Indian Markets Trade in the Green

Fri, 5 Feb 11:30 am

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After opening the day on a flattish note, the Indian Markets witnessed buying interest and are presently trading on a positive note. Sectoral indices are trading on a firm note with stocks from the metal and banking sectors leading the gains.

The BSE Sensex is trading up 210 points (up 0.9%) and the NSE Nifty is trading up 69 points (up 0.9%). The BSE Mid Cap index is trading up by 1.3% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 67.66 to the US$.

Stocks in the power space are trading mixed with Reliance Infra and Reliance Power leading the gains. As per a report by India Ratings and Research (Ind-Ra), plant load factors (PLFs) of the companies in the power sector are unlikely to improve in the next fiscal (subscription required). This is because the demand growth of electricity is likely to stay muted in spite of improved fuel supply.

The report stated that PLF's are unlikely to improve in 2016-17 from 61.7% in the first nine months of 2015-16. One shall note that all-India thermal PLFs have been consistently declining and have fallen 21.5% since the peak of 78.6% in 2007-08. PLF is the ratio of the actual output of a power plant over a period of time and its output at full capacity.

Further, Ind-Ra expects that the electricity demand will grow by 4-5% and power generation by 5-6% in 2016-17, with deficit remaining low at 3-4%. However, for this to be sustained there should be a pick-up in demand in industrial activity. This is because a significant chunk of electricity sales goes to commercial or industrial consumers. As per Ind-Ra, industrial demand growth is expected to stay muted at 4-5% in 2016-17.

Ultimately, power is critical for the growth of infrastructure and manufacturing industries and the sooner the government does something constructive about it, the better the Indian economy will be.

Automobile stocks are trading on a firm note with Escorts and Ashok Leyland witnessing maximum buying interest. As per a leading financial daily, Tata Motors has announced that it will replace all its conventional range of trucks with the Signa range. The replacement will be done for both medium and heavy vehicles and the new models will cost around 2% more than the existing ones. This move by the company marks the branding of its truck business in a thoughtful way as the existing conventional models are just numbered, especially in the HCV (heavy commercial vehicle) segment.

The company said that the first model from Signa range will be tractor trailers and will be available with the dealers in two months. Further, trippers, and heavy trucks will be launched in the second half of the year. The trucks will be rolled out from the Jamshedpur plant which has been under development for the past three years.

The company had showcased three variants from the Signa range so far. These are the 4923.S tractor, the A 3118.T multi-axle truck and the 2518.K tipper. Further, the company has also unveiled the Ultra 1518, an all-new production ready variant from Tata Motors Ultra range of intermediate and light commercial vehicles.

The company has outlined a product plan till 2020 as per which 2 new vehicle launches will be slated every year. Above initiatives along with the long term plans are likely to deliver the expected build-up in the company volumes going forward. Presently the stock of the company is trading up by 2.4%.

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