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Bank stocks lead opening gains
Wed, 22 Apr 09:30 am

MajorAsian stock markets, except Indonesia have opened the day on a firm note with stock markets in China (up 2%) and Japan (up 1%) leading the gainers. The Indian share markets have opened the day on a firm note as well. Pharma, banking and FMCG stocks are eliciting investor interest while IT stocks are in the red ahead of March quarter results.

The BSE-Sensex is up by around 119 points, while the NSE-Nifty is up by about 29 point. Mid and small cap stocks are also trading in the green with the S&P BSE Midcap and S&P BSE Smallcap indices up by around 0.5% each. The rupee is currently trading at Rs 62.56 to the US dollar.

Bajaj Auto, even after a three-year wait to launch its quadricycle that will compete with autorickshaws, faces a slew of legal challenges in India. Meanwhile the company has decided to shift focus to export the four-wheeler passenger vehicle to traditional export strongholds such as Sri Lanka, Egypt and Nigeria. Bajaj Auto, was extremely keen to launch the product first in India, hoping that the category will get an approval soon, It exports almost 60% of 50,000 three-wheelers produced in India in a month. The company has started the process of seeking approvals,

Meanwhile the Initial Public Offering (IPO) of MEP Infrastructure Developers Ltd (MEP Infra), a leading toll operator in the road infrastructure sector, starts today. You can read our analysis of the issue here. Apart from toll collection projects, the company also undertakes Operate-Maintain-Transfer (OMT) projects which involve undertaking maintenance obligations of roads constructed by third parties. The company started its business with collection of tolls at 5 entry points in Mumbai in 2002. Over the years, it has grown in size and as of now operates about 18 toll projects with an aggregate of 33 toll plazas, 5 OMT projects and 1 Build-Operate-Transfer (BOT) project. The portfolio includes both long term (initial term in excess of one year) and short term (initial term of less than a year) projects with a desire to gravitate towards former during the course of the business.

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