HMSI Trumps Hero in Dhanteras Sales; Auto Stocks Soar 0

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Sharemasterindia.com: Japanese two-wheeler major Honda Motorcycle and Scooter India (HMSI) on Tuesday trumped its partner-turned-rival Hero MotoCorp in Dhanteras sales, sources told NDTV.

HMSI, which is expanding its footprint across the country, sold 1.65 lakh two-wheelers on October 21, sources said. Hero MotoCorp, India’s biggest two-wheeler maker, managed to sell 1.5 lakh units on Dhanteras, the company said in a statement to the Bombay Stock Exchange.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables in India.

Hero MotoCorp said its sales grew 40-50 per cent over previous Dhanteras. Strong growth in Dhanteras sales triggered buying in auto stocks today. The auto-sub index on the BSE jumped nearly 2 per cent as compared to a 0.8 per cent gain in the broader Sensex.

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Rupee Rises to 61.16/Dollar as Asian Shares Gain 0

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Sharemasterindia.com: The rupee was trading at 61.16/dollar versus its previous close of 61.31/32. Asian shares gained on Wednesday tracking higher Wall Street on US tech earnings.

Sentiment for the rupee is positive after the Bharatiya Janata Party-led government ended fuel price controls, opened up the coal sector and the party won two state elections.

 

Fears for tough penalties grow as India cleans up business 0

Workers walk past a billboard of DLF Ltd. at Gurgaon on the outskirts of New Delhi

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An unprecedented ban on DLF, India’s largest property developer, from tapping capital markets has fuelled expectations of tougher penalties ahead, as the country’s regulators feel emboldened to take on even companies long sheltered by political connections.

The result has been a slide over the past week in shares of firms known to be under investigation – adding to what was already a year-long weakness in the stocks of companies seen as tied to the Congress party, which was ousted from power in May.

Cleaning up India’s grubby business climate is top of the agenda for both regulators and Prime Minister Narendra Modi’s government, which was elected in May partly on a promise to do just that. India ranks 94th among 177 nations in the global corruption index published by Transparency International.

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Wipro, HDFC, Cairn India in Focus Today 0

Sharemasterindia.com: The Nifty opened higher on Wednesday tracking the gains in global market. Both foreign and domestic investors turned net buyers of Indian equities on Tuesday but with a reduced momentum. Foreign investors were net buyers to the tune of rupee“>Rs. 32 crore while domestic investors bought cash shares to the tune of Rs. 69 crore on Tuesday.

Here are the stocks to track in trade today:

Sensex Up 200 Points, Nifty Hovers Around 8,000 0

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Sharemasterindia.com: Indian markets opened higher on Wednesday tracking positive global markets. The Sensex traded 230 points higher at 26,810, while the Nifty was up 0.85 per cent at 7,995.

Buying was seen across the sectors. Among the sectoral indices Bank Nifty gained 0.7 per cent, while the auto index was up 1.21 per cent.

The broader indices also traded higher. CNX Midcap index was up 0.86 per cent while the BSE 500 index was up 0.7 per cent.

Among the Nifty companies Dr Reddy’s Lab was the top gainer with 2.4 per cent gains and Hero MotoCorp was up 1.96 per cent on upbeat festive sales.

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