Auto, Energy Stocks Post Gains Today

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Buying activity gained momentum in the afternoon session as Indian equity markets finished on a positive note for a second consecutive session. At the closing bell, the BSE Sensex closed higher by 123 points, the NSE Nifty finished higher by 38 points. The S&P BSE Midcap and the S&P BSE Small Cap finished up by 1% and 0.9% respectively. Gains were largely seen in auto and oil & gas stocks.

Most of the Asian markets ended higher, despite a poor finish in U.S. equities overnight. The Nikkei 225 gained 1.13% and the Hang Seng rose 0.30%. The Shanghai Composite lost 0.34%. European markets are mixed. The DAX is higher by 0.35%, while the CAC 40 & the FTSE 100 are down 0.07% and 0.02% respectively.

The rupee was trading at 66.50 against the US$ in the afternoon session. Oil prices were trading at US$ 37.61 at the time of writing.

Shares of Hero MotoCorp finished the trading day on an optimistic note (up 2.2%) after it was reported that the company has submitted plans to begin production at its proposed plant in Chittoor district of Andhra Pradesh, after more than 18 months since signing an Memorandum of Understanding (MoU) with the state government. According to the plan, the company is planning to produce 500,000 units (per annum) in the first phase by December 2018 with an investment of Rs 8 billion.

Further, the company will add another 500,000 units to its production capacity in the second phase by December 2020 and an additional 800,000 units in the third phase by December 2023. Hero MotoCorp informed the government in a letter on March 31 that the upcoming plant would be state-of-the-art and deploying robotics, cutting edge manufacturing technology and green building technology and it would be made a manufacturing hub for two-wheelers for east and south Asia. The company also promised an investment of another Rs 16 billion for development of ancillary units that could create direct and indirect employment for 15,000 people. The company has reported a 7% YoY and 36.5% YoY growth in sales and net profits (Subscription Required) respectively during the December 2015 quarter.

FY16 turned out to be a tepid year for the Indian auto industry. Two-wheelers struggled this year. The rural economy is a big market for two-wheelers. Thus, as poor monsoons wreaked havoc on crop production, farm incomes reduced and rural demand took a hit. And this impacted volume growth for two-wheeler players. The only segment that managed to grow in double digits was commercial vehicles (CVs). But this was largely led by medium & heavy CVs. Growth for light CVs also remained sluggish.

Automobile stocks finished the day on a strong note with Escorts Ltd and Tata Motors DVR leading the gains.

Meanwhile in the mining sector, shares of Coal India fell 2.2%, its lowest level since March 2014, on the BSE after the company reportedly reduced prices of top grades of coal by up to 40% on account of more than adequate coal production as well as about 58 million tonnes of stock pile.

The company's decision to cut prices of high energy content coal for the first time in three years comes on the back of a rapid fall in international coal and commodity prices. At present, the company has a total stock of 58 mt while another 39 mt of coal is piled up at power plants.

Prices have been slashed for high energy coal produced mainly from Eastern Coalfields, South Eastern Coalfields and North Eastern Coalfields for volumes supplied over 90%. Reportedly, if the move prompts the consumers to lift more coal, then the company may even consider introducing discounts for cheaper category of coal used by power companies.

After much deliberation and delay, the Mines and Minerals (Development and Regulation) Act, 1957 has been revised and the government has passed the Mines and Minerals Amendment Bill, 2015. In a recent edition of The 5 Minute WrapUp Premium, we looked at the impact of the Act on various mining and metal companies (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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