Auto Stocks Lead the Gains

Mon, 18 Jul 01:30 pm

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After opening the day firm, Indian indices have continued to trade marginally higher during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the auto and banking trading in green while consumer durables and FMCG bearing the maximum brunt.

The BSE Sensex is trading higher by 134 points (up 0.5%) and the NSE Nifty is trading higher by 33 points (up 0.4%). The BSE Mid Cap index is trading higher by 0.3% while the BSE Small Cap index is trading higher by 0.7%. Gold prices, per 10 grams, are trading at Rs 30,903 levels. Silver price, per kilogram, is trading at Rs 46,825 levels. Crude oil is trading at Rs 3,079 per barrel. The rupee is trading at 67.07 to the US$.

As per an article in Business Standard, Ashok Leyland will be establishing a bus assembly plant in Kenya with an outlay of Rs 700 million.

Further, Ashok Leyland will assemble both buses and trucks at the plant. The plant will have an annual capacity of 1,200 buses.

Besides meeting the local demand, the plant will also serve as an export hub for a few neighboring countries. Currently, the Kenyan market accounts for 4,000 units of truck sales each year and is expected to grow double in the next few years, the reports stated.

Amid tough global market conditions, the company has been working to enhance its international presence. Apart from Kenya, Ashok Leyland is also about to put another assembly unit in Bangladesh in the next couple of months, the reports stated.

We have shared Ashok Leyland's new product launches and an extensive distribution reach, (Subscription Required) in one of the premium editions of The 5 Minute Wrap Up.

Subscribers can also access to Ashok Leyland's latest result analysis our website (subscription required).

Ashok Leyland was trading up by 2.2% at the time of writing.

Moving on to the news from pharma sector. According to a leading financial daily, Glenmark Pharmaceuticals plans to raise around US$200 million by issuing dollar denominated non-convertible unsecured bonds to repay debt. Glenmark has embarked on a significant debt refinancing program to lengthen its existing debt maturity profile.

Recently, the company had received the rating for the same from Standard & Poor's and Fitch, the leading credit agencies.

Reportedly, Glenmark's rating incorporates its geographically diversified profile, a demonstrated track record in regulatory compliance and its healthy product pipeline.

Owing to the positive outlook, Glenmark decided to hit the International bond market, the reports stated.

Further, these bonds are planned to be listed on the Singapore Stock Exchange.

To know our view on Glenmark Pharma, subscribers can read our result analysis (subscription required).

Glenmark Pharmaceuticals Ltd was trading down by 1.2% while writing.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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