Indian carmakers’ mixed fortunes
Indian carmakers had a mixed session, leading gainers and losers. A 22 per cent jump in year on year sales in December helped Tata Motors become one of the index’s best performers, after a 3 per cent increase to Rs183.80.
Bajaj Auto, India’s second largest two-wheeled vehicle maker by sales, fell 7.4 per cent to Rs1,475.00 after December sales failed to reach expectations.
The automaker reported a 10.4 per cent jump in overall sales, well down from the 25 per cent growth it enjoyed in November.
India’s largest motorcycle maker by sales, Hero MotoCorp, fell 3.5 per cent to Rs1,838.55 as investors forecasted similarly weak growth.
Coal India was the index’s best performer, as it advanced 3.6 per cent to Rs311.70.
Trading was light throughout Asia with the continent’s important indices closed. Neither Japanese or mainland Chinese equity markets were open.
South Korea’s Kopsi index was flat at 1,826.37, as a surprise 12.5 per cent jump in year on year exports during December dulled the effect of new data showing weakening manufacturing activity in the South Korean economy.
South Korean engineering groups made large gains, following the increase in exports. Dongyang Engineering and Construction jumped 15 per cent to Won4,145.000. The increase still leaves the engineering group down almost a third since November’s end.
Electrical goods makers also reported solid increases. Samsung Electronics nudged up by 2.1 per cent to Won1,080,000, while LG Electronics rose 2.3 per cent to Won76,100.
The Taiex continued last year’s poor performance, as it fell for the second consecutive session, closing down 1.7 per cent at 6,952.21. The Taiex tumbled by slightly more than a fifth in 2011.