Indian Indices Open Flat

Fri, 30 Sep 09:30 am

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Major Asian stock markets have opened the day on a negative note with the stock market in

Japan and Hong Kong are trading lower by 1.3% and 1.4% respectively. Stock markets in US too ended their previous session in red with benchmark indices in US ending the day lower by 1.1%.

The rupee depreciated in yesterday's trade owing to geopolitical tensions between India and Pakistan and is currently trading at 66.85 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 50 points (up 0.2%) and NSE Nifty is trading higher by 16 points (up 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.6% and 0.8% respectively.

Major sectoral indices have opened the day on a mixed note with stocks from information technology sector witnessing buying interest. While stocks from telecom sector are facing selling pressure.

As per an article in Business Standard, Tata Steel is planning to expand its steel output capacities in India through a brownfield project. The company plans to add 6 million tonne of steel capacity at its existing plants in Jamshedpur and Kalinganagar.

Reportedly off the proposed expansion, 1 mt would be added at Jamshedpur and 5 mt would be added to the newly commissioned plant at Kalinganagar.

While, a land clearance for expansion for the Jamshedpur plant has been obtained, it is still pending for Kalinganagar. However, the management stated that the issues at Kalinganagar are expected to get resolved within a period of two months.

However, the management declined to comment on the exact time frame and cost of the expansion at both these sites.

In FY16, domestic sector was adversely affected by a spurt in imports from China. As a result, imports accounted for 15% of consumption. Prices were therefore impacted and benefits of incremental consumption growth did not flow to domestic producers.

Further, finished steel consumption for Q1FY17 dropped by 0.3% YoY. Domestic realisations recovered at relatively lower rates on subdued demand, increasing supply side pressures and continued imports from pre-MIP contracts.

However, the operating environment has become relatively better owing to protectionist measures resulting in better prices and reduced import pressure. However, at a macro level, shrinking global steel demand, overcapacity and low-priced exports by China continue to post threat.

In a scenario wherein the demand does not improve, the excess capacities could possibly dent the return ratios of the company. The stock of Tata Steel is trading higher by 0.03%.

In another news update, passenger vehicle sales are expected to post a robust double digit growth in the month of September.

The growth is expected be led by the industry leader- Maruti Suzuki, which enjoys a 47% market share in India. Reportedly, Maruti is likely to report a sales growth in excess of 15% due to strong demand for its variants such as Baleno and Brezza.

Further, companies such as Hyundai, Mahindra & Mahindra and Renault too are expected to pitch in to the increased growth.

The industry looks well-placed to post a double-digit growth in FY17 after a five-year gap with positive triggers from a good monsoon and the implementation of the seventh pay commission.

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