Indian Indices Open Flat

Wed, 31 Aug 09:30 am

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Major Asian stock markets have opened the day on a positive note with the stock market in Japan trading higher by 0.9%. Benchmark indices in Europe ended their previous session in green with stock markets in Germany ending the day higher by 1%. While, stock market in the US ended the day lower by 0.3%.

The rupee is trading at 67.02 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 74 points (up 0.3%) and the NSE Nifty is trading higher by 23 points (up 0.3%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.5% and 0.4% respectively.

Major sectoral indices have opened the day on a positive note with stocks from telecom and realty sector are witnessing maximum buying interest.

As per an article in Livemint, auto makers are upbeat on a double-digit growth for the demand of vehicles on the back of improving economic growth, normal monsoon and a hefty raise for central government employees and pensioners in the seventh pay commission.

However, on the other hand auto ancillary companies are of the opinion that a sustainable, all-inclusive and broad-based rebound in the automobile market may still be some distance away.

Two of the largest automobile companies in India are planning a capacity expansion, which showcases their optimistic view for a pick-up in the demand for vehicles going forward. Maruti Suzuki's first assembly line at the newly developed Gujarat plant will now start operations in the month of February, three months ahead of the scheduled date.

The Society of Indian Automobile Manufacturers (SIAM) too, has raised its sales prediction for 2016-17 to 10% from 6% that it forecasted earlier.

Having said that, it is worthwhile to note that growth has remained confined to some companies. Comparing growth with the other automobile makers, the growth has not been encouraging. Unless a broad-based growth takes place among the major auto makers, it will be difficult to sustain a double-digit growth trajectory.

In another news update, Coal India Ltd (CIL) has submitted an application to the National Institute of Mines of Government of Mozambique to surrender prospecting licence awarded to it.

The licence has been surrendered as it is technically not feasible to mine coal in the licenced area. Reportedly, the licences, covering a total area of 224 sq. km, were awarded to the company's African subsidiary with validity from August 2009 to August 2014 and subsequently extended up to August 2019.

As per the feasibility report submitted by CIL, out of the total mining area, there was no occurrence of coal horizon till a depth of 500 m in the area of 170 sq. km. This has been surrendered to the Mozambique government. The remaining 54 sq. km area has been retained for which the Government of Mozambique has issued new licences till August 2019. The stock of Coal India is trading marginally higher by 0.1%.

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