Indian Markets Inch Upwards

Mon, 16 Nov 01:30 pm

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After opening the day in the red, the Indian Indices have recovered and are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks from the banking and capital goods sectors leading the gains. IT stocks are however trading in the red.

The BSE-Sensex is trading up 112 points (up 0.4%) and the NSE-Nifty is trading up 31 points (up 0.4%). The BSE Mid Cap index is trading up 0.1% while the BSE Small Cap index is trading up by 0.3%. Gold prices, per 10 grams, are trading at Rs 26,630 levels. Silver price, per kilogram is trading at Rs 34,157 levels. The rupee is trading at 66.02 to the US$.

As per an article in Economic Times, Commerce and Industry Minister Nirmala Sitharaman has said that the government is taking steps to increase India's total exports to US$ 900 billion by 2020. The minister said that the government is taking steps to facilitate the 'Make in India' program and therefore boost exports.

The move is said to be in line with achieving a similar target set by the Foreign Trade Policy. At the start of the fiscal, the government had announced a slew of incentives and new institutional mechanisms as part of the new Foreign Trade Policy (2015-2020) to nearly double the goods and services exports from the country.

As per the data, India exports goods worth around US$ 300 billion per fiscal year. Further, service exports amount to around US$ 150 billion annually.

The target set, however, is said to be ambitious as the country's exports are in the negative zone since December last year. Contracting for the 10th month in a row, India's merchandise exports dipped 24.33% in September to US$ 21.84 billion. This was mainly due to steep fall in shipments of petroleum products, iron ore, and engineering goods amid tepid global demand. India had a trade deficit of about US$ 48 billion in 2014-15.

Lastly, the minister said that India has an advantage in terms of young population and low cost of production as compared to China, which is becoming a costlier place to produce. She added, that with a structural adjustment happening in China, that is, moving from an export led kind of an economy to a consumer led economy, India will be able to attract a lot of manufacturers.

However, raising the country's exports remains a challenging task. Vivek Kaul, co-author of 'The Daily Reckoning', has shared some of those in one of his recent articles. You can read it here.

Stocks in the cement space are trading on a mixed note with India Cements leading the gains and Shree Cement leading the losses. Shree Cement has reported its results for the quarter ended September 30, 2015.

The firm has clocked 18% rise in its net profit at Rs 1.2 billion during the quarter on a YoY (year-on-year) basis. Total standalone income of the company rose 7.2% YoY at Rs 17 billion for the concerned quarter. Total expenses were higher by 7% YoY at Rs 16 billion for the quarter.

On a separate note, the company has recently commissioned a cement grinding unit of 2 million tonnes per annum (MTPA) capacity at Bulandshahr in Uttar Pradesh.

Shree Cement is one of India's premier cement makers and the largest in North India. The company has three brands under their portfolio, namely Shree Ultra Jung Rodhak Cement, Bangur Cement and Rockstrong Cement. Their manufacturing units are located at Beawar, and Ras in Rajasthan. Presently, the stock of Shree Cement is trading down by nearly 4%.

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