Consumer Durable Stocks Lead the Losses

Wed, 16 Mar 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading in the red with stocks from the consumer durables, telecom and auto sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 155 (down 0.6%) and the NSE Nifty is trading down by 41 points (down 0.6%). The BSE Mid Cap index is trading lower by 1.1% while the BSE Small Cap index is trading lower by 1%. Gold prices, per 10 grams, are trading at Rs 29,090 levels. Silver price, per kilogram, is trading at Rs 37,085 levels. Crude oil is trading at Rs 2,477 per barrel. The rupee is trading at 67.39 to the US$.

Engineering stocks are trading on a mixed note with Crompton Greaves and Alstom T&D leading the gains. As per a leading financial daily, Voltas has launched its new range of Air Conditioners (ACs) and Air Coolers. The company announced that it has introduced the new 'Voltas All Star ACs'. This new range carries the core value proposition of 'Run 2 ACs at the cost of 1 AC'.

The 'Voltas All Star AC' range is based on its unique 'Steady Cool' compressor which runs on a 'two stage inverter' technology. This cutting edge technology provides considerable power savings when compared to an ordinary compressor.

Further, the company stated that these All Star ACs are environment friendly and efficient with their super silent operation, high ambient cooling and advanced air purifier.

Moreover, building on the existing All Weather Smart ACs brand equity, Voltas has introduced a new range of advanced 'All-Weather Smart ACs'.

Following the above introductions, the company now offers a strong product line-up of more than 150 variants of Split ACs, through more than 12,000 customer touch-points nationwide.

The company is now eyeing double digit growth in the air-conditioner segment on the back of expectation of a longer and severe summer this year along with pent-up-demand from the consumers. Besides this, the company will also focus on the growth of the air-cooler segment as it is expecting to sell 5 lakh units by FY18.

Voltas is one of the world's premier engineering solutions providers and project specialists. To know our view on the stock of the company, you can read our analysis of the third quarter results here (subscription required).

Presently the stock of Voltas is trading down by 2.1%.

In another news update it was reported that agriculture sector grew by an average 1.6% per annum during the first four years of the ongoing Five-year plan (2012-17). This was as against the targeted 4% annual growth.

Minister of State for Agriculture Mohanbhai Kundariya attributed the low average growth rate of farm sector to the following conditions-

Set back in the annual crop production (except for 2013-14) due to deficiency in the monsoon rainfall

Moisture stress and unfavourable weather

Temperature conditions adversely impacting production of Kharif and rabi crops.

However, the minister reported that the government has taken several steps in order to increase investment in agriculture sector. These measures are enhanced institutional credit to farmers, promotion of scientific warehousing infrastructure for increasing shelf life of agriculture produce, setting up of agri-tech infrastructure fund for making farming competitive and profitable, developing commercial organic farming.

It was reported that Investment in terms of Gross Capital Formation (GCF) in agriculture and allied sector stood at Rs 2,564 billion in 2014-15 fiscal.

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