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Indian markets open flat
Thu, 24 Sep 09:30 am

The major Asian stock markets have opened the day in red. Stock markets in Indonesia, Japan and Hong-Kong are down by 2.4%, 2.3% and 0.9% respectively. The major stock indices in the European markets ended their previous session on a positive note. The benchmark indices in US ended their previous session down by 0.08%. The rupee is trading at 66.17 per US$.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading down by 30 points (down 0.1%) and NSE-Nifty is trading down by 2 points (down 0.03%). However, stocks from mid cap and small cap indices have opened in green. BSE Mid Cap and BSE Small Cap are trading up by 0.5% and 0.6% respectively. Sectoral indices have opened the day on a mixed note with stocks from banking and automobile sector witnessing the maximum buying interest. However stocks from capital goods and oil & gas sector are witnessing selling pressure.

As per an article in Livemint, Bajaj Auto is set to export its quadricycle vehicle named 'RE60', after the company got the required approvals from a European certification agency to export the vehicle. Quadricycle is an alternative to the auto rickshaw that comes with four wheels instead of three. The vehicle can accommodate 4 passengers, provides a mileage of 35km per litre of fuel and has a top speed of 70km per hour. However several public interest litigations filled by auto rickshaw drivers had stalled the launch of the model in India. Bajaj has spent around Rs 5.5bn to develop the quadricycle. It has created a capacity to produce 5000 vehicles a month at its Aurangabad facility in Maharashtra. The stock of Bajaj Auto is trading up by 0.1%.

As per an article in Livemint, Larsen and Toubro (L&T) is looking to sell some assets including certain road and infrastructure projects. The company is working with a group of consultants, who will help the company to structure its plans within a span of years. In this process, the company will dilute its stake in some of its non-core subsidiaries. Reportedly, the company has been also selling stakes in some of the subsidiaries over the past 18 months. Further, some of the subsidiaries will also be listed on the stock exchange. The chairman stated that the company is in the process of consolidating its non-core operations to improve the return ratios. The stock of Larsen and Toubro (L&T) is trading down by 1.3%.

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