Indian Markets Surge

Mon, 15 Feb 11:30 am

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After opening the day on a positive note, the Indian Markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the realty, metal, and capital goods sectors leading the gains.

The BSE Sensex is trading up 538 points (up 2.4%) and the NSE Nifty is trading up 171 points (up 2.5%). The BSE Mid Cap index is trading up by 3.4% while the BSE Small Cap index is trading up 3.7%. The rupee is trading at 68.08 to the US$.

Automobile stocks are trading on a positive note with Escorts and Force Motors leading the gains. As per an article in Business Standard, passenger car shipments from India witnessed a decline of 18.8% to 33,909 units in the month of January. This was due to challenges in top export markets like Algeria, Europe and neighboring countries. For the April-January period this fiscal, car exports declined by 5.2% to 4,39,208 units as against 4,63,391 units in the corresponding period last fiscal.

Further, Society of Indian Automobile Manufacturers (SIAM) stated that the Indian car exporters are also facing high taxation issues in Sri Lanka. Also, Europe, the biggest market for compact cars from India, is still recovering from a slump. During January, exports of passenger vehicles, including vans, utility vehicles and cars, declined 6.72% at 42,084 units from 45,114 units a year earlier.

Going by individual car exporters, Hyundai Motor India recorded a 56.6% drop in exports during January. For Maruti Suzuki India, exports declined by 36.3% while Nissan and Toyota Kirloskar Motor's exports saw a decline of 11.3% and 56.7% respectively.

Apart from exports, domestic car sales in January declined marginally to 1,68,303 units compared with 1,69,527 units in January 2015. The same was witnessed for the first time after 14 months of continued growth. This was seen as discounts dried up during the month of January with automakers correcting inventory at dealer levels post year-end freebies dole out.

FMCG stocks are also trading on a positive note with Wadalba Commodities and Sterling Biotech leading the gains. Nestle India reported its results for the quarter ended December 31, 2015. The company has reported 44% decline in its net profit during the quarter on a YoY basis. The fall was due to the absence of Maggi noodles in its product portfolio during the first half of the quarter.

Net sales during the quarter fell 22.6% YoY at Rs 19.4 billion. However, net sales improved on a sequential basis. In the previous two quarters, the company had posted net sales of Rs 17 billion and Rs 19 billion, respectively. Net domestic sales during the quarter decreased 24% YoY while export sales decreased 2.2% YoY impacted by Maggi and partially offset by the export of milk and nutrition products.

Full year net sales decreased 17% YoY while net profit plunged 52% YoY. The ban on Maggi sales, which continued for nearly five months, was reflected in the company's yearly performance.

India's food regulator had passed an order to withdraw Maggi on allegations that the product contained lead and monosodium glutamate in excess of prescribed limits. However, Nestle India has since won the case by challenging the ban in the Bombay high court. Post this order, the product has been tested at three laboratories and was found safe.

For now, the company has resumed production of Maggi noodles. We had discussed our views on this Maggie fiasco and its impact on the company's business in one of the articles from 'The 5 Minute WrapUp'. You can read it here (subscription required).

Nestle India Ltd is one the biggest players in the FMCG segment. It has its presence in milk & nutrition, beverages, prepared dishes & cooking aids & chocolate & confectionery segments. Presently, its stock is trading up by 0.3%.

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