Indian Indices End Higher, Liberalisation in FDI Norms, and Top Cues in Focus Today

Tue, 3 Sep Pre-Open

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On Friday, Indian share markets ended their trading session on a positive note.

On the sectoral front, gains were seen in the metal sector and FMCG sector.

At the closing bell on Friday, the BSE Sensex stood higher by 263 points (up 0.7%) and the NSE Nifty closed higher by 74 points (up 0.7%).

The BSE Mid Cap index ended up by 1%, while the BSE Small Cap index ended the day up by 0.8%.

Speaking of Indian stock markets, Richa Agarwal reveals her investing strategy amid all gloom and doom.

She also talks about the stock she is looking at. She is very cautious in her approach and looks for the stocks that survive in all the market cycles.

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Top Stocks in Focus Today

From the power sector, Kalpataru Power Transmission share price will be in focus today as the company has secured new orders worth about Rs 12.6 billion.

These orders include transmission and distribution works from Power Grid Corporation and South America.

The company also got orders for design, supply, erection, testing and commissioning for railway electrification and associated works in India from RVNL (Rail Vikas Nigam Ltd).

Gruh Finance share price will also be in focus today amid reports that HDFC might have cut stake in Gruh Finance during early trade today. As per the news, HDFC was expected to raise Rs 16.78 billion by selling 9.2% in Gruh Finance.

India Targeting MNCs to Shift Business from China

India is targeting companies including Apple, Foxconn and Wistron Corp aimed at encouraging them to shift business out of trade war hit China.

The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs.

Amid suggestions that India is late to capitalise on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted.

The document said the government will meet companies between August 26 and September 5 to suggest the best investment zones for their operations.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Government Liberalizes FDI Norms

Moving on to the news from the macroeconomic space... In order to boost the ailing economy, the government has liberalized foreign direct investment (FDI) norms in the four sectors.

The Union Cabinet has allowed 100% FDI in coal mining and contract manufacturing, eased sourcing norms for single-brand retailers and approved 26% overseas investment in digital media.

In single-brand retail trading (SBRT), the definition of 30% local sourcing norm has been relaxed and online sales permitted without prior opening of brick and mortar stores.

Reportedly, the changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment, and growth. He said 100% FDI under automatic route in coal mining and sale of coal as also associated infrastructure activity has been allowed to help attract international players to create an efficient and competitive coal market.

Also, 100% FDI under automatic route has been allowed in contract manufacturing to give a big boost to domestic manufacturing.

As per the reports, decisions of the Cabinet are aimed to liberalize and simplify the FDI policy to provide ease of doing business in the country, leading to larger FDI inflows and thereby contributing to the growth of investment, income and employment.

Notably, at US$ 64.37 billion, FDI in 2018-19 is the highest ever investment received for any financial year.

Note that, the FDI into India exceeded that into China in 2018.

That is a testament of the fact that India's foreign investment policies and business environment are finally competing with that of its Oriental neighbour.

The biggest deal that drove FDI flows to India was Walmart's US$16 billion buyout of Flipkart.

Apart from ecommerce and the digital payments boom, the new bankruptcy framework is also attracting foreign investors with deep pockets.

India aims to receive US$ 100 billion in foreign direct investment (FDI) in the next two to three years.

Special industrial clusters are being created for countries like Japan, South Korea, China, and Russia where their companies can invest and operate.

It remains to be seen how all this will pan out in the coming days. Meanwhile, we will keep you updated on all the developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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