Indian Markets Continue to Fall

Wed, 10 Feb 11:30 am

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After opening the day deep in the red, the Indian indices went on to book further losses and have continued to trade negatively. Most sectoral indices are trading well below the dotted line with stocks from the realty, banking, and auto sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 201 points (down 0.8%) and the NSE Nifty is trading down 65 points (down 0.9%). The BSE Mid Cap index is trading down by 1% and the BSE Small Cap index is trading down by 1.2%. The rupee is trading at 67.89 to the US$.

Hindalco Industries reported its results for the quarter ended December 31, 2015. Standalone net profit during the period took a hit and plunged 89% on a YoY basis at Rs 400 million. The decline was due to a sharp fall in metal prices. Operating profit (EBIDTA) came in at Rs 9 billion, down 18% YoY. This was seen as interest and depreciation expenses jumped 30% and 43% on a YoY basis.

Net sales during the period were down by 5% YoY due to sharp fall in aluminum and copper realisations. It should be noted that the per tonne aluminum and copper average prices on the London Metal Exchange during the quarter have declined 24% and 26% YoY, respectively. However, the company stated that 35% jump in aluminum volumes led by capacity expansions have boosted revenues for aluminum segment. The segment contributes slightly more than half to company's revenues.

The company managed to lower its expenses to Rs 77 billion during the quarter as against Rs 78 billion in the same period last year. Other income for the quarter stood at Rs 2.5 billion, up 17% YoY. During the quarter, the company has made provision of Rs 315 million towards diminution of value of investment of the joint venture (JV) company Hydromine Global Minerals as a result of its decision to sell of its stake in the JV.

Hindalco industries is the world's largest aluminum rolling company and one of the biggest producers of primary aluminum in Asia. Its copper smelter is amongst the largest single location custom smelter globally. Further, the company's two new smelters Mahan and Aditya and Utkal refinery are almost on their feet. The Mahan smelter is now operating at full capacity, while the Aditya smelter is well on course for full ramp-up. Presently the stock of the company is trading down by about 5.2%.

Most of the auto ancillary stocks are trading in the red with Sona Koyo Steer and UCAL Fuel leading the losses. Bharat Forge too reported its results for the quarter ended December 31, 2015. The company reported 15% YoY drop in its net profits at Rs 1.6 billion during the quarter. Further, the company has also witnessed a YoY decline of 10% in its revenues at Rs 10 billion.

A weak industrial segment performance both on the domestic and export front impacted the operating performance of the company. Revenues for the industrial segment were down 40% YoY. The company's exports were reported down at Rs 6 billion as against Rs 7 billion in the year-ago period.

However, the company managed to improve operating profit margins by 80 basis points (bps) over the year-ago period and 130 bps over the September 2015 quarter to 31%. The operating profit margins at the standalone level were higher on the back of better product mix, cost control measures and lower raw material costs. Margins of the company's international subsidiaries, however, were disappointed due to one-off expenditure on refurbishment and maintenance. While operating profit of the international business was down 29% YoY, margins were down 160 bps to 4.3%.

Going forward, Bharat Forge is seeing growth in both the commercial and passenger vehicles segment across its key markets. The company is hopeful of a pick-up in domestic industry growth on the back of orders from railways, mining, defense and aerospace. Further, the company is gearing itself to capitalise on the opportunities presented by the Modi government's Make in India programme to achieve its FY18 standalone revenue target of Rs 70 billion. Presently the stock of the company is trading down by about 0.6%.

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