Auto Stocks Lead the Gains

Fri, 22 Apr 01:30 pm

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After opening the day on a bearish note, the Indian indices registered some gains and are currently trading on a flat note. Sectoral indices are trading mixed with stocks from the auto and banking sectors leading the gains. Consumer durables and FMCG stocks are leading the losses.

The BSE Sensex is trading higher by 13 points (0.1%) and the NSE Nifty is trading up by 6 points (0.1%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap is trading up by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,308 levels. Silver price, per kilogram, is trading at Rs 40,186 levels. Crude oil is trading at Rs 2,925 per barrel. The rupee is trading at 66.55 to the US$.

As per an article in Economic Times, India is likely to impose anti-dumping duty on imports of methylene chloride from China and Russia to protect domestic manufacturers. The chemical is used by pharma, agro and fragrance industry and the anti-dumping duty on this chemical is said to be up-to US$ 279.78 per tonne.

The development comes as Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended to the revenue department to impose the levy ranging between $122.14 and $279.78 per tonne on the imports of 'methylene chloride'. In April last year, the DGAD had initiated a probe into the alleged dumping, and injury to the domestic industry.

Anti-dumping duties are levied to protect the domestic industry from unfair trade practices like dumping which involves pricing goods below their cost for export markets. Also, the duties are intended to re-establish open and fair competition in the market.

It should be noted that in FY16 the government imposed an anti-dumping duty ranging from 5% to 57% on cold-rolled flat products of stainless steel for a period of five years. The duty was imposed on imports from China, South Korea, European Union, the US, South Africa, Thailand, and Taiwan. We had shared our views on this topic in one of our premium editions of The 5 Minute WrapUp. You can read the same here (subscription required).

Stocks in the energy space are trading on a mixed note with Indraprastha Gas and Oil and Natural Gas Corporation (ONGC) leading the gains.

In another news update it was reported that Hindustan Petroleum Corporation Limited (HPCL) is planning to invest around US$3.8 billion to ramp up its refining capacity by two-thirds by the end of this decade.

This development comes as the company is aiming to meet cleaner fuel standards on rising demand. It is to be noted that the company aims to raise its capacity to process about 5,00,000 barrels per day (bpd) of crude.

The company will be boosting the capacity of its Mumbai refinery to 1,90,000 bpd by July 2019 from the present levels of 1,30,000 bpd. Further, the Vizag refinery in India's south will ramp up to 3,00,000 bpd from 1,66,000 bpd by July 2020. This suggests that the company is well placed on capacity utilisation front. Tanushree Banerjee, Managing Editor, StockSelect pointed out the importance of capacity utilisation levels in a recent edition of The 5 Minute WrapUp titled 70% Upside in Sensex Will Be a Reality Only If.... She explains why capacity utilisation is the most important data she will be tracking to check the upside in Sensex in the coming days. You can read the entire article here.

Also, the above plans augur well for the company in the long-term especially when the domestic markets are witnessing low levels of crude oil production amid a global supply glut.

Presently the stock of HPCL is trading down by 0.7%.

By the way, we are in a celebratory mood today as we commemorate Equitymaster's 20th Anniversary.

It is indeed a nostalgic moment for us. When our co-founder Ajit Dayal launched Equitymaster - India's first financial website in 1996, we were a team of just five members. The internet had barely arrived in India. There were just about 10,000 VSNL connections.

Our vision...to empower the small investor...was our greatest asset. And it is this vision that helped us sail through many constraints and challenges.

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It is this relationship of trust and transparency that has made us who we are today. We are proud to have been the pioneers in this investing revolution, and it has been our privilege to empower investors like you.

We would like to take this opportunity to thank you for your supporting our 20-year effort.

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