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India's Third Giant Leap

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Markets gather steam
Tue, 8 Sep Closing

The Indian equity markets rebounded from their fifteen-month lows in the post noon session to trade above the crucial 25,000-level on value buying amid recovery in rupee and positive Chinese markets. The Sensex today ended higher by 424 points while the NSE-Nifty ended higher by 130 points. The S&P BSE Midcap and S&P BSE Smallcap index also did well to notch gains of 1% and 0.6% respectively. Barring consumer durables and FMCG stocks, all the sectoral indices were flourishing in the green. banking and capital goods witnessed majority of the buying activity.

Asian stock markets closed mixed as of the most recent closing prices. The Hang Seng gained 3.33% and the Shanghai Composite rose 2.92%. The Nikkei 225 lost 2.43%. European markets have opened on a mixed note. The rupee was trading at 66.64 against the US currency in the afternoon session.

Majority of the power stocks traded in the green with JSW Energy and Adani Power being the leading gainers. Shares of NTPC surged more than 2% after Credit rating agency, CARE has assigned 'AAA' rating to NTPC's the proposed long term bond programme for FY16 (including tax free bonds) amounting Rs 50 bn. The rating takes into account the majority ownership in the company by the Government of India, its established position as India's largest power producer with high operational efficiency of its plants and its geographical diversity of power plants as well as power off-takers.

According to a leading financial daily, Tata Motors has entered into long-term partnership with Birla Institute of Technology & Science, Pilani (BITS, Pilani) to create a platform for a series of technical education programs to build world-class technical skills to not only bridge present skill gaps that prevail in the automotive industry but also to prepare a future-ready organization. This is a first Industry-Academia partnership for Tata Motors with a leading Institution like BITS, Pilani to develop technical talent at multiple levels in the Organisation. The first set of programmes to roll-out of this association will be a customized Masters as well Bachelor's Degree in Technology for Automotive Engineering, which will run across various locations in India.

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