Sensex Remains Range Bound; Metal Stocks Drag

Wed, 3 May 01:30 pm

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After opening the day marginally higher, share markets in India have remained range bound and are trading below the dotted line. Sectoral indices are trading on a mixed note with stocks in the IT sector and stocks in the realty sector leading the gains while stocks in the metal sector are trading in red.

The BSE Sensex is trading down by 30 points (down 0.1%) and the NSE Nifty is trading down by 8 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up by 0.1%. The rupee is trading at 64.13 to the US$.

In news from stocks in the FMCG sector. Marico share price is trading lower on the bourses today after the company declared its Q4 results.

The company reported a 26% rise in profit after tax at Rs 1.7 billion in the fourth quarter ended March 31, 2017. The company had reported a net profit of Rs 1.4 billion in the January-March quarter a year-ago.

Marico's India business achieved a turnover of Rs 10.4 billion during the quarter, a growth of 6% over the same period last year. Revenues from operations, on the other hand, grew by 2% to Rs 13.2 billion.

However, its international business in the fourth quarter was down 8.4% to Rs 2.9 billion as against Rs 3.1 billion in 4QFY16. International business was affected due to macro-environment issues in the MENA region. Ex-MENA, the international business grew by 8% in constant currency terms.

The company now plans to focus on gaining market share in key segments. It plans to do so by strengthening its core products and launching new products to expand its franchise.

The company is well aware of the challenges GST will bring. While in the long run, it will be beneficial for organized players, it will bring near term uncertainty that may disrupt trade in H1FY18. We will be sure to keep an eye on the impact of GST on FMCG firms (subscription required).

The earnings season for the final quarter and financial year FY17 has kickstarted. And while the markets are touching new highs, there is nothing to cheer about India Inc performance.

135 companies have declared results so far. As an article in Business Standard suggests, the earnings growth has slid from 15.6% in FY16 to just 7.2% in FY17, making it the worst in three years.

Earnings in Contrast with Market Trends

One must note that the actual performance for the last quarter of FY17 has been much below brokerage estimates.

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In news from stocks in the PSU sector. Coal India share price is in focus today after the state-run company missed its production target for April.

Coal India has not only missed its production target by 12% during the first month of the current fiscal, it has also witnessed a 4.1% fall over the previous corresponding period. On the sales front, the company managed a 6.1% growth although it missed targets for the month by about 9%.

Coal India's s coal production in April 2017 declined by 4.1% to 38.44 million tonnes as compared to 40.1 million tonne produced in the comparable month of last year.

Bharat Coking Coal, a subsidiary, registered a large 25% fall in production and a 10.8% fall in sales volumes. Central Coalfields saw a 14% fall against the previous corresponding period while sales grew 33% during the same period.

The two subsidiaries of the company, South Eastern Coalfields Limited and Mahanadi Coalfields were the top contributors to the company's monthly production which contributed 10.10 million tonne sand 10.28 million tonnes of coal respectively.

During 2016-17, Coal India set a production growth target of 11%. It ended up achieving 2.5% growth mainly due to less than anticipated power demand growth.

For 2017-18, the Central Electricity Authority has pegged a near 4.5% growth in power generation. Which is likely to require less coal than the target production figure of Coal India for the year. At the time of writing, Coal India share price was trading up by 0.4%.

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