Metal Stocks Lead the Losses

Wed, 9 Mar 11:30 am

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After opening the day in the red, the Indian indices have continued to trade negatively. Sectoral indices are trading on a discouraging note with stocks from the FMCG and metal sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 193 points (down 0.8%) and the NSE Nifty is trading down 50 points (down 0.7%). The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading down by 0.6%. The rupee is trading at 67.45 to the US$.

Stocks in the automobile space are trading on a mixed note with Tube Investments leading the gains and Tata Motors leading the losses. As per an article in Economic Times, the government will shortly launch the Automotive Mission Plan (AMP) 2016-26. The plan is aimed at placing the automobile industry in the league of top three nations in engineering, manufacturing and export of vehicles, and auto components.

The plan aims to propel the Indian auto sector to be the engine of 'Make in India' programme and is said to potentially contribute in excess of 12% of the country's GDP. The government and automobile industry have set an ambitious target of increasing the value of output of the automobile sector to up to Rs 18.89 lakh crore under the AMP 2016-26.

Also, the plan, which has been finalised in consultation with various stakeholders, envisages creation of additional 50 million jobs.

The first AMP was launched for the period of 2006-2016. In the first AMP 2006-16, the auto industry had achieved a target of incremental job creation of 25 million. Further, the country attracted investments topping the target of Rs 1.55 lakh crore from global and local OEMs (original equipment manufacturer) as well as component makers.

We believe that with the above 10-year plan, the Indian automobile sector will be well on its way to take advantage of both the internal as well as external growth opportunities. The plan will foster the growing capabilities of the industry and will mean more capacities in the coming years. Also, it will provide some relief to the exports that have been declining since the past few quarters.

In news from the engineering sector, Crompton Greaves (CG) stated that it has sold its international transmission and distribution (T&D) business to US private equity firm, First Reserve International. The sale has been agreed at an enterprise value of Euro 115 million (Rs 8.5 billion).

Crompton Greaves stated that it has received and accepted binding letter of offer for the acquisition of the European, North American and Indonesian activities of its power segment division by First Reserve International. The offer is subject to regulatory and shareholder's approvals and the signing of a definitive share purchase agreement.

The sale will allow the company to reduce debt and focus on its faster growing Indian business. Moreover, the company is also actively examining its other international B2B businesses with a view to monetize these businesses to enhance shareholder value.

Crompton Greaves is one of the world's leading engineering corporations. The company's diverse portfolio ranges from transformers, switchgear, circuit breakers, network protection & control gear, project engineering, HT and LT motors, drives, Power Automation Products and turnkey solutions in all these areas. The company has been undergoing a reorganization process of its business across the segments. The company had already announced in the past the demerger of its consumer products business. The Bombay court has approved the scheme to demerge its consumer products business into a separate listed firm. To know our view on the stock of the company, read our analysis of the third quarter results (subscription required). Presently the stock of Crompton Greaves is trading up by 5.8%.

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