Sensex Finishes Marginally Higher; Tata Steel Rallies 8%

Wed, 17 May Closing

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Indian share markets recovered in the afternoon session and closed at fresh record highs. At the closing bell, the BSE Sensex stood higher by 76 points, while the NSE Nifty finished up by 14 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished down by 0.1% and 0.2% respectively. Losses were largely seen in oil & gas stocks, consumer durables stocks and pharma stocks, while metal stocks and auto stocks witnessed majority of the buying activity.

Tata Steel Ltd share price surged 8% to Rs 494 after the company posted better than expected earnings. Tata Steel's revenue rose 30.4% to Rs 353.05 billion as the company sold more steel products in India.

The company reported a March quarter consolidated loss of Rs 11.68 billion as it took a one-time charge related to the closure of its British pension scheme. The steelmaker said its UK arm was close to resolving pension issues, which brings the unit a step closer to a potential merger with ThyssenKrupp AG.

Asian stock markets were mostly lower with Dow futures tumbling and the safe-haven yen climbing amid political and legal turmoil surrounding President Donald Trump. The Nikkei 225 is down 0.53% while China's Shanghai Composite is off 0.27% and Hong Kong's Hang Seng is lower by 0.17%. European markets are mixed to lower. Shares in France are off as the CAC 40 drops 0.57%. The DAX is down 0.39% while the FTSE 100 in London is unchanged.

Despite all the rising markets and lofty valuations in the Indian stock market, here's some data that vividly shows how small the Indian markets still are on a global scale. The above chart pegs the values of some large and well known US companies relative to the combined market capitalization of all listed companies in India.

As you can see, just the market cap of Apple alone comes to 40% of all of India's listed companies put together. And if you throw in these five companies together, they're value is one and a half times that of all Indian companies' total value. Just goes to show how much room Indian markets still have to grow and mature over the long term.

The rupee was trading at Rs 64.02 against the US$ in the afternoon session. Oil prices were trading at US$ 48.71 at the time of writing.

Continuing its capital expenditure plan, Indian Oil Corporation (IOC) is reportedly planning to invest around Rs 200 billion in 2017-18. The company is also looking for acquisitions and planning to expand overseas.

Last year, IOC had invested close to Rs 200 billion, including around Rs 160 billion in various Indian projects and on acquisition for upstream in Russia. It is noteworthy, between 2012-17, IOCL ended up investing around Rs 750 billion against the targeted planned investment of around Rs 562 billion.

All investments have been in refinery expansion, upgradation of quality of refineries, building new pipelines, getting more aggressive in petrochemical projects, setting up new natural gas facilities etc.

IOC is also looking at the overseas market. Recently it was decided to open an office in Bangladesh apart from talking to the Government of Bangladesh on many accounts. The company already signed a memorandum of understanding Bhutan and looking at newly opening markets such as Myanmar. We probably take a decision soon to set up an office in Myanmar.

IOC share price finished the trading day on a negative note (down 0.6%).

Moving on to news from automobile sector. Royal Enfield, the two-wheeler division of Eicher Motors is reportedly planning to almost double its exclusive retail presence in the international markets, as part of its expansion strategy overseas.

Enfield has identified four core markets overseas namely Thailand, Indonesia, Columbia and Brazil, which could become very large markets for the company over a period. In Columbia, the company has 5-6 stores, but in the rest of the countries it only has one store each right now.

Eicher Motors is reportedly planning to invest about Rs 12.5 billion across its two-wheeler and commercial vehicle (CV) businesses during 2017-18. Of total, the company will allocate Rs 8 billion investments for Royal Enfield and Rs 4.5 billion for VECV's commercial vehicle business growth.

Eicher Motors share price finished down by 0.7% on the BSE.

In news from IT sector, Indian government has expressed hope that US' review of the H-1B visa regime would consider the contribution of Indian companies to American businesses along with the positive bilateral relations between the two countries.

Information Technology (IT) Secretary Aruna Sundararajan has said that concerns on visa changes were 'premature' as the US administration has merely initiated a review and no action has been taken yet to curb the number of such work permits to Indian companies.

However, she also expressed hope that when the US government does the meeting for review of the H1-B visa regime, they will reflect what has been value added by Indian companies.

IT secretary further highlighted that only 17% of the total 85,000 visas go to Indian companies, and that a very large number of US companies ride on the back of the services provided by the Indian companies.

Software stocks finished the day on a negative note with Oracle Financial Services Ltd share price and Tech Mahindra share price leading the losses.

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