Indian Markets Trade in the Green

Thu, 21 Apr 01:30 pm

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Indian indices have continued to trade in the green in the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the banking and oil & gas sectors leading the gains. Telecom stocks are however trading in the red.

The BSE Sensex is trading up 112 points (up 0.4%) and the NSE Nifty is trading up 24 points (up 0.3%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading flat. Gold prices, per 10 grams, are trading at Rs 29,487 levels. Silver price, per kilogram is trading at Rs 40,915 levels. Crude oil is trading at Rs 2,930 per barrel. The rupee is trading at 66.17 to the US$.

Rating agency ICRA has reported that nearly Rs 11.4 trillion worth of infrastructure projects were stalled as of March 31, 2016. This was on the back of unfavorable market conditions, increased funding constraints and inadequate raw material linkages.

Majority of these stalled projects were from the private space including from the sectors like steel, cement, aluminum, among others.

ICRA said that the growing number of stalled projects in the last two quarters, which are already high at 8% of GDP is a matter of concern. While many projects were stuck for want of land or clearances, with the changing macro-economic scenario and weak commodity prices, viability and promoters' interest to continue with the projects have also declined.

It also stated that the recovery in the infrastructure sector will be gradual as most players are still burdened with leveraged balance sheets even as the volume of stalled or slow moving projects remains sizeable.

One of the major reasons why India has not been able to achieve the growth potential is the delay in settling up of infrastructure. Most of the slowdown here has come up due to the rise in the number of stalled projects that have been paralyzed due to the lack of proper policies, delays, hassles and other such issues.

Optimism towards this sector came from the announcements made in the Union Budget 2016-17. The budget allocated a big share to infrastructure that totaled to a Rs 2.21 trillion outlay.

However, the above practicalities have turned down all the hopes. For an actual turnaround to take place in this sector, the government shall ensure that there are no more hurdles in ramping up the infrastructure. This would be critical in ensuring a sustained high GDP growth for the country in the longer term.

Stocks in the automobile space are trading on a mixed note with Tata Motors and Maruti Suzuki leading the gains. In another news update it was reported that Maruti Suzuki India is planning to add around 323 more dealership outlets this year including 123 Nexa showrooms, which is catering to premium segment of the passenger car market.

The company also stated that it will introduce two more models - Baleno with a 1-litre boosterjet engine and compact SUV Ignis - by October this year through the Nexa outlets. The Nexa dealers have sold more than 70,000 cars so far since the format was launched, with a huge waiting period for the Baleno.

Currently, the company has around 1,800 outlets across the country.

Maruti Suzuki is India's largest passenger car company. The company offers full range of cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, A-star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara.

Presently the stock of Maruti Suzuki is trading up by 1.4%.

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