Key benchmark indices edged higher in early trade with capital goods and bank stocks leading gains on the bourses. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 101.29 points or 0.39% at 25,940. The 50-unit Nifty 50 index was up 26.35 points or 0.34% at 7,887.40. The broad market depicted strength. There were more than three gainers against every loser on BSE. 995 shares rose and 322 shares fell. A total of 81 shares were unchanged. The BSE Mid-Cap index was currently up 0.31%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.56%, outperforming the Sensex.
In overseas markets, Asian stocks were mixed. US stocks closed slightly lower in extremely light trading on Thursday, 24 December 2015, as investors remained on the sidelines ahead of Christmas. US and European markets remained closed on Friday, 25 December 2015, in observance of Christmas.
Tata Motors (up 1.2%), ICICI Bank (up 1.11%) and Hindalco Industries (up 0.88%) were the major gainers from the Sensex pack.
Reliance Infrastructure dropped 0.02%. Reliance Defence, a wholly owned subsidiary of Reliance Infrastructure, and Russia's leading developer and manufacturer of air defence missile systems AlmazAntey, have decided to work jointly on the entire range of AD missile and radar systems that are required for Indian defence forces. The announcement was made after market hours on Thursday, 24 December 2015.
Both the firms identified the air defence missile systems including the TOR-1M missile program, radars and automated control systems as areas of partnership under the 'Make in India' as well as offset policies of the Indian Ministry of Defence. The two firms also discussed the joint implementation of modernization, repair and deep overhauls of AlmazAntey systems already in service with the Indian armed forces. They also discussed R&D cooperation for developing new products in the defence sector.
Maruti Suzuki India (MSIL) gained 0.13%. The company announced on Saturday, 26 December 2015, that it will contribute Rs 2 crore to the Prime Minister's National Relief Fund to strengthen the relief and rebuilding efforts of the Government for victims of the recent floods in Tamil Nadu. Alongside, MSIL has taken several customer care initiatives for vehicles impacted by the floods. A total of 1000 vehicles have been repaired and put back on road, till date after around 6,500 flood impacted Maruti Suzuki vehicles reported to Maruti Suzuki dealer workshops, in the past weeks.
To cater to this increased workload, the company has temporarily transferred around 200 expert technicians from its national service network to Chennai to speed-up repair and restoration of the damaged vehicles. These technicians will join hands with the 500 technicians currently working in the Maruti Suzuki network workshops in the State. The company has pressed into service 31 Maruti Mobile Vans to supplement the workshops. Maruti Suzuki has rushed spare parts to Tamil Nadu, and has made special arrangements with the insurance companies to speed up survey and approval process.
To support customers in this time of hardship, for the flood affected vehicles repaired under insurance, 50% of the depreciation amount will be borne by Maruti Suzuki. Normally, the total depreciation amount is payable by the customer. Additionally the company is offering 50% waiver on cleaning and polishing charges. The company and its dealers have created special helplines and dedicated cells to assist customers to tow vehicles to the workshops. To cater to the increased vehicle load, the dealers have created additional parking yards for the flood affected vehicles.
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