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Indian Markets Gain Momentum
Thu, 19 Nov 11:30 am

After opening the day on a positive note, the Indian stock markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the IT, auto and consumer durables sectors leading the gains.

The BSE-Sensex is trading up 269 points (up 1.1%) and the NSE-Nifty is trading up 79 points (up 1%). The S&P BSE Midcap index is trading up by 0.8% while the S&P BSE Smallcap index is trading up 1%. The rupee is trading at 66.13 to the US$.

Banking stocks are trading firm with Central Bank and Punjab National Bank leading the gains. Bad-loans of state run banks have been a persistent concern for Indian economy. However, if recent developments are anything to go by, some relief could be expected in this regard. As an article in Economic Times states, recovery from written-off loans are improving at a good rate.

As reported, loan recoveries by banks rose 51% quarter on quarter as lenders employed various methods including naming and shaming the defaulters through newspaper advertisements. With such efforts, top 7 PSU banks have recovered Rs 18 billion by the end of September quarter as compared with Rs 12 billion in the June quarter.

Going by the data from banks, Bank of India recovered Rs 7 billion from written-off accounts during the September quarter. The bank has ramped up recovery efforts as it attempts to improve its financials to meet government-set target to be eligible for capital. SBI saw its loan recoveries rise 45% compared to last quarter. The lender is focusing on speeding up willful defaulter cases, initiating forensic audits in accounts where funds have been diverted. It is assessing even those cases where assets have been sold to asset reconstruction companies.

Stocks in the automobile space are trading positively with Hero Motocorp and Bajaj Auto witnessing maximum buying interest. As per a leading financial daily, India's largest utility vehicle maker Mahindra & Mahindra (M&M) is planning to ramp up production of its newly launched compact sports utility vehicle, TUV 300. This ramp-up is seen in less than two months of the launch backed by the good response from the market.

The company has informed several vendors of a bigger requirement in the coming three months with plans to ramp up the production to 5,500 to 6,000 units till February. The TUV 300 is built on an all new platform with an investment of over Rs 12 billion. It has helped in arresting the decline in market share and has secured over 15,500 bookings in the last couple of months.

Presently the stock of M&M is trading up by 1.3%.

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S&P BSE AUTO


Jun 23, 2017 02:18 PM

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