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Indian markets remain buoyant
Tue, 12 Aug 11:30 am

After opening firm, the benchmark Indian Indices have remained well above the dotted line in the morning session. Auto and engineering stocks are leading the gainers while IT and FMCG stocks are facing selling pressure.

The BSE-Sensex is trading up 161 points. The NSE-Nifty is trading up 42 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 61.16 to the US dollar.

Most of the real estate stocks are trading higher today. Gammon India and Welspun Projects are leading the gainers. Market regulator SEBI has issued the final guidelines for Real Estate Investment Trusts (REITs) and Infra Investment Trusts (InvITs). As per the new norms, both REITs and InvITs can now be listed on the stock exchanges. These financial instruments can invest in income producing real estate and infra assets. Their earning can be distributed among shareholders. To make REITs an attractive proposition, SEBI has reduced the minimum asset size requirement by 50% to Rs 5 bn. While listing, the size of initial offering should be at least Rs 2.5 bn and free float of at least 25%. REITs will be allowed to invest only in commercial properties and no REIT will be allowed to invest more than 10% of funds in under construction properties. The taxation aspect has also been clarified. REITs will be taxed only when projects are sold or investment is monetized. This move will certainly help bring in liquidity to the cash starved real estate sector.

Most of the automobile stocks are trading in green, with Tata Motors and Eicher motor being among the leading gainers. India's leading automobile firm, Tata motors has declared its June quarter financial year 2015 results (1QFY15). Net sales for the quarter increased by 38% YoY led by strong demand of newly launched products and growth in volumes during the quarter. Better performance in its Jaguar Land Rover (JLR) across the geographies too fueled this robust growth. The revenues from JLR witnessed robust growth of 54% YoY. JLR reported better uptake in volumes, both retail and wholesale volumes witnessed healthy growth during the quarter. On the bottom line, the profits were up by 213% YoY. Better product mix and richer geography mix helped in better realizations. The stock of Tata motors is trading up by 5.7%.

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