Tuesday April 10, 12:30 PM
Losses deepen on Sensex... |
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By Equitymaster.com
Markets moved into the negative territory during the previous hour of trade as selling activity intensified among index heavy weights. The overall market breadth is however still positive with gainers outnumbering losers by a ratio of 1.5 to 1 on the NSE. Barring banking, engineering and software sectors, buying is being witnessed across sectors.
The BSE Sensex is trading at 13,123 (down 54 points) while the NSE Nifty is trading at 3,832 (down 11 points). The rupee is trading at 43.02 to the dollar.
At the current juncture, retailing stocks are trading firm with major gainers being Trent (TREN.BO, news) and Pantaloon (each up 1%). As per a leading business daily, Trent has entered into an Agreement with The Xander Group Inc., a global private equity firm for developing real estate properties for its various retail ventures. As per the agreement, the Xander group will invest in the development of an institutional retail real estate portfolio in the country. Trent will have anchor tenancy rights and will manage the portfolio with Xander. The arrangement will aid Trent's growth plans in the retail sector, including its current formats like Westside, Landmark and Star India Bazaar. The move indicates that the country's second largest business house wants to expand its presence in one of the fastest growing business spaces (retail sector) in India.
As per a leading business daily, Tata Motors is planning to distribute its trucks through the Italian company Iveco's worldwide distribution network. Tata trucks - including the highly successful one tonne Ace - will be available through Iveco's sales network in markets like Brazil, Argentina, Russia and other markets where the Indian manufacturer has no significant presence. Tata will also get to use Iveco's established service network in these markets. In return, Iveco will bring its highly successful range of light commercial vehicles and market them through Tata's domestic network. These vehicles are likely to be assembled in the country though plans have not been firmed up yet. Iveco will also be an engine supplier for the higher end models that Tatas are planning to launch in the next few years. However, there is still no plan to bring in Iveco's heavy commercial vehicles for their costs are exorbitant by Indian standards. This move is yet another attempt by auto companies to utilise one another's strengths and keep capex under check. The stock, along with its peers Ashok Leyland (ASOK.BO, news) and Maruti, is trading higher by 1%.
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