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Indian share markets open weak
Fri, 20 Sep 09:30 am

Asian stock markets have opened the day on a mixed note with Hong Kong (up 1.7%) and Malaysia (up 0.4%) leading the gains. However, markets in Indonesia (down 1%) and Taiwan (down 0.5%) are trading weak. The Indian share market indices have opened the day on a negative note. Stocks in the realty and metal space are leading the losses. However, power stocks are trading firm.

The Sensex today is down by around 36 points (0.2%), while the NSE-Nifty is down by around 4 point (0.1%). 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% and 0.1% respectively. The rupee is currently trading at Rs 62.12 to the US dollar.

Auto stocks have opened the day on a mixed note with Escorts and Tata Motors leading the gains. However, Hero MotoCorp and Maruti Suzuki are trading weak. As per a leading financial daily, auto companies are planning to hike product prices during the festive season. The price hike will help auto firms offset the impact of rising input costs and rupee depreciation. Tata Motors is planning to increase prices of its passenger cars and commercial vehicles by about 1-1.5%. Hyundai Motor India Ltd (HMIL) is set to hike prices by Rs 4,000 to Rs 20,000 across models from October 1, 2013, barring only the newly launched compact car Grand i10. General Motors has announced its fourth price hike during the year. The price hike will be across all models in the range of Rs 2,000 to Rs 10,000. Leading passenger vehicle maker Maruti Suzuki is currently evaluating the situation.

Private bank stocks have opened the day on a weak note with Yes Bank and J&K Bank leading the losses. As per a leading financial daily, the Foreign Investment Promotion Board (FIPB) has approved Axis Bank's proposal to increase foreign equity holding in the bank from 49% to 62%. This is subject to the condition that the holding of foreign institutional investors (FIIs) does not exceed 49%. It must be noted that last month Axis Bank had approached the FIPB after the RBI had said that the limit of investments through Global Depository Receipts (GDRs), American Depository Receipts (ADRs), FDI, NRI and FIIs in the bank had breached the overall limit of 49% of its paid-up capital. Currently, the FII holding in the bank is 40.7%. On the other hand, the domestic institutional investors hold 8.77%. The higher foreign investment limit will come handy for the bank as and when it decides to raise more equity capital for compliance with Basel III norms. Axis Bank's Tier 1 CAR stood at 12.3% at the end of June 2013.

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Feb 19, 2018 02:21 PM