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Indian share markets recover
Thu, 10 Oct 01:30 pm

Indian share markets continued to remain volatile and rebounded into a positive territory in the post-noon trading session. Barring oil and gas and FMCG, all the sectoral indices are trading in the green with auto, metal and realty stocks being the biggest gainers.

BSE-Sensex is up 47 points and NSE-Nifty is trading 19 points up. BSE Mid Cap is trading up 0.9% and BSE Small Cap index is trading up 0.8%. The rupee is trading at 62.0 to the US dollar.

Majority of automobile stocks are trading in the green, with TVS Motors and Ashok Leyland being the major gainers. However, Tube Investments and Escorts are among the few stocks trading in the red. As per a leading financial daily, Ashok Leyland has said that it will not be launching sedans and will focus on large light commercial vehicles (LCV's) to be launched by March 2014. As per the company, it wants to capitalize on the strong customer loyalty enjoyed in commercial vehicles that also have a longer lifecycle and customization. The company recently launched multi-purpose vehicle 'Stile' in collaboration with Japan's Nissan Motor Company. Reportedly, the company's sale of LCV's fell by 28% as compared to a fall of 30% in industry sales during 1HFY14 on a YoY basis. In order to increase sales, the company is expanding presence in semi-urban areas. Ashok Leyland's stock is currently trading up by 4.4%.

Most of the stocks in fertilizer sector are trading in green with Tata chemicals and Godavari fertilizers leading the pack of gainers. As per the financial daily, Tata Chemicals is planning to restructure its European business. The company is looking to close its soda ash and calcium factory in UK, due to rising energy costs. The company plans to restructure three sites in UK. This step is taken as rising energy prices are serious threat to the company's performance. This restructuring would result in to around 220 job losses. Currently, there are three units in UK, through which the company operates in the European market via its subsidiary Tata chemicals, Europe. It has three sites in Europe viz; Cheshire: Winnington (Northwich), Lostock (Northwich) and Middlewich. The stock is currently trading up by 4%.

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