Indian Indices Remain Range bound

Wed, 24 Aug 11:30 am

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After opening the day on a flat note, the Indian indices are currently trading marginally higher. Sectoral indices are trading on a mixed note with stocks from the energy, and healthcare sector witnessing maximum buying interest. Metal stocks are, however, trading in the red.

The BSE Sensex is trading up 36 points (up 0.1%) and the NSE Nifty is trading up 8 points (up 0.1%). The BSE Mid Cap index & the BSE Small Cap index both are trading up by 0.6%. The rupee is trading at 67.13 to the US$.

As per an article in The Economic Times, Hindustan Petroleum Corp Ltd (HPCL) and GAIL India Ltd will divest up to 50% stake in the petrochemical plant in Andhra Pradesh. The plant is worth Rs 300 billion.

Reportedly, the 50:50 joint venture will set up a 1 million tonnes Ethylene derivatives plant. It will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints and coatings, cosmetics, textiles and adhesives. Moreover, some of the global petrochemical companies have also shown interest in the project.

Furthermore, HPCL and GAIL are also aiming for a petrochemical plant at the Petroleum, Chemical and Petrochemicals Investment Region (PCPIR) sites identified by the state government at Kakinada.

Currently, GAIL is doing feasibility studies as well as site selections. Cost, capacity and equity structure of the project will be decided after the studies are completed, the company stated.

Recently, government has proposed a new revenue sharing model (Subscription Required) which will make India more energy independent. Whether the proposal prove positive for gas transmission companies such as GAIL will be the key thing to watch out for going forward.

Moving on to the news from auto sector. According to an article in a leading financial daily, Tata Motor's arm Jaguar Land Rover (JLR) is launching a new digital retail store in partnership with Rockar. JLR will offer customers the option to buy their car entirely online, accompanied by a dealership at Westfield Stratford, London. Reportedly, the service has been developed in response to changing demands from its customers.

In another development, Tata Motors' unit Distribusi Indonesia (TMDI) has launched two new-generation commercial vehicles in Indonesia. Namely Tata ULTRA 1012 light truck and Tata Xenon XT D-Cab 4x4 pick-up.

Both the vehicles have been subjected to rigorous trials of over 25,000 km over different terrains and various operating conditions. Notably, Tata Motors operates through 119 touch points across Java, Sumatra, Bali and Sulawesi.

Tata Motors has been making its foray into latest global technologies to the commercial vehicles market in the country meant to further enhance its presence in this space. With large auto makers already investing in these emerging technologies, it is clear that Tata Motors needs to make these moves quickly to avoid losing out in the race, particularly when technologically assisted driving can soon become a reality.

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