Indian Indices Open Flat

Fri, 2 Sep 09:30 am

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Major Asian stock markets have opened the day on negative note with the stock market in Hong Kong and Singapore are trading lower by 0.5% and 0.3% respectively. Benchmark indices in Europe ended their previous session in red with stock markets in Germany ending the day lower by 0.5%. The rupee is trading at 66.96 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 70 points (up 0.3%) and the NSE Nifty is trading higher by 20 points (up 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.3% respectively.

Major sectoral indices have opened the day on a positive note. Stocks from automobile and consumer durable sector are witnessing maximum buying interest.

As per an article in Livemint, the aerospace unit of Mahindra & Mahindra Ltd plans to sell planes built by its Australian unit in India this year.

In 2008,?Mahindra?bought Australia's GippsAero, which makes the?eight-seater GA8 Airvan close to Melbourne.? Reportedly, around 220 of these planes are flying in 30 countries.

Further, the company is also looking for opportunities to make the plane in India provided they get permissions to sell the plane in India. In order to sell the plane in India the company would require permissions and clearances from the Director General of Civil Aviation (DGCA).

Reportedly, GippsAero's Airvan is designed for single-pilot operation. However, India's aviation regulator insists that planes above 1,500 kg must have two pilots for commercial flights. Therefore, the cockpit needs to be redesigned and re-certified if Mahindra wants to sell these aircraft in India.

The management of the company stated that these planes could be used to fly short segments for tourism like Bangalore to Hampi, Mumbai to Belur, Halebidu, Chandigarh to Dharamsala, and Kolkata to Gaya. The commercial viability of this project will be something to closely watch out for.

In another news update, real rural wages have continued to fall. This has happened despite all the hoopla surrounding a revival in the rural economy.

Recent reports states that there has been a significant uptick in government's rural spending and so has the spending on rural roads. The employment generation under MNREGA too has seen robust growth in the June 2016 quarter.

However, despite these measures it has not led to any rise in rural real wages yet. Reportedly, real rural wages have been in the negative territory since October 2015 and continued to be so until May 2016.

The main reason behind sluggish rural growth is the modest rise in minimum support prices (MSP). MSPs have merely increased by 3% since 2014. Further, job opportunities in non-farm sectors such as construction and manufacturing have not been very encouraging. This too has led to sluggish rural wage growth.

A normal monsoon coupled with a hike in MSPs and spike in employment under MNREGA can revive rural sentiments and consumption, which have remained subdued since the past couple of years.

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