Markets Continue to Slide

Mon, 11 Jan Closing

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The Indian indices recovered by over 250 points in the afternoon session of trading but still finished below the dotted line amid weak Asian cues. While the BSE-Sensex closed lower by 109 points, the NSE-Nifty closed lower by 37 points. The S&P BSE Midcap and S&P BSE Smallcap indices closed on a negative note, down by 1% and 0.5% respectively. Losses were largely seen in Healthcare and IT stocks.

China guided its yuan currency stronger for a second straight session on Monday, but its stock markets tumbled again as doubts persist over its policy intent. Asian markets finished broadly lower today with shares in China leading the region. The Shanghai Composite is down 5.33% while Hong Kong's Hang Seng is off 2.76% and Japan's Nikkei 225 is lower by 0.39%. However, European markets are higher today with shares in France leading the region. The CAC 40 is up 0.69% while Germany's DAX is up 0.57% and London's FTSE 100 is up 0.10%. The rupee was trading at 66.79 against the US$ at the time of writing.

According to a leading financial daily, Tata Steel has reported 10.3% rise in sales volumes to 2.35 million tonne (mt) in the third quarter ended December 31, 2015 as compared to 2.13 mt sold in previous corresponding period. During April to December period of current fiscal, the company has sold 6.82 mt of saleable steel, which is 7.57% higher compared to 6.34 mt sold in the same period last year.

The company has produced 2.51 mt of saleable steel in Q3 FY16, a 13.1% rise over 2.22 mt in Q3 FY15. During April to December period of current fiscal, the company has produced 7.15 mt of saleable steel, which was 7.04% higher compared to 6.68 mt produced in the same period last year.

In other news, India would not rush to impose minimum import price (MIP) for steel to restrict in the growing inward shipments from China, South Korea, Japan and Russia among others according to commerce and industry minister Nirmala Sitharam. The steel ministry had been strongly pitching for the imposition of MIP for quite some time now following repeated representation of the domestic industry. However, the ministry was not in favor of such a move that has the potential to inflate illegal trade and generation of black money.

The fact, however, remains that the domestic steel industry is bleeding due to the triple whammy of cheaper imports, subdued demand and lower price of the alloy. This has forced companies like SAIL, Tata Steel and JSW Steel to utilize their capacities at a much lower levels. The average operating EBITDA margins of the steel firms have come down by around 40% (Subscription Required) during the first half of the current fiscal compared to a year ago period.

Majority of the auto ancillary stocks traded in the red today with Amtek Auto and Exide Industries bearing majority of the brunt. According to a leading economic daily, Bharat Forge is planning to set up an integrated auto component hub in Nellore, Andhra Pradesh. The company will invest Rs 12 billion in the hub and create 3,000 jobs.

Bharat Forge has signed two MOUs with the Andhra Pradesh government for expanding its business in the state. While one MoU is for an integrated auto hub, the other is for a multi-modal manufacturing unit. The company would also set up a multi-modal manufacturing facility for industrial, defence and aerospace spare parts in Anantapur.

Bharat Forge, through a series of acquisitions and joint ventures (JVs) over the years, has emerged as the leading chassis component manufacturer in the world. In the past ten years, the company's sales and net profits have grown at healthy compounded growth rates of 14% and 16% respectively. It has also established a strong presence in the non-auto space. Here the company manufactures specialized components for the aerospace, power, energy, rail & marine, mining & construction equipment, and other industries. The company has made a conscious effort to diversify across fields so that a slowdown in one segment does not heavily influence the overall business. Here is the detailed analysis of Bharat Forge in our recent ValuePro report> (Subscription Required). Bharat Forge closed the trading day down by 0.2% on the BSE.

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