PLI Scheme for Auto Sector, Indigo Paints' Quarterly Results, and Buzzing Stocks Today

Mon, 14 Feb Pre-Open

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Indian share markets ended on a flat note on Friday.

Benchmark indices cracked in-line with global peers and snapped three-day gaining momentum as a multi-decade high inflation in the US jolted investor confidence who feared bulkier rate hikes by the world's biggest economy.

US inflation came in at an annual 7.5% in January, fresh data revealed on Thursday showed. This was far ahead of expectations and marked the highest YoY rise in consumer prices since 1982.

At the closing bell on Friday, the BSE Sensex stood lower by 773 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 231 points (down 1.3%).

IOC and IndusInd Bank were among the top gainers.

Grasim and Tech Mahindra, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.8% and 1.9%, respectively.

Sectoral indices ended on a negative note with stocks in the IT sector, consumer durables sector and realty sector witnessing selling pressure.

Shares of Hindalco and Gujarat Narmada hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 48,780 per 10 grams at the time of closing stock market hours on Friday.

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The below video is all about how to safeguard yourself from being cheated by unscrupulous people and ensure peace of mind.

Top Stocks in Focus Today

Among the buzzing stocks today will be Divi's Laboratories.

Hyderabad-based drug maker Divi's Laboratories reported a consolidated profit after tax (PAT) of Rs 9 bn for the third quarter ended December 2021, up by 92% from the profit of Rs 4.7 bn reported in the same quarter a year ago.

On a sequential basis, the profit is higher by 49% from a PAT of Rs 6.1 bn reported in the previous quarter.

Consolidated revenues for the company that manufactures and custom-synthesizes generic active pharmaceutical ingredients (APIs), intermediates and nutraceutical ingredients stood at Rs 24.9 bn, up by 47% compared to Rs 17 bn reported a year-ago. Revenues in the preceding quarter stood at Rs 19.9 bn.

The growth was driven by a strong traction in contract manufacturing as well as higher contribution from molnupiravir, an oral anti-viral treatment for Covid-19 and nutraceuticals or nutritional supplements.

Operationally, it was a good quarter for the company as it was able to reap the benefits of operational efficiency and better product mix.

The cost of raw materials as percentage of operating revenues reduced by 380 bps on year and by 796 bps quarter on quarter (QoQ) to 36.1%.

Indigo Paints share price will also be in focus today.

Indigo Paints on Friday reported a 29.9% year on year (YoY) increase in net profit at Rs 243 m for the third quarter ended 31 December 2021.

In the corresponding quarter last year, the company posted a net profit of Rs 1870 m. Total revenue for the quarter rose 26.6% YoY to Rs 2.7 bn from Rs 2.1 bn in the year ago quarter.

At the operating level, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 22.2% to Rs 385 m in December 2022 quarter over Rs 315 m in the same period last year.

EBITDA margin stood at 14.5% in the third quarter compared to 15% in the last quarter of previous year.

Indigo Paints is an Indian paint company. It has three manufacturing facilities that are located at Jodhpur, Kochi and Pudukkottai. The company is engaged in manufacturing, selling and distribution of decorative paints, emulsions, enamels, wood coatings, distemper, primers, putties and cement paints.

India's Industrial Production Growth Slows in December 2021

India's industrial production growth slowed to 0.4% in the month of December 2021, according to the data released by ministry of statistics and programme implementation (MoSPI) on Friday.

Industrial output, as measured by index of industrial production (IIP), surged 2.2% in the month of December 2020 and rose 1.4% in the month of November last year.

The mining output during the December month grew by 2.6%, while manufacturing sector output contracted 0.1%.

Meanwhile, the electricity generation in December grew 2.8%. Industrial production has been surging for the past few months mainly due to low-base of last year, but the latest print suggests the base effect is waning.

For the month of December 2021, the IIP index with base 2011-12 stood at 138.

For the April-December period, the industrial output slowed 15.2% as compared to a contraction of 13.3% same period of previous year.

Auto PLI Scheme

The centre has finalised 20 carmakers based in India eligible for its recently announced production linked incentive (PLI) scheme to boost clean fuel vehicles.

These carmakers, which were part of 115 automotive companies to apply under the PLI scheme for the automobile and auto component sector, include the likes of Tata Motors, Mahindra and Mahindra, Hyundai and Kia among others.

Maruti Suzuki is the only notable omission on the list. According to reports, Maruti Suzuki had withdrawn application in favour of its parent company Suzuki Motor after it failed to meet criteria.

Among the 20 carmakers selected, Ola Electric, TVS, Hero MotoCorp, Bajaj Auto and Piaggio are among the two-wheeler manufacturers who have been selected for incentives. Ola Electric has been selected under new non automotive category.

The centre had notified the PLI scheme 23 September last year. It was approved with a budgetary outlay of Rs 259.4 bn. The scheme aims to boost production of electric and hydrogen fuel-powered vehicles in India. Under the scheme, incentives are applicable for determining sales of advanced automotive technology products, including vehicles and components manufactured in India from April 2022 onwards for a period of five consecutive years.

The 20 carmakers have been selected for the 'Champion OEM Incentive Scheme', which is part of the centre's PLI scheme for the automobile and component industry in India. The champion OEM scheme is a 'sales value linked' scheme, applicable on battery electric vehicles (EVs) and hydrogen fuel cell vehicles of all segments.

The Ministry of Heavy Industries said it received massive response with a proposed investment of Rs 450.2 bn from approved applicants. The PLI scheme will offer incentives of up to 18% to carmakers.

The scheme is a sales value linked scheme, applicable on advanced automotive technology components of vehicles, completely knocked down (CKD), semi-knocked down (SKD) kits. The scheme covers two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and tractors.

We will keep you updated on the latest developments from this space. Stay tuned.

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