Indian Markets Dip in to the Red

Wed, 13 Jan 11:30 am

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   09:30 am   

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After opening firm, the Indian indices booked losses and went on to trade in the red. Sectoral indices are trading on a discouraging note with stocks from the power and capital goods sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 88 points (down 0.4%) and the NSE Nifty is trading down 20 points (down 0.3%). The BSE Mid Cap index is trading down by 1.1% and the BSE Small Cap index is trading down by 2.7%. The rupee is trading at 66.80 to the US$.

Stocks in the steel sector are trading on a negative note with Jindal Saw and Gujarat Mineral Development bearing most of the brunt. As per an article in Economic Times, a leading body of stainless steel producers have insisted the government to raise basic customs import duty on stainless steel flat products to 15% in the forthcoming budget. The same is made to curb the growing imports seen off lately.

The request is made by the Indian Stainless Steel Development Association (ISSDA), which has top manufacturers of stainless steel flat and long products as its members. The association stated that with imports occupying 45%-50% of the market share, there is an urgent need to increase the import duty on stainless steel flat products.

At present, the import duty on stainless steel flat products stands at 7.5%. Many are in the view that a raise in basic customs duty is necessary in order to revive the domestic ailing stainless steel sector.

Apart from the rising imports, domestic steel players are facing tough times on the back of excess global production, underutilized capacities with poor realizations and rising debt burdens. Added to that can be the China's recent currency devaluation. That has further augmented cheap imports into the country. With all of these factors, major players in the industry are witnessing pressures due to rising debts on their books. One of our articles shares some detailed happenings and explains the Ponzi scheme that is running in this industry. You can read it here.

As per a leading financial daily, Tata Motors-owned Jaguar Land Rover (JLR) is planning to launch a new version of its luxury sedan Jaguar XE in India. The sedan will be launched on February 3rd and will be coming with two petrol engine options.

Following this announcement, Jaguar retailers have now formally started accepting bookings of this new addition to the Jaguar product portfolio in India. The company regarding the launch said that it will flag-off the company's journey to enter into a new territory and mark a significant milestone in the expansion of Jaguar's product offering in India.

Jaguar vehicles are sold from 23 dealerships across the country. The Jaguar range in India includes F-type sports car with price starting at Rs 12.6 million and locally manufactured XF sedan has price starting at Rs 47.7 lakh. It also sells XJ sedan in India at a starting price of Rs 97.2 lakh.

JLR has also lined up new product launches over the next few months, which include the Jaguar F-Pace, Evoque Convertible, among others. Lastly, the company intends to pursue its growth strategy and invest more in new products, power trains, and technologies in the long term. Presently the stock of Tata Motors is trading up by 1.3%.

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