Indian Indices trade flat

Tue, 3 Dec 11:30 am

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After opening on a negative note, the Indian Indices are now trading flat. Indices leading the gains are Metals and IT. FMCG and Healthcare are facing some selling pressure.

Both the BSE Sensex and NSE-Nifty are trading flat. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.4%. The Rupee is trading at 62.3 to the US Dollar.

Automobile stocks are trading mixed today. Force Motors and Eicher Motors are among the stocks leading the gainers. Ashok Leyland and TVS Motors are leading the losers. Few Auto companies have delared their sales monthly sales numbers. Ashok Leyland has posted a decline of 27% YoY in total volume sales at 5,375 units; during the month of November. Its sales of medium and heavy commercial vehicle products was at 2,715 units during November as against 4,487 units for the same month last year; leading to a decline of 39.5% YoY. The Light Motor Vehicle (LMV) product segment, consisting of Dost and Stile's sales for the year has dropped by 7.73% YoY in for the November month.TVS Motor Co. has also declared its November sales numbers. It has reported around 6% decline in two-wheeler sales in the month of November at 155,604 units as against 166,783 units in same month last year. Domestic two wheelers reported 135,218 units in November 2013 as against 1,50,056 units registered in the month of November 2012. Its exports grew by 26% to 25,338 units in November 2013, from 20,080 units in the month of November 2012 . Two wheeler exports registered a growth of 22% with sales growing from 16,727 units in November 2012 to 20,386 units in November 2013. Ashok Leyland and TVS Motors are trading down by 1.5% and 0.8% respectively.

Consumer Products stocks are trading mixed today. Paper Products and Pidilite Industries are leading the gainers. Emami Ltd and Lakshmi Energy are leading the losers. According to a leading business daily, Marico Ltd. is planning to close its Selaquie manufacturing unit in Dehradun. The unit produces cosmetics. It is the first big company to declare such closure after the expiry of tax incentives under the 2003 scheme for Uttarakhand and Himachal Pradesh. However, the company claims that the closure of the plant will not siginifcnatly affect its performance. The Dehradun plant was set up in FY04 when the government had announced the heavy tax incentive package which included 100 % excise duty exemption for 10 years. Since, all the tax incentives including excise duty, income tax and capital subsidy have now ceased to exist, many companies are planning to sell off their businesses or shut their manufacturing facilities in the two states. Marico is trading flat today.