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Major Asian stock markets have opened the day on a negative note with the stock market in China and Taiwan are trading lower by 0.7% and 0.8% respectively. Stock Markets in Europe and the US ended their previous session in red with benchmark indices in France ending the day lower by 0.5%. The rupee is trading at 66.65 per US$.
Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading lower by 125 points (down 0.4%) and the NSE Nifty is trading lower by 39 points (down 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 0.2% and 0.1% respectively.
Major sectoral indices have opened the day on a negative note with stocks from realty sector and banking sector are witnessing maximum selling pressure.
As per an article in Business Standard, Jaguar Land Rover (JLR), owned by Tata Motors, is looking to source the parts for its premium cars locally for cars sold in India. This move will enable them to reduce costs.
Currently, a majority of the models of JLR are imported from abroad in a completely knocked down condition and are assembled in India. Even the parts are imported from abroad.
Reportedly, luxury makers are no longer shying away from buying local parts. Premium cars such as BMW and Mercedes-Benz have localization content of 50% and 60% currently.
JLR is also assessing a feasibility to manufacture its models in India. However, there are no immediate plans to begin local manufacturing. With JLR's increased focus to concentrate on the Indian market, reducing costs will help them to boost the bottomline. The stock is trading down by 1.2%.
In another news update, Credit Analysis and Research Ltd's (CARE) debt quality index is showing signs of stabilization with an upward bias.
The index declined in March and April of this year. However, this index has stabilized in the subsequent months and has registered a noticeable improvement in the month of August.
Nevertheless, it is imperative to note that the pace of the improvement is very slow. In our recent article, we had prepared a chart indicating the stress levels of banks across countries. Click here to access it.
Recently, there has been a flood of Initial Public Offer's (IPO) hitting the market. Confused as to which one's to apply and which ones to avoid?
Last week we promised you a special handbook on IPO investing. The wait is finally over. Without further ado, we would like to present Equitymaster's Handbook of IPO Investing (with special focus on never before Insurance IPOs). Click here to get your free copy right away...
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
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