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Indian markets open flat
Mon, 12 Oct 09:30 am

The major Asian stock markets have opened the day in green. Stock markets in China, Hong Kong, and Taiwan are trading up by 3.3%, 1.3% and 1.1% respectively. The major stock indices in Europe and US ended their previous session on an encouraging note too. The rupee is trading at 64.75 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading lower by 40 points (down 0.15%) and NSE-Nifty is trading lower by 6 points (down 0.08%). BSE Mid Cap and BSE Small Cap are trading lower by 0.04% and 0.1% respectively. Major sectoral indices have opened the day on a mixed note with stocks from banking and information technology sector witnessing selling pressure. However stocks from the automobile and metals and mining sector are witnessing buying interest.

India's second largest software firm Infosys has declared its 2QFY16 results which are above our expectations. On a consolidated basis, the company's sales, operating profit and net profit were up 8.9% QoQ, 15.8% QoQ and 12.1% QoQ respectively. The company has declared an interim dividend of Rs 10 per share. We will be soon putting detailed result analysis for our subscribers.

According to a financial daily, the Central Bureau of Investigation (CBI) carried out searches at Bank of Baroda (BOB) branches in New Delhi. The search was in relation to the alleged remittance of black money worth Rs 61 bn to Hong Kong. Reportedly, unusual remittances were spotted in the audit report of the bank. Approximately 60 accounts opened at the Ashok Vihar branch in New Delhi are currently, under scrutiny. Further, the Enforcement Directorate (ED) has also registered a case and has carried out searches in this connection. The stock of BOB is trading down by 4%.

As per an article in Business Standard Hero MotoCorp has sold 3 lakh motorcycles online, valued at approximately Rs 15 bn. The company has tied up with the online retailer 'Snapdeal' to boost its sales from digital platform. Entire range of Hero products is available on the Hero Brand store on Snapdeal. Further, the company is also offering free insurance for the purchases made through the website. Reportedly, brands of the company such as 'Maestro' and 'Pleasure' are generating high volumes on the online platform. Currently online sales accounts for 5% of the entire annual volumes.

Since last few quarters, the sales volume growth of the two-wheeler companies have not been very encouraging. Hence, various automobile companies have been finding ways to raise their volumes. As the consumers have been moving towards online buying, auto companies too are pushing their sales through this platform.

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Jan 19, 2018 (Close)