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Auto stocks push markets higher
Mon, 23 Aug 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened at the breakeven mark and have moved into the positive territory. Other key Asian markets are in the red with Japan (down 0.4%) leading the pack of losers. The US markets closed lower by 0.6% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with auto majors finding investors' favour. The BSE-Sensex is trading higher by around 10 points, while the NSE-Nifty is up by about 2 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.3% and 0.7% respectively. The rupee is trading at 46.62 to the US dollar.

FMCG stocks have opened the day on a positive note. Gainers here include Paper Products and Nirma. As per a leading business daily, Dabur plans to bring in a strategic investor in its retail venture 'newu'. It will seek the investment once it breaks even in the business, which it expects by FY12. Dabur had incurred losses in the segment to the tune of Rs 180 m in FY09, which came down to Rs 90 m in FY10. The company would prefer a foreign partner with the relevant expertise as its niche portfolio of products is unlikely to attract domestic partner. Also it expects the government's FDI policy in multi-brand retail to be also be in place by then. Dabur currently has 19 newu stores. The stores sell international and national beauty and health brands, personal care, babycare and fashion accessories. These stores currently generate revenues of about Rs 1,000 per square foot. It plans to add 31 more stores in FY11.

Software stocks have opened the day on a strong note. Gainers here include Mahindra Satyam and NIIT. As per a leading business daily, India's biggest IT services firm TCS has opened its fifth delivery centre in China. It is situated at Shenzen and will cater to the Asia-Pacific market. It will also focus on providing local service to customers in the region. With the new facility, TCS will now employ about 2,000 employees in China out of which 92% are locals. The company's other Chinese centers are located in Beijing, Shanghai, Hangzhou and Tianjin. The company had entered China in 2002.

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