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Realty, auto stocks lead gains today
Thu, 29 Nov 01:30 pm

The Indian markets continued to trade well above the dotted line during the post noon trading session. Buying activity is being witnessed in stocks across the board barring those from the IT space. Realty and auto stocks are currently leading the pack of gainers.

The Sensex today is trading higher by about 230 points (up 1.2%), while the NSE-Nifty is trading higher by about 70 points (up 1.2%). Stocks from the midcap and smallcap spaces are trading firm with the BSE Mid Cap and BSE Small Cap indices up by about 1.1% and 0.5% respectively. The rupee is trading at 55.21 to the US dollar.

Auto stocks are currently trading firm led by Escorts, Tata Motors and Bajaj Auto. A leading business daily has reported that Tata Motors will be halting production at its Jamshedpur plant for a period of three days. This closure would be starting today. Citing that the news has been officially confirmed by the company spokesperson, the business daily has mentioned the reason for the same to be the poor demand of commercial vehicles. The company is looking at avoiding situation of inventory pile-up at the dealers' end and as such is adjusting production towards the same. The company reputedly produced a total of 5,000 vehicles in the last month, a figure half of what is the usually production number. It must be kept in mind that this is the third block closure by the company this year.

Real estate stocks are currently trading firm led by HDIL, Unitech and Sobha Developers. A leading business daily has reported that real estate major DLF is close to signing a deal to sell of its hotel chain, Aman Resorts. DLF would however retain Aman's Delhi property. This deal would is expected to fetch the company a sum of US$ 325 m (about Rs 18 bn). It may however be noted that the company has not officially confirmed this development. This move is part of DLF's plan to focus on the core business and sell off non-core assets to reduce the debt burden on its books. The total debt on the company's book stands at Rs 232 bn as of September 2012. The company's divestment target in the mid-term is Rs 100 bn. The FY13 target for the same is Rs 50 bn.

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