FMCG and Banking Stocks Lead the Losses

Mon, 11 Apr 01:30 pm

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After trading on a flattish note for most of the morning session, the Indian indices registered some losses and went on to trade in the red in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the FMCG and banking sectors bearing the maximum brunt. Telecom stocks are leading the gains.

The BSE Sensex is trading lower by 113 points (down 0.5%) and the NSE Nifty is trading down by 30 points (down 0.4%). The BSE Mid Cap index is trading up by 0.2% while the BSE Small Cap index is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 29,310 levels. Silver price, per kilogram, is trading at Rs 36,919 levels. Crude oil is trading at Rs 2,618 per barrel. The rupee is trading at 66.43 to the US$.

Stocks in the automobile space are trading on a mixed note with Maharashtra Scooters and Maruti Suzuki leading the gains. As per a leading financial daily, the auto industry missed the target of producing 4.1 million passenger vehicles in the last fiscal year under the Automotive Mission Plan (AMP) 2006-16.

According to Society of Indian Automobile Manufacturers (SIAM), actual production of passenger vehicles in 2015-16 was at 3.4 million units, down by 20% from the target of 4.1 million. Likewise, in the two-wheelers there was a shortfall of 42% with actual production in FY16 at 18.8 million units as against a target of 32.6 million units.

Commercial vehicles also missed the target of achieving 8.9 lakh units in 2015-16 with actual production standing at 7.8 lakh units, a shortfall of 12%. Similarly, three-wheelers also missed the target by 4% with actual production in 2015-16 at 9.3 lakh units against the target of 9.7 lakh units.

It shall be noted that in this first AMP 2006-16, the auto industry achieved a target of incremental job creation of 25 million. Further, it attracted investments topping the target of Rs 1.55 trillion from global and local OEMs (original equipment manufacturer) as well as component makers.

Reportedly, the government is going to launch the Automotive Mission Plan (AMP) 2016-26. The AMP 2016-26 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 trillion under the AMP 2016-26.

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

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 resulting in more capacities in the coming years. Also, it will provide some relief on the export front at a time when the exports have been declining since the past few quarters.

Engineering stocks are also trading on a mixed note with Crompton Greaves and Bharat Bijlee leading the gains. In another news update it was reported that Larsen & Toubro's (L&T) wholly owned subsidiary - L&T Hydrocarbon Engineering (LTHE), has won two orders from Petroleum Development Oman LLC (PDO). The orders are valued approximately at US$370 million.

The new order wins include Engineering, Procurement & Construction (EPC) of Saih Nihaydah Depletion Compression Phase 2 (SNDC2) and Kauther Depletion Compression Phase 2 (KDC2) Project.

These projects are being implemented to overcome pressure depletion and maintain potential in order to sustain production.

It shall be noted that LTHE has already executed three projects for PDO viz., the Lekhwair Gas Field Development Project (US$150 million); the Saih Rawl Depletion Compression Project (US$235 million), and the Yibal 3rd Stage Depletion Compression (US$240 million).

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and Defense - for customers in over 30 countries around the world. To get more idea on the business and financials of the company, you can read our issue of ValuePro Contenders titled How Can This Company 'Engineer' An Entry into the Portfolios? here (subscription required).

Presently the stock of L&T is trading marginally higher on the BSE.

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