Indian Share Markets Open Firm; Tata Steel Lead the Gains

Mon, 10 Oct 09:30 am

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Major Asian stock markets have opened the day on a negative note with stock market in Singapore and Hong Kong are trading lower by 0.25% and 0.42%, respectively. Stock markets in Europe and the US are also trading on a negative note. The rupee is currently trading at 66.53 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 120 points (up 0.4%) and NSE Nifty is trading higher by 36 points (up 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.6% and 0.5%, respectively.

Major sectoral indices have opened the day in green with stocks from metal sector are witnessing maximum buying interest. Tata Steel and SAIL are leading the gains.

In a recent news update from the global markets, China has declared to cut red tape and ease rules for foreign investors in order to boost the economy and counter a decline in private investment.

This comes as Beijing over the weekend said it would encourage investment in the medical-care, education, sports and culture sectors. Further, it also stated it would grant provincial governments more authority to approve projects not explicitly forbidden.

The Chinese government has cut some 95% of investment registration procedure under the new rules. All of these came after foreign business groups in China voiced growing concern about unclear laws, perceived anti-foreign sentiment and industrial overcapacity. As per a survey by the American Chamber of Commerce in China, 77% of respondent companies felt less welcome this year than a year ago, compared with 47% in 2015 and 44% in 2014.

Not only this, but the Chinese government has also decided to block new projects in sectors that are plagued by overcapacity. Some of these sectors in China are steel, coal, and aluminum.

While these measures will boost the investment environment, China needs to do better to come out of the ongoing economic slowdown. While stimulus measures by Chinese government had provided some aid, sluggish demand and excess capacity are threatening to reverse China's economic engine, which had been moving at a frenzied pace.

In another news update, as per the financial daily, Maruti Suzuki India (MSI) is all set to launch the premium hatchback Baleno in new markets like Caribbean Islands and South Africa in the coming months. Apart from this, the car will also be shipped to countries in Latin America, Middle East, and South East Asia.

The development is a part of company's plans to export the new car model to over 100 nations. At present, MSI exports the car to France, Denmark, Germany, Greece, Hungary, Iceland, Italy, Japan, Netherlands, Poland, Spain, Sweden, Switzerland, Chile, Israel, England, Nepal, Bhutan, Austria and Australia.

Around 38,000 units 0f the new car model have been dispatched to the above destinations till date. As far as domestic car sales are concerned, the car has already crossed the milestone of 1,00,000 sales.

Maruti had launched Baleno in India in October 26^th last year. The company and its supplier partners have invested around Rs 10 billion in the development of Baleno, which is being manufactured at the company's Manesar plant.

Maruti Suzuki is India's largest carmaker. The company reported a strong 31% year on year (YoY) growth in its passenger vehicle sales in September 2016. The sales of 149,143 units as against a total of 113,759 units in September last year were reported on the back of highest-ever domestic sales. On domestic sales front, the company reported a jump of 29.4% during September 2015. Its compact segment comprising Swift, Ritz, Celerio, Baleno and Dzire models clocked were up by 12.3%.

The stock of Maruti Suzuki had opened the day up by 0.5%.

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