Banking Stocks Lead the Gains

Mon, 29 Feb 11:30 am

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After opening the day on a flattish note, the Indian Markets registered some gains and are presently trading in the green. Sectoral indices are trading on a mixed note with stocks from the banking and metal sectors leading the gains. Consumer durables stocks are trading in the red.

The BSE Sensex is trading up by 69 points (up 0.3%) and the NSE Nifty is trading up by 20 points (up 0.3%). Both - the BSE Mid Cap index and the BSE Small Cap index are trading flat. The rupee is trading at 68.64 to the US$.

Engineering stocks are trading mixed with TRF and Alstom T&D leading the losses. As per an article in Economic Times, engineering and construction companies are enthused by the increase in Indian Railways' public spend in the hope that it will help the cash poor companies get contracts.

In his Rail Budget 2016 speech, Railway Minister Suresh Prabhu said that he plans to double investment to Rs 1.2 lakh crore for 2016-17. The railway minister increased the outlay for railway electrification by almost 50% in order to electrify 2,000 kilometres of tracks. Further, he announced three more freight corridors - North-South connecting Delhi to Chennai, East-West connecting Kharagpur to Mumbai and East Coast, which would be connecting Kharagpur to Vijayawada.

It is said that that the above three freight corridor projects alone will bring opportunities worth Rs 2.5 lakh crore for the engineering and construction sector. On the other hand, however, engineering and construction companies have expressed concerns over the planned projects under the PPP (public-private partnership) route. How things turn out in this sphere will be a key aspect to watch out for in the coming days.

Stocks in the automobile space are trading on a mixed note with TVS Motors and Maharashtra Scooters leading the losses. In another news, Maruti Suzuki has started shipping its premium hatchback Baleno to Europe. The Baleno, which is produced only in India, has become the first model to be exported by Maruti to its parent Suzuki's home market, Japan.

The shipments of the Baleno has started from last week. The first consignment comprised 1,800 units and was shipped from Mundra Port in Gujarat, where SMC is setting up a manufacturing plant to supply cars to its Indian arm.

It should be noted that the company is also planning to export the Baleno to over 100 global markets. For this, the company and its supplier partners have invested Rs 10 billion in the development of Baleno.

On the domestic front, the car has been well accepted and has made it to the eight rank in the top ten passenger vehicle models with sale of 7,698 units in January.

To note, apart from the Baleno, the company also exports the Ertiga, Celerio, Ciaz and the Swift Dzire to various markets. Presently the stock of the company is trading down by 1.3%.

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