Indian Markets Finish Strong

Thu, 18 Feb Closing

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Indian equity markets flourished in green throughout the trading session today amid positive global markets. At the closing bell, the BSE Sensex closed higher by 267 points while NSE Nifty closed higher by 83 points. The S&P BSE Mid Cap and the S&P Small Cap also ended the day above the dotted line. Both the indices closed higher by 0.6% each. Gains were largely seen in IT and healthcare stocks.

Major Asian markets closed on a positive note. The Hang Seng gained 2.32% and the Nikkei 225 rose 2.28%. The Shanghai Composite lost 0.16%. European markets are trading mixed today. The DAX is up 0.42% while the CAC 40 is trading higher by 0.20%. The FTSE 100 is off 0.43%.

Meanwhile, oil prices are holding on to the strong gains it made yesterday as Iran and Saudi Arabia agreed to discuss possible participation in proposed production freeze. The rupee was trading at 68.49 against the US$ in the afternoon session.

Buying activity was witnessed across majority of the auto ancillary stocks with Sundram Fasteners and Mahindra CIE auto leading the charts. According to a leading financial daily, Bharat Forge has completed the first shipment of titanium forgings for wing components to US aircraft maker Boeing. The pre-machined forgings will be used for the Boeing's B-737 next generation planes. Last year, Boeing had signed a multi-year contract with Bharat Forge for supply of these forgings, which are produced at the company's facilities in Pune and Baramati.

Bharat Forge will also supply forgings for Boeing's B737 MAX planes, which will be scheduled to commission in 2017. The company also intends to expand its capabilities to offer higher value machining and manufacture of assemblies. Reportedly, Bharat Forge claims to be the only forging company to be included in Boeing's globally approved vendor list for titanium forgings.

In another development, Tata Motors, Bharat Forge and General Dynamics have formed an alliance to bid for the US$11 billion (Rs 780 billion) project of making combat infantry vehicles for the Indian Army under the Future Infantry Combat Vehicle program (FICV). Tata Power, Larsen & Toubro, Mahindra & Mahindra, Rolta, Pipavav, Bharat Forge, Punj Lloyd and Titagarh Wagons are the other bidders to the FICV project.

Bharat Forge recently announced its December 2015 quarter results (Subscription Required). The company's sales were down 12% for the quarter on account of the continued weakness in the industrial sector across both the domestic and international markets. While revenues from the domestic market were down 2% YoY, exports fell by 14% YoY. The stock price of Bharat Forge finished the trading day down by 1.9% on the BSE.

According to a leading economic daily, Bharat Heavy Electricals (BHEL) has successfully commissioned a 270 MW coal-based power project in Punjab. The unit has been commissioned at the upcoming 540 MW (2x270 MW) Goindwal Sahib coal-fired Thermal Power Project of GVK Power & Infra.

Thermal sets of 270 MW rating are an in-house improvisation of 210/250 MW sets supplied earlier by BHEL. These thermal sets as of today form the backbone of the Indian power sector and have reportedly been performing much above the national average as well as international benchmarks. BHEL has so far contracted 35 sets of 270 MW rating, out of which 10 sets have now been commissioned.

In addition to thermal projects, BHEL has a significant presence in the state's hydro sector also, with around 95% share in the hydro generating capacity of Punjab State Power Corporation. The script of BHEL finished on a negative note (down 2%) on the BSE.

This comes at a time when the global economic crisis and the Chinese slowdown has dealt a heavy blow to demand for Indian engineering products. exports to its neighboring countries, including China, have seen a massive fall in 2015. Over the last eight years, the engineering sector has seen numbers ranging from an output growth of 48% YoY in one year, to a contraction of 6% YoY in another. In our recent edition of The 5 Minute Wrap Up Premium, <we have explained what factors should one take into consideration when picking an engineering company stock (Subscription Required).

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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