Indian Markets Open Weak

Tue, 8 Dec 09:30 am

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Major Asian stock markets have opened the day on a dismal note, with stock markets in Hong Kong (down 1.7%) and China (down 1.4%) being the top losers. Major stock indices in Europe ended their previous session in green. The markets in US ended their day lower by 0.8%. The oil prices have tumbled to a seven year low, on the OPEC's decision. The rupee is trading at 66.62 per US dollar.

Indian stock markets too have opened the day on a negative note. BSE-Sensex is trading lower by 60 points (down 0.2%) and NSE-Nifty is trading lower by 20 points (down 0.2%). Both S&P BSE Midcap and S&P BSE Smallcap are trading marginally lower by 0.07% and 0.01% respectively. Major sectoral indices have opened the day on a mixed note. Stocks from banking and metal sectors are facing maximum brunt. However, stocks from FMCG and automobile space are witnessing buying interest.

As per an article in leading financial daily, Tata Motor's have stopped the production of its two brands named 'Manza Sedan' and 'Vista Hatchback'. These models were launched in the calendar year of 2009.The move is in line with the management decision to eliminate its ageing portfolio of cars. The company had also phased out the production of older generation of 'Nano' in the preceding year.

Reportedly, these models were built on an Rs 20 bn platform. However these models never gained any traction and faced severe competition from the rivals. 'Vista' had to compete against the likes of strong models such as 'Maruti Swift', 'Hyundai i10'. So was the situation for Manza where it faced competition from 'Maruti Suzuki SX4', 'Hyundai Verna' and 'Honda City'.

However, company continues to sell its 'Indica' and 'Indigo ecs' models in the commercial phase. The company now sells only the Indica's diesel and CNG fuel variants which are used in commercial car fleets.

Oil Videsh Ltd (OVL), overseas arm of state owned Oil and Natural Gas Corporation (ONGC) is close to winning a US$ 5 billion development rights in relation to Iran's Farzad-B gas field. The consortium of OVL, Oil India Ltd and Indian Oil Corporation had discovered 12.5 trillion cubic feet gas reserves in the Farzad-B block.

Reportedly, gas produced from the fields will be converted into Liquefied Natural Gas (LNG) for exports to consuming nations like India. The gas output could possibly be converted into LNG and shipped to India or it could either be transported through a pipeline via Pakistan.

Richa Agarwal, Managing editor of Hidden Treasure, recently released a detailed analysis of the company's results (subscription required) for the quarter ended September 2015. In the note Richa explains factors driving the performance of the company in this period and what to expect going forward. If you are interested in the stock, then this is a must read!

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