Metal & Banking Stocks Trading Higher

Tue, 12 Jul 01:30 pm

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Indian stock market extended the gains during the post noon trading session amid positive global cues. Sectoral indices are trading on a mixed note with stocks from the metal and banking witnessing buying interest while FMCG and healthcare trading in red.

The BSE Sensex is trading higher by 110 points (up 0.4%) and the NSE Nifty is trading higher by 33 points (up 0.4%). The BSE Mid Cap index is trading higher by 0.5% while the BSE Small Cap index is trading lower by 0.1%. Gold prices, per 10 grams, are trading at Rs 31,552 levels. Silver price, per kilogram, is trading at Rs 48,150 levels. Crude oil is trading at Rs 3,033 per barrel. The rupee is trading at 67.12 to the US$.

As per an article in The Economic Times, Housing Development Finance Corporation (HDFC) Ltd is planning to raise about Rs 30 billion by issuing its first unrated Synthetic Indian Rupee Notes to overseas investors. It is the first Indian public issuer of Synthetic INR Notes.

Synthetic products (masala bonds) are structured to suit the cash flow needs of the investor. They are created in the form of a contract.

The company proposes to issue Rs 20 billion with an option to retain over-subscription of up to Rs 10 billion. Further, it has appointed Axis Bank, Credit Suisse and Nomura as joint book runners and lead managers.

The bonds will bear a fixed coupon and will have a tenor of 3 years and 1 month. The Corporation proposes to list the Notes on the London Stock Exchange.

One must note that, no company has floated a synthetic bond issue yet except for International Finance Corporation first issued these bonds in 2014. Subsequently, Reserve Bank of India relaxed foreign borrowing norms for companies that issued rupee denominated debt.

Going forward, it will be interesting to see whether HDFC is able to set a benchmark and validate its attractiveness.

HDFC Ltd was trading up by 0.5% at the time of writing.

Moving on to the news from auto sector. According to a leading financial daily, TVS Motor Company has launched its new four stroke XL 100 in four Indian states of West Bengal, Orissa, Gujarat, and Assam in order to extend its presence nationwide.

As per the reports, the model has been priced at Rs 30,613 (West Bengal), Rs 30,438 (Orissa), Rs 30,038 (Gujarat), and Rs 31,632 (Assam).

TVS XL 100 is powered by a 99.7cc four stroke engine. It claims to effortlessly deliver 4.2PS power with a top speed of 60 kmph. The company claimed that the moped would give a mileage of 67 kmpl under simulated test conditions.

In another news update, TVS Motor's Jupiter model has achieved one million mark recently. It is helping the company garner 15% market share in the overall scooter market in India.

According to Society of Indian Automobile Manufactures, the scooter sales in the domestic market grew around 31% (Subscription Required) year-on-year during April-May with 9,23,360 units as compared with 7,08,825 units in corresponding month last year. Wherein, TVS sold 1,83,754 units of scooters in April-June quarter this year as compared with 1,56,949 units in corresponding period last year.

Consequently, competition is coming in as more brands are getting launched, the reports stated.

TVS Motors was trading up by 1.1% while writing.

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