Despite some profit booking in telecom and IT stocks, final hour buying interest in key heavyweights from auto, commodity and banking sectors, helped the indices in Indian stock markets to close firmly in the positive today. While the Sensex closed higher by around 94 points, the NSE-Nifty closed higher by 30 points. The BSE Mid Cap and BSE Small Cap indices also ended higher by around 1% each.Asian indices closed a mixed bag today while Europe is trading in the positive currently. The rupee was placed at Rs 54.12 to the dollar at the time of writing.
Maruti Suzuki, the country's largest car maker has decided to increase prices of its vehicles across all models by up to Rs 20,000 from January 2013, considering pressure on its margins due to currency fluctuation. During the July-September 2012 period, adverse foreign exchange movement had an overall impact of Rs 3.5 bn on the company. The company has reported 12.4% increase in volumes in November. Its domestic sales grew by 9.6% to 90,882 units compared to 82,870 units in November 2011. The company's exports exports went up by 38.3% YoY. The impact of price increase on volume growth with be seen in the final quarter of FY13.
With petrol pumps mushrooming all over the country, the government has barred PSU oil companies from setting up new outlets at their own investment. The Petroleum Minister has issued an order asking the state-owned fuel retailers to set up petrol pumps only when the dealer is willing bear the Rs 10 to 15 m cost of a pump. India has over 43,000 petrol pumps, perhaps the highest in the world. These are largely owned by PSU majors Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corp. Ltd. (HPCL) and Bharat Petroleum Corporation Ltd.(BPCL). In last four years, the number has jumped from roughly 18,000 to over 43,000 currently. These numbers do not include the 2,500-odd outlets owned by private retailers like Reliance Industries Limited (RIL) and Essar.