Metal Stocks Lead the Gains

Fri, 5 Feb 01:30 pm

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After opening the day flat, the Indian indices witnessed gains and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks from the metal, banking and auto sectors leading the gains.

The BSE Sensex is trading up 150 points (up 0.6%) and the NSE Nifty is trading up 52 points (up 0.7%). The BSE Mid Cap index is trading up 1.3% while the BSE Small Cap index is trading up by 0.7%. Gold prices, per 10 grams, are trading at Rs 27,431 levels. Silver price, per kilogram is trading at Rs 35,838 levels. Crude oil is trading at Rs 2,147 per barrel. The rupee is trading at 67.68 to the US$.

Stocks in the engineering space are trading on a mixed note with Suzlon Energy leading the gains and Crompton Greaves leading the losses. ABB India reported its results for the fourth quarter ended December 2015. Profits during the quarter rose 53.8% to Rs 1,294 million during the quarter on a YoY basis. Further, revenues for the company grew 8% YoY to Rs 24 billion. This was on the back of the company's focus on localization of products with strong attention on cost savings and project execution.

The company reported that demand in major areas of business was muted due to the ongoing macro uncertainties and challenges.

Furthermore, the company won orders worth Rs 20.5 billion during the concerned period to take the annual order book to Rs 81 billion. This was a 10% growth over the last year. The orders from renewables (wind and solar) and railways segment more than doubled as compared to 2014. However, these were offset to a large extent by the subdued investment pattern prevalent in the industry. The service business, at nearly Rs 10 billion for 2015, posted a good double digit growth in orders compared to last year. This was seen as customers' focus on quality, safety and maintenance increased and decisions on new investments and large orders were delayed. The company stated that an order backlog of Rs 79 billion, as on December 31, 2015, provides visibility for future revenue.

On a separate note, the Board of Directors of the company has recommended a dividend of Rs 3.70 per share (185%), subject to the approval of shareholders at the forthcoming Annual General Meeting.

ABB India is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 1,35,000 people. Presently the scrip of the company is trading down by 1.1% on the BSE.

Stocks in the paints sector are trading on a positive note with Berger Paints and Jenson & Nicholson witnessing maximum buying interest. Berger Paints has reported its results for the quarter ended December 2015. The company reported a 37.8% increase in its consolidated net profit at Rs 1 billion during the quarter on a YoY basis. Earnings before depreciation, interest and tax (EBDIT) for the quarter stood at 1.8 billion, representing an increase of 29% YoY. Net sales during the quarter increased by 10.2% YoY to Rs 10 billion.

On a separate note, the company has declared an interim dividend of Rs 0.65 per equity share of Rs 1 each, fully paid for the financial year 2015-16. The company stated that this will entail an outgo of Rs 450 million.

Berger Paints is the third largest paint manufacturer and the second largest decorative paint player in India. The company is headquartered in Calcutta and service the market through a distribution network comprising of 75 stock points and above 12,000 paint retailers. Presently its stock is trading up by 4.8%.

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