Indian Indices Inch Northwards

Thu, 26 May 11:30 am

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After opening the day on a positive note, the Indian stock markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the capital goods and power sectors witnessing maximum buying interest.

The BSE Sensex is trading up 140 points (up 0.5%) and the NSE Nifty is trading up 36 points (up 0.5%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up 0.3%. The rupee is trading at 67.30 to the US$.

Majority of the stocks in the steel sector are trading on a positive note with Adhunik Metaliks and Gujarat Mineral Development leading the gains. Tata Steel has recently announced its results for the fourth quarter ending March 31, 2016 (4QFY16). The company posted a year on year (YoY) decline of 12.4% in its consolidated revenues. Consolidated net loss of the company stood at Rs 33 billion as against Rs 57 billion in the corresponding quarter last year.

Operating profits, however, remained strong. The company's EBITDA (earnings before interest, tax, depreciation and amortization) came in at 23 billion, up by 44% on a YoY basis.

For the overall business, the company recorded steel deliveries of 6.94 million tonne (MT) during the quarter, down 1.6% YoY.

The company's profitability in India has improved and losses in Europe have declined. Earnings for the quarter were also impacted due to one-off costs associated with the UK business.

Tata Steel has decided to sell its UK operations, called Tata Steel Europe Ltd as it failed to turn around the business that it bought as part of the takeover of Corus at the height of the commodity boom in 2007 for US$12.1 billion. The business suffered almost a decade of losses amid poor demand and cheap Chinese imports.

Radhika Pandit, Managing Editor, ValuePro had written an interesting piece on this matter in one of the editions of The 5 Minute WrapUp titled 'The Perils of Big Acquisitions Spare No One...Not Even the Tatas'.

Presently the stock of Tata Steel is trading down by 0.6%.

In another news update it was reported that private weather forecaster Skymet upgraded its outlook for this year's monsoon levels. It announced that the monsoon will be 109% of the long-period average (LPA), for the four-month period from June to September. It expects monsoon to arrive on time in Kerala.

According to the forecast, the monsoon may have a relatively poor start. Rainfall in June is expected to be 13% below normal. The situation is likely to improve sharply in July, when 8% above normal rains are predicted.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. A normal monsoon will also help to keep the inflation at low levels. The possibility of a good monsoon would also increase the chances of the country's central bank retaining easy money policy.

Vivek Kaul, editor of Vivek Kaul's Diary, has written an insightful piece about why monsoons still matter so much for the Indian economy. Make sure you do not miss this interesting piece.

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