Sensex, Nifty Open at Fresh Record High; Tata Motors Rallies 10%

Wed, 13 Oct 09:30 am

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Asian share markets are volatile today as worries about soaring power prices fueling inflation weighed on sentiment and drove expectations the US would taper its emergency bond buying programme.

The Nikkei and the Shanghai Composite are trading down by 0.2% and 0.4%, respectively. The Hang Seng is trading on a flat note.

In US stock markets, Wall Street indices finished lower on Tuesday, extending losses as investors grew cautious in the run up to third-quarter earnings.

The Dow Jones fell 0.3% while the Nasdaq slipped 0.1%.

Back home, Indian share markets have opened on a positive note.

Infosys, Mindtree, Plastiblends India and Aditya Birla Money are among the companies that will announce their September quarter results today.

The BSE Sensex is trading up by 236 points. Meanwhile, the NSE Nifty is trading higher by 84 points.

Tata Motors and M&M are among the top gainers today. Tata Steel, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.6% and 0.8%, respectively.

Barring metal and oil & gas, all sectoral indices are trading in green with stocks in the automobile sector and capital goods sector witnessing most of the buying.

Shares of PVR and Page Industries hit their 52-week highs today.

The rupee is trading at 75.39 against the US$.

Gold prices are trading down by 0.1% at Rs 47,180 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 61,770 per kg.

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In the video, Brijesh shows how to trade this overlooked sector using a chart that you haven't seen before.

In news from the automobile sector, Tata Motors is among the top buzzing stocks today.

Tata Motors on Tuesday closed a deal to raise Rs 75 bn from TPG Rise Climate and Abu Dhabi's ADQ.

This is the first major fundraising by an Indian carmaker to push clean mobility and electric vehicles (EVs).

The investment will be in a newly formed subsidiary Tata Motors has formed for the EV business. This funding will give a stake of 11-15% to the TPG-ADQ combine in this subsidiary.

Chief Financial Officer P B Balaji said the company would invest more than Rs 160 bn over next five years.

In a conference call, Balaji said,

• This new subsidiary will be asset-light, and all the investment will go towards creating intellectual properties like new vehicle designs and EV platforms. The Tata Motors passenger vehicle business doesn't have the wherewithal in the EV space. Creating that needs investments of $2 billion.

The company said the first round of capital infusion would be completed by March 2022 and all the money will come by the end of 2022.

The wholly-owned EV subsidiary, which the company calls EvCo, will undertake the passenger electric mobility business while the passenger business unit will own the existing assets like manufacturing plants, dealerships, and brands.

Chairman of Tata Sons N Chandrasekaran said that over the next five years, Tata Motors would create a portfolio of 10 EVs.

He added that in association with Tata Power, the group will also catalyze the charging infrastructure to facilitate rapid EV adoption in India.

Tata Motors share price has opened the day up by 10%.

Speaking of electric vehicles, after the government announced the extension of the FAME II scheme, several states like Maharashtra, Gujarat, Rajasthan, and Delhi have announced their own policies for the faster adoption of EVs.

Under the FAME II scheme, 350 new EV charging stations have been installed across the country.

Here's a summary of stations that have been installed in each city.

The government is actively formulating guidelines such as setting EV charging infrastructure by the Ministry of Power, amendment in model building bye-laws (MBBL-2016) for EV charging infrastructure by Ministry of Housing and Urban Affairs, etc.

Moving on to news from the telecom sector, India is set to receive an investment of about Rs 33 bn from 31 domestic and multinational companies over a period of four years under the ambitious production-linked incentive (PLI) scheme.

This will likely employ as many as 40,000 individuals in the telecom sector.

Following the incentive package, proposals from as many as 31 companies that included 16 micro, small and medium enterprises (MSME), seven multinationals and eight domestic players have been approved by the telecom department (DoT).

Multinational companies include Nokia Solutions and Networks, Foxconn Technology, Flextronics Technologies, Commscope and Jabil Circuit.

In addition, HFCL, Tejas Networks, VVDN Technologies, Dixon Electro Appliances, and state-run ITI were among homegrown companies declared eligible under the scheme.

The scheme for the telecom sector includes manufacturing of transmission equipment, 4G and 5G radio access network and wireless equipment, customer premise equipment (CPE), access devices, routers and switches.

In April 2021, the government had launched a program with an outlay of Rs 122 bn to promote networking equipment by incentivizing incremental investments by domestic and foreign companies.

We will keep you updated on the latest developments from this space. Stay tuned.

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

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