Indian Indices Open Weak

Tue, 26 Apr 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in Japan and Indonesia are trading lower by 1.3% and 1.4% respectively. Benchmark indices in Europe and US ended their previous session on a disappointing note. The rupee is trading at 66.68 per US$.

Indian stock markets have opened the day on a negative note too. The BSE Sensex is trading lower by 96 points (down 0.4%) and NSE Nifty is trading lower by 26 points (down 0.3%). Both, BSE Mid Cap and BSE Small Cap are trading marginally lower by 0.1% each. Major sectoral indices have opened the day in red with stocks from automobile sector and capital goods sector witnessing maximum selling pressure.

UltraTech Cement Ltd reported its results for the quarter ended March 2016. The company’s net profit grew by 10% YoY during the quarter to Rs 7.2 billion. The net sales too grew by 5% to Rs 68 billion.

In volume terms, the company reported a 15% YoY growth in cement sales at 13.20 million tonnes (mt) for the quarter. The volume growth came in largely from the infrastructure sector. However, the average realizations declined as compared to 4QFY15. The average realizations were down by 9% to Rs 4,609 per tonne.  The price realizations declined both sequentially and on a YoY basis.

Capacity utilization improved during the quarter. The company reported a 5% YoY rise in capacity utilization at 84% for the fiscal year 2016. The company expects its cement demand to grow by 7-8% in the fiscal year 2017.

Ultratech has recently signed a deal with Jaiprakash Associates to purchase it’s 21.2 mt cement assets. The deal is valued at Rs 159 billion. Reportedly, the acquisition will be financed through domestic term loans for a 20-year tenure and a five-year moratorium on the principal amount.  A pick-up in the road and housing sector will be the key things to watch out for to assess the cement demand going forward. The stock of UltraTech Cement is trading marginally up by 0.02%.

In another news update, Hero MotoCorp is setting up a factory at Andhra Pradesh. The estimated investment on this plant is pegged at Rs 30 billion. This plant will have an annual capacity of 1.8 million units.

Presently, the company has three manufacturing facilities. In addition to this factory in Andhra Pradesh, the company is also setting up two more facilities in Rajasthan and in Gujarat. This will take their total count to six. The facility will cater both to the domestic as well as exports market. For this new facility, the state government has allocated around 600 acres of land to the company.

This new facility will take Hero’s overall capacity to 12 million units. The demand for two-wheelers has remained subdued on account of two consequent years of deficit rainfall. The upcoming monsoon season will be a key trigger to watch out for the company going forward.

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