negative note as well. Stocks in the banking, capital good and realty space are leading the losses. However, information technology stocks are trading firm.

The Sensex today is down by around 192 points (1.1%), while the NSE-Nifty is down by around 69 points (1.3%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 1.2% and 0.7% respectively. The rupee is currently trading at Rs 66.3 to the US dollar.

Cement stocks have opened the day on a weak note with JK Lakshmi Cement, Heidelberg Cement and Madras Cements leading the pack of losers. As per a financial leading daily, Aditya Birla Group's flagship firm UltraTech Cement is planning to acquire Jaypee Cement Corporation's (JCC) 51% stake in the 5 million tonnes per annum (mtpa) cement facility at Gujarat for about Rs 40 bn. The company is currently at an advanced stage of negotiation with the Jaypee Group. The deal is likely to be sealed in the next 10-15 days. It must be noted that Jaypee Group is the third largest cement manufacturer in the country with a capacity of 33.5 mtpa. UltraTech Cement currently has a cement capacity of 54 mtpa. It plans to increase it cement capacity by 10 mtpa by 2015.

Auto stocks have opened the day on a weak note with Ashok Leyland, Mahindra & Mahindra (M&M) and Maruti Suzuki leading the losses. As per a leading financial daily, India's leading utility vehicle maker M&M's small commercial vehicles (SCV) portfolio has surpassed the 12 lakh sales mark in India. The company's small commercial vehicles portfolio comprises 12 products ranging from pick-ups such as Bolero Pick Up and Genio Pick Up to mini trucks to three wheelers with multiple load carrying capacities. The company's pickup vehicles have achieved a leadership position with a market share of 58% in their segment. Moreover, M&M's commercial vehicles have also found acceptance in more than 40 countries across the globe. It must be noted that M&M is the second largest player in the Indian commercial vehicle (CV) market after Tata Motors with a sizeable share of sales coming from light commercial vehicle (LCV) segment that include SCVs and others. During the period from April-July 2013 the company reported commercial vehicle sales of 49,822 units and its market share stood at 22% in CV.

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Feb 19, 2018 (Close)