Markets Remain Range Bound

Fri, 4 Mar 01:30 pm

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Indian indices are trading slightly above the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the metal and PSU sectors leading the gainers. However, software stocks are witnessing maximum selling pressure.

The BSE Sensex is trading higher by 22 points and the Nifty is trading higher by 2 points (down 1.3%). The BSE Mid Cap index and the BSE Small Cap index are trading higher by 1% and 0.8% respectively. The rupee is trading at 67.38 to the US$.

Ashok Leyland is reportedly planning to expand its bus manufacturing plant in Ras Al Khaimah, Middle East in a bid to double its production capacity. Shaikh Saud bin Saqr Al Qasimi, Member of the UAE Supreme Council and Ruler of Ras Al Khaimah, laid the foundation stone for the US$10 million expansion project on March 3. The project also includes a Design and Service Training Centre.

Post the expansion, the capacity of the plant will increase from 12 buses a day to 24 buses daily by end of 2016. This comes on the backdrop of company's expansion in the global market. Meanwhile, the company also reportedly plans to set up assembling facilities in Kenya and Ivory Coast and also initiated plans to set up an assembly plant in Dammam, Saudi Arabia.

The company is currently trading with a negative bias (down 0.6%) on the BSE. The company has seen its stock price go up by 24% in the past one year meanwhile, the Sensex has lost 20%. In our recent edition of The 5 Minute Wrap Up Premium, we highlighted the performance of Ashok Leyland.

According to a leading economic daily, Yes Bank has acquired over 5% stake in Institutional Investor Advisory Services (liAS). The bank has acquired 500,750 equity shares of liAS from BSE. IiAS is a proxy advisory firm, dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions. The value of the transaction wasn't disclosed.

Investors in IiAS reportedly include Axis Bank Ltd, BSE Ltd, Fitch Group Inc., Housing Development Finance Corp. (HDFC), ICICI Prudential Life Insurance, Kotak Mahindra Bank Ltd, Tata Investment Corp. and UTI Asset Management Co. Ltd. The biggest shareholder is the Fitch Group with about 20% stake.

In another development, Yes Bank has launched its first Currency Chest and Small Coin Depot in Mumbai on March 03, 2016. The bank has established more than 110 Cash Deposit Machines across the country which is a self-service kiosk that enables deposit of cash directly into the bank account. It is to be noted that Yes Bank is the fifth largest private sector bank in the country.

The script of Yes Bank was trading down by 0.9% at the time of writing.

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