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Indian equity markets remain firm
Mon, 21 Jan 11:30 am

Indian equity markets have continued in green during the previous two hours of trade. The most noticeable upward movement continue to be witnessed in the oil and gas sector while the software sector is facing the maximum selling pressure. BSE-Sensex is up by 77 points and NSE-Nifty is up by 14 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.17% and 0.36% respectively. The rupee is trading at 53.83 to the US dollar.

Auto stocks are trading on a mixed note with Maruti Suzuki and Escorts leading the gains while Mahindra and Mahindra and Force Motors are facing maximum selling pressures. According to a leading financial daily, Maruti Suzuki, India's largest carmaker has made plans of setting up two manufacturing facilities in Gujarat. Maruti is in the process of acquiring 480 acres of land at Ughroz and Ukharade villages in Gujarat. These land pacels would be in addition to the 700 acres of land that has been already allotted to Maruti by the Gujarat government. The proposed plant in Gujarat is supposed to have an initial annual capacity of 2.5 lakh cars. The new plants would be located around 100 km from Ahmedabad and within 300 km radius of Mundra port. These new facilities would take Maruti's total manufacturing capacity to 20 lakh units by 2015-16.The total investment including land acquisition and construction of proposed plant is estimated to be around Rs 40 bn in the first phase.

Steel sector are trading in the green with Tayo Rolls and Adhunik Metaliks leading the gains. Tata Steel wants to engage in more procurement of spare parts from local vendors in Jamshedpur according to another leading financial daily. The new procurement chief at the Jamshedpur plant has been asked to form a special task force in the form of a new vendor development cell whose activity would be reviewed every six months. There are approximately 1,000 spare parts and ancillary manufacturing units located in Jamshedpur and it is envisaged that these units would be hugely benefitted if all local Tata Group units drew up their spare parts requirements from these suppliers. Tata Steel would however ensure that the quality standards are not compromised even in the slightest degree and the vendors would be selected only if they had the right product and service and adhered to total quality principles.

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