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Indian Markets Rebound
Mon, 14 Dec 11:30 am

After opening the day on a negative note, Indian equity markets have bounced back in the green territory. Barring automobile, major sectoral indices are trading on a positive note. Stocks in capital goods and fmcg sector are witnessing maximum buying interest.

The BSE-Sensex is trading higher by 45 points and NSE-Nifty is trading higher by 20 points. Both, BSE Mid Cap and BSE Small Cap have surged upwards and are trading higher by 0.5% and 0.4% respectively. The rupee is trading at 66.78 to the US dollar.

As per an article in leading financial daily, passenger vehicle sales in India rose for a thirteenth straight month in November. The passenger vehicles rose by 10.4% YoY to 173,111 units as per the data provided by Society of Indian Automobile Manufacturers (SIAM). Further, softening interest rates coupled with cheaper fuel led to a spurt in the growth in the passenger car segment. To add to this, commercial vehicles (CV) also reported a growth of 8.6% in the month of November. The growth in the CV segment can be attributed to a potential pickup in the economy.

However, deputy director general of SIAM stated that apart from few new models which are selling well, things are not looking gloomy for the entire industry.

As per an article in leading financial daily, Competition Appellate Tribunal (COMPAT) set aside a penalty of Rs 63.17 bn imposed on eleven cement firms by Competition Commission of India (CCI). The tribunal also allowed the cement manufacturers to withdraw the 10% penalty amount already deposited with the CCI. The judgment follows appeals filed by the cement firms and their industry body Cement Manufacturers Association against the two CCI orders passed in June-July 2012. The companies included ACC, Ambuja Cements, Binani Cements, Century Textiles Ltd, India Cements, JK Cements, Lafarge India, Madras Cements, Ultratech, JP Associates and Shree Cements.

However, COMPAT have asked CCI to pass fresh orders in relation to this case within a period of three months. Thus CCI will look into the matter again and pass a fresh order in relation to the same. Hence, it is just a temporary relief for the cement sector players.

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Nov 24, 2017 (Close)