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Sensex Finishes Flat; Maruti Suzuki Top Performer
Tue, 29 Nov Closing

Indian share markets turned flat in the last hour of trade on the back of weakness in IT, banking, and FMCG shares. At the closing bell, the BSE Sensex stood higher by 44 points, while the NSE Nifty finished up by 15 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 0.5% respectively. Gains were largely seen in auto and consumer durable stocks.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.18%, while the Hang Seng & the Nikkei 225 fell 0.41% and 0.27% respectively. European markets are mixed today. The CAC 40 is up 0.42% while the DAX gains 0.29%. The FTSE 100 is off 0.23%.

The rupee was trading at 68.65 against the US$ in the afternoon session. Oil prices were trading at US$ 46.56 at the time of writing.

According to a leading financial daily, the government has informed that the Indian economy grew at 7.1% in the first six months of the current financial year despite subdued growth in the world economy. The data comes ahead of the last pre-demonetisation GDP figures, pertaining to the second quarter ending September.

The Commerce and Industry Minister Nirmala Sitharaman has said that India has maintained a Gross Domestic Product (GDP) growth rate of 7.1% during April to September of 2016-17 over 7.6% in 2015-16 and 7.2 percent in 2014-15. In the first quarter ended June, the Indian economy`s growth rate slowed to a six-quarter low of 7.1%.

India's GDP per Capita over the years.

She added that the government has been taking various steps to boost industrial production and growth, which includes 'Make in India' and 'Startup India' initiatives, liberalization of FDI (Foreign Direct Investment) policy and development of industrial corridors. She also said that the primary responsibility of industrial growth of backward areas lies with the state governments, whereas the central government's role is to supplement their efforts by way of various schemes.

The Minister also added that during April-September, 2016-17, Index of Industrial Production declined by 0.1% over April-September, 2015-16. The annual growth of IIP increased from -0.1% in 2013-14 to 2.8% in 2014-15, and slightly decreased to 2.4% in 2015-16.

Moving on to news from automobile stocks. According to an article in The Livemint, Suzuki Motor Corp. plans to invest Rs 26 billion through its unit Suzuki Motor Gujarat (SMG). The company intends to build its second assembly plant in India and an engine and transmission unit.

Suzuki Motor Corp. has entered into a contract manufacturing agreement with its local unit Maruti Suzuki India Ltd, under which it will produce and sell vehicles to the latter. With this, Suzuki's total investments in Suzuki Motor Gujarat will increase to Rs 58 billion.

As per the reports, Suzuki Motor Gujarat aims to start production with initial capacity of 250,000 units a year in February 2017 and reach a maximum capacity of 1.5 million by 2030.

Suzuki Motor Corp. has a 56% stake in Maruti Suzuki. India accounts for about 45% of Suzuki Motor Corp.'s global sales by volume. Suzuki Motor Corp.'s move will provide much-needed support for Maruti Suzuki, which has been unable to meet demand for its vehicles.

Maruti Suzuki's share price finished the trading day up 4% on the BSE.

Meanwhile, automobile stocks finished on a strong note with Eicher Motors and Maharashtra Scooters leading the gains.

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Mar 23, 2018 (Close)