A Strong End to a Dull Start

Mon, 11 Apr Closing

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Gaining momentum after trading weak in the afternoon session, Indian equity markets closed the day on a firm note. Stocks from sectors such as telecom, auto, power and IT were leading the gains. Both the BSE Mid Cap and the BSE Small Cap indices were up by 1.1% and 0.6%, respectively. The BSE Sensex closed higher by about 348 points (1.4%). The NSE-Nifty ended higher by about 116 points (1.5%).

On the global front, most of the Asian indices closed their day on a positive note. The Shanghai Composite ended higher by 1.66%, Hong Kong's Hang Seng ended higher by 0.35%, while Japan's Nikkei 225 ended lower by 0.44%. However, the European indices were trading mixed. While the FTSE 100 was down 0.12%, France's CAC 40 was up 0.48% and Germany's DAX was up 0.9%. The rupee was trading at Rs 66.43 to the dollar at the time of writing.

As per a leading financial daily, Tata Steel has reported best ever total sales in FY16. The company has reported 9% YoY increase in its total sales at 9.54 million tonne (MT).

The company recorded 4.8% YoY increase in hot metal production in FY16 to 10.65 MT. Crude steel production in FY16 was up 6.7% from a year ago to 9.96 MT, while saleable steel production in FY16 was up 6.9% from a year ago to 9.7 MT.

Further, sales in fourth quarter jumped 13% YoY to 2.72 MT. In the fourth quarter ending March, the company's crude steel production was up 4.8% from a year ago to 2.56 MT. Hot metal production in the quarter was up 1.4% YoY to 2.71 MT. Saleable steel in the quarter was up 6.5% YoY to 2.71 MT.

This comes as a breather for Tata Steel, which is faced with a tough job of finding a buyer for its entire UK business. It shall be noted that on 29 March, Tata Steel decided to sell its UK operations, called Tata Steel Europe Ltd. The company will consider various restructuring options, including a partial or full sale of its UK assets, putting in jeopardy nearly 15,000 jobs.

Radhika Pandit, Managing Editor, ValuePro had written an interesting piece on this in one of the editions of The 5 Minute WrapUp titled The Perils of Big Acquisitions Spare No One...Not Even the Tatas. You can read the same here.

The current business conditions for the global steel industry are extremely challenging with elevated imports across regions and depressed market sentiments. This has affected Tata Steel Group's profitability. However, the above development of record level production will aid the company's performance in the long run. Also, an article in Business Standard suggests that Tata Steel has been one of the top 20 capex spenders between FY12 and FY14, after investing in new capacities in India.

Tanushree Banerjee pointed out the importance of capacity utilisation levels in a recent edition of The 5 Minute WrapUp. She explains why capacity utilisation is the most important data she will be tracking to check the upside in Sensex in the coming days.

As she writes, 'If we look at the capex spending of India's 200 largest companies from the Equitymaster Stock Market Yearbook, 50% of the incremental capex in the last ten years was incurred in FY13 and FY14. And just nine companies accounted for 50% of that. Since those nine companies are among the largest players in the sector, their capacity utilisation will determine the sector's growth and profitability over next three years. Weak demand for their products could be a drag for not just these players; it could negatively impact volumes and realisations for the entire industry.' You can read the entire article here.

Stock of Tata Steel ended the day up by 2.8%.

Automobile stocks ended the day on a positive note with Maharashtra Scooters and Tata Motors leading the gains. In another news update, Tata Motors has announced that its global wholesales, including Jaguar Land Rover (JLR), rose 11% in March 2016 on a YoY basis. The company's total sales during the month stood at 1,18,750 units.

Global wholesales of all passenger vehicles in March 2016 were at 73,515 units, higher by 8% YoY. As for JLR, global wholesales stood at 64,579 units. Jaguar wholesales for the month were 13,370 vehicles and cumulative wholesales were 1,02,106 vehicles. Land Rover wholesales for the month were 51,209 vehicles and cumulative wholesales were 4,41,979 vehicles.

Also, the company stated that cumulative wholesales for this fiscal were at 10,66,254 units, higher by 8% over the last fiscal.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in March 2016 were 45,235 units, higher by 18% YoY. Cumulative commercial vehicles wholesales for this fiscal were higher by 4%, over the last fiscal. Cumulative wholesales for JLR for the fiscal were 5,44,085 vehicles.

Scrip of Tata Motors ended the day up by 3.8% on the BSE.

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