Dull End to the Day; ABB Surges 10% on Q1 Results

Tue, 9 May Closing

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Indian share markets were trading flat in the afternoon session as investors booked profits in recent outperformers. At the closing bell, the BSE Sensex stood higher by 7 points, while the NSE Nifty finished up by 3 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.2% and 0.5% respectively. Gains were largely seen in metal stocks, capital goods stocks and power stocks.

ABB share price surged 9.8% in today's trade after the company reported a net profit of 882 million in the March 2017 quarter against Rs 855 million, in the same quarter last year. Total income of the company increased 9.2% at Rs 23.18 billion versus Rs 21.23 billion.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.27% and the Shanghai Composite rose 0.06%. The Nikkei 225 lost 0.26%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.57% while Germany's DAX is up 0.48% and France's CAC 40 is up 0.42%.

The rupee was trading at Rs 64.51 against the US$ in the afternoon session. Oil prices were trading at US$ 46.61 at the time of writing.

Meanwhile, Bharti Airtel share price finished down by 1.7% ahead of the Q4 results to be announced later in the day. Analysts expect the company to report a decline in net profit for the quarter impacted by the free services offered from Reliance Jio on the higher subscriber-base.

In news from macro economy, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) in its latest report has said that Indian economy will grow 7.5% next year by consumption revival and higher infrastructure spending.

Though, India's growth is projected stable at 7.1% for 2017 before surging to 7.5% next year, underpinned by higher private and public consumption and increased infrastructure spending.

The regional development arm of the United Nations, in its report further added that in the medium-term, India will also benefit from recent reforms measures aimed at de-clogging supply side bottlenecks. While, implementation of good and services tax (GST), amendment of a bankruptcy law and opening up of pharmaceuticals, defense and civil aviation sectors will help India in its economic growth.

The report, talking about the demonetisation drive taken by government during November-December last calendar year, said the impact would be transient on the economy. However, a slower-than-expected recovery would particularly diminish the outlook for cash-intensive sectors and supply chains for agricultural products.

Moving on to news from pharma sector. Wockhardt share price finished flat today. It was reported that the company has got board approval to raise up to Rs 22 billion through equity and debt instruments.

The company informed the stock exchanges that it plans to raise up to Rs 12 billion through issuance of non-convertible debentures (NCDs) on a private placement basis and up to Rs10 billion through equity instruments, including qualified institutional placement (QIP) of shares.

As per an article in The Livemint, Wockhardt is likely to use the funds for its research and development (R&D) activities, including clinical trials on its new drugs, and capital expenditure requirements, particularly for an upcoming facility in Dubai.

The pharmaceutical company is setting up the facility in Dubai for manufacturing specialty products, including its new antibiotic drugs, for the US and European markets. The total investment in the facility is estimated to be US$35-$40 million and the project may be completed in about 18 months.

Meanwhile, Lupin share price plunged 2.3% and hit a new 32-month low in final hour of trade after US health regulator issued eight observations for its Aurangabad plant. The plant is estimated to be contributing around 10-15% of companies US sales.

The stock of pharmaceutical company is under pressure in past one month falling 14% since April 5, 2017. On comparison, the S&P BSE Sensex was down 0.10% during the same period.

In news from steel sector, as per an article in The Economic Times, domestic steel demand is expected to grow by 6-6.5% in the next five years helped by government led initiatives including National Steel Policy (NSP).

The government envisages domestic steel consumption to grow 7% through 2030 under the NSP driven by various government led initiatives in affordable housing and infrastructure sector, coupled with robust growth in automotive and capital goods segments. Among others, NSP targets to achieve 300 MT of steelmaking capacity by 2030 through additional investments of Rs 10 trillion by 2030-31.

In another development, the government has advised RBI to formulate effective and innovative policy measures for the Indian steel companies that may include some tough decisions as the affected banks have been hesitant to adopt or not willing to take up new measures, for fear of violating the existing norms.

The public sector banks whose exposure to steel industry is maximum may be particularly relieved. The total stressed assets including NPAs of banks have reached nearly Rs 9.64 trillion. PSU Banks followed major private sector banks, have become extremely apprehensive to advance loans even for working capital requirements by the small and medium enterprises in the steel sector.

No Takers For Domestic Steel

The government's proposal to give domestic steel makers a preference in government projects should protect them from cheaper imports. But in the meanwhile, the steel makers are chasing imports out by ramping up production. In February, domestic steel output rose by 12.9% YoY, as large private steel producers such as Tata Steel and JSW Steel ramped up output. Imports during the first eleven months of FY17 dropped by 39% YoY.

But the bigger concern is weak consumption growth. The consumption data over the past few months clearly show that there are no takers for domestic steel. So steel makers have been forced to export more, with overseas shipments up by 78% YoY in the fiscal till February.

Steel stocks finished in green with Bhushan Steel and Jindal Steel share price leading the gains.

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