Sensex Trades Marginally Higher; ITC & Reliance Top Gainers

The company's total sales on the automotive business front remained flat with 39,755 units sold in December buoyed by strong performance in exports. It had sold 39,200 units sold in the same month of the previous year.

M&M share price is presently trading down by 0.5%.

Speaking of the auto sector, note that one out of every three household in India is a buyer of their products. They own some of the cult brands in Indian automobile space.

They have formidable R&D teams. They have been through several economic cycles over decades. Few have even visited near-bankruptcy in the past and come out successful.

Yet, some of the biggest passenger car, commercial vehicle, and two-wheeler companies in India have seen a huge dent in valuations in recent times. This is evident in the chart below:

Bluechip Auto Are Stocks Way Off Their Valuation Peaks

Tanushree Banerjee, Co-head of Research at Equitymaster believes this could be the opportunity long term investors were waiting for.

Moving on to the news from the IPO space, the issue of Xelpmoc Design was subscribed 45% on the first day of the bidding process.

The issue received total bids for over 9,28,000 shares against the total issue size of 20,40,322 shares as of 5:30 pm on January 23.

The price band has been set at Rs 62-66 per share with face value of Rs 10. The IPO is open for subscription till January 25.

The company provides professional and technical consulting services, offering technology services and end-to-end technology solutions and support.

Its clients range from entrepreneurs and start-up enterprises to established companies, engaged in e-commerce, transportation and logistics, recruitment, financial services, social networking, and various other industries.

The Company proposes to utilize the net proceeds of the issue for the purchase of IT hardware and network equipment's for development centers in Kolkata and Hyderabad, purchase of fit outs for new development centers in Kolkata and Hyderabad, funding the working capital requirements of the company, and general corporate purposes.

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