Sensex Opens Higher; Automobile & Metal Stocks Lead

Wed, 29 Jan 09:30 am

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Asian share markets are higher today as better-than-expected Apple Inc earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak.

Back home, India share markets have opened the day on a strong note. The BSE Sensex is trading up by 263 points while the NSE Nifty is trading up by 86 points.

The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.9% and 0.6%, respectively.

All sectoral indices have opened the day on a positive note with stocks in the metal sector and auto sector witnessing most of the buying interest.

Speaking of the Indian share markets, earnings and upcoming budget would play a critical role in shaping the investment trend.

In the below video, Tanushree Banerjee tells how you should react to the biggest economic event of the year - the Union Budget.

Watch Now...

In news from the realty sector, real estate firm Prestige Estates is in talks with 2-3 large investors to raise US$ 300-400 million, by monetising some of its retail mall and office assets, before it goes a real estate investment trust (REIT) listing in a year or so.

The company's management said that the fund-raising will help the company in not only reducing its debt levels but the investor partner may acquire a stake in the rental portfolio and then become an anchor investor, when Prestige eventually goes for a REIT.

Reportedly, the company's current net debt stands at around Rs 86.7 billion.

The group's chief executive Venkat K. Narayana confirmed the fund-raising plan and said around 6 million sq ft of retail and commercial office space will be ready in the next ten months.

Note that REITs have become a favourable option for India's leading commercial office developers, after Embassy Office Parks successfully listed the first one in the country, in March 2019.

Last month, Mindspace REIT filed its draft IPO prospectus which will see the listing raise Rs 10 billion through a fresh issue of shares, while existing shareholders, K. Raheja Corp. and Blackstone Group Lp, will offload a part of their shareholding through an offer for sale.

Last week on Friday, Prestige had said it raised around Rs 4.4 billion through a preferential issue of equity shares to Singapore-based GIC managed investment firm Gamnat Pte.

In other news, GIC has bought an additional 3.4% stake and increased its stake in Prestige Estates from 5.7% to 8.9%.

Prestige Estates share price has opened the day down by 1%.

Speaking of the real estate sector, note that this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

The government plans to revive over 1,600 stalled housing projects covering 4.6 lakh units.

Announcing the decision, Finance Minister Nirmala Sitharaman had said the government will put in Rs 100 billion in this alternative investment fund (AIF) while SBI and LIC would provide Rs 150 billion, taking the total size to Rs 250 billion.

Is the Real Estate Sector Set for a Turnaround?

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to news from the automobile sector, Maruti Suzuki has launched BS-VI compliant Super Carry (Petrol). This will result in price increase in all the variants of Super Carry (Petrol).

The revised Ex-showroom price in Delhi and NCR region shall vary from Rs 4.14 lakh to Rs 4.24 lakh. The same is effective from January 28, 2020.

Yesterday, the company reported 5.1% year-on-year (YoY) rise in profit at Rs 15.6 billion for the December quarter compared with Rs 14.8 billion in the same quarter last year.

The company said that during the quarter, cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate were partially offset by higher sales promotion expenses, higher depreciation and lower fair value gains on invested surplus.

Sales for the quarter rose 3.8% YoY to Rs 196.4 billion. The automaker sold a total of 4,37,361 vehicles during the quarter, up 2% YoY. Sales in the domestic market stood at 4,13,698 units, higher by 2% YoY.

Maruti Suzuki share price has opened the day up by 1.1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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