Indian markets open firm

Mon, 5 Oct 09:30 am

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The major Asian stock markets have opened the day on a positive note. Stock markets in Indonesia, HongKong and Japan are trading higher by 2.5%, 1.7% and 1.4% respectively. The major stock indices in Europe and US markets ended their previous session in green. The rupee is trading at 65.24 per US dollar.

Indian stock markets have too, opened the day on an encouraging note. BSE-Sensex is trading higher by 340 points (up 1.3%) and NSE-Nifty is trading higher by 93 points (up 1.2%). Both S&P BSE Midcap and S&P BSE Smallcap, are witnessing buying interest. Both BSE Mid-Cap and BSE Small-Cap are trading higher by around 1% each. Major sectoral indices have opened the day on a positive note with stocks from capital goods, telecommunication and banking sectors being the top gainers in the pack.

As reported in a financial daily, ITC Ltd will be soon adding a new product to its retail segment, by launch of Aashirvaad Ghee' during the time of Diwali. Reportedly, the expected market size of Ghee in India is approximate 85 bn. The Aashirvaad brand is well known for its atta products and accounts for 74% of the country's packaged atta market. Owing to the success of this brand, the company is launching more products under Aashirvaad brand. The, company is planning to expand its product line in various dairy related segments such as ice-cream, butter, cheese and curd. In fact, our in-house research analyst of FMCG sector, has been optimistic of the ITC's retail business and believe, the segment will be an important driver for the growth going forward.

As per an article in Economic Times, Tata Motors and Peugeot Citroen (PC) are in talks to form a partnership. The partnership will enable Tata Motor's to produce and distribute the French giant's car in the Indian market. The French company had exited the Indian market over over decade ago, however PC has decided to re-enter the Indian markets again. Further, the two companies are also in talks to share know-how in relation to engine technology. The partnership if fructified will be similar to what Tata Motor's has with FIAT. The French auto major will get a foothold in India at minimal investment and Tata Motors will get an excellent platform and family of engines that could be the basis for building the entire range of future products. The stock of Tata Motors is trading up by 6.5%.

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