Indian Indices Extend Gains; Ultratech Cement & Tata Steel Top Gainers

Thu, 2 Jan 12:30 pm

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Share markets in India have extended early gains and are presently trading on a strong note.

Barring consumer durable stocks, all sectoral indices are trading in green with stocks in the metal sector and capital goods sector witnessing most of the buying interest.

The BSE Sensex is trading up by 218 points while the NSE Nifty is trading up by 67 points. The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 1.2%.

The rupee is trading at 71.33 against the US$.

In news from the automobile sector, Maruti Suzuki share price is in focus today.

The company reported total sales of 133,296 units in December 2019, as compared to 128,338 units in December 2018, registering rise of 3.9%.

This includes 125,735 units in domestic market and 7,561 units of exports.

Maruti Suzuki ended 2019 with a drop of 12.3% in its annual sales. Note that this fall is the steepest in almost a decade, amid poor economic growth and a slowdown in overall consumption.

During the year, the company saw its sales volumes contract to 1.6 million units in the domestic market, from 1.8 million units a year ago.

In other news, as per an article in The Economic Times, sales of passenger vehicles fell below the psychological 3-million mark in 2019, after crossing the figure for the first time in 2017.

India's top seven auto manufacturers reported dispatching 2.67 million passenger vehicles to dealerships in 2019, against 3.12 million the previous year.

The decline was led by the top brands that included Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, Honda and Toyota.

Passenger vehicle makers in India sold 14% fewer units in 2019 than in the previous year, as prospective customers deferred purchases in a year marked by a grinding slowdown, liquidity crisis and confusion over new emission norms.

Overall, passenger vehicle sales in December fell 6% from a year ago, even as automakers prepare for transition to Bharat Stage VI (BS-VI) emission norms.

Note that India's automobile industry is bracing itself for a unique challenge in the first quarter of 2020 when the transition of BS-IV to BS-VI emission norms has to be made at the stroke of midnight on 31 March 2020.

No BS-IV vehicle could be sold from 1 April 2020, which means automakers would have to reduce their inventory on BS-IV models to zero by then.

The exercise is likely to see companies show extra caution in dispatching cars to dealers in the next few months, which may cause a continuation of the decline in wholesale numbers.

However, despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Sale of Electric Vehicles in India Projected to Go Up 10x in the Next Two Decades

Electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

The recently announced government incentives will give a further boost to EV sales.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

Moving on to news from the pharma sector, Sun Pharma's plans to consolidate its subsidiaries have hit a roadblock after the National Company Law Tribunal (NCLT) rejected a proposal in which India's biggest drug-maker sought to demerge an overseas unit.

The company had approached the Ahmedabad bench of NCLT for an approval to transfer investment undertakings from Sun Pharma to its Netherlands-based wholly owned subsidiary.

The decision was approved by Sun Pharma's board in May 2018.

Note that Sun Pharma has been consolidating its businesses lately. In December 2018, the company completed the demerger of the specified business of Sun Pharma Global FZE and its merger into Sun Pharmaceutical Industries.

Sun Pharma share price is presently trading up by 1.8%.

Speaking of the pharma sector, in the video below, Tanushree talks in great detail about the pharma sector.

She tells us where the sector stands now and also about the potential for a rebound.

Tune in to find out more...

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Indian Share Market Update: Top Gainers and Losers