Positive Start to the Day

Thu, 26 May 09:30 am

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Major Asian stock markets have opened the day on a mixed note with stock markets in China and Hong Kong trading lower by 1% and 0.3% respectively. Whereas, the stock market in Singapore is trading higher by 0.6%. Benchmark indices in the Europe and the US ended their previous session on an encouraging note. The rupee is trading at 67.44 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 78 points (up 0.3%) and the NSE Nifty is trading higher by 15 points (up 0.2%). Both, <>BSE Mid Cap and <>BSE Small Cap are trading higher by 0.2% each.

Major sectoral indices have opened the day in green with stocks from capital goods and telecom sectors witnessing buying interest.

Bajaj Auto reported its result for the quarter ended March 2016. The net sales grew by 14.7% YoY to Rs 53 billion. The healthy growth was on the back of strong sales of motorcycles and three-wheelers in the home market. The domestic volumes witnessed a growth of 26% during the quarter. Further, new models launched in the fiscal year 2016 such as Bajaj V and the new Avenger series witnessed healthy traction.

The operating margins too expanded by 3.7% YoY to 23.1%. The margins widened because of higher contribution of three wheelers and pricier motorcycles in the overall mix. Going forward, the company expects the operating margins to be at a level of 20% or above.

The net profits grew by 29% YoY to Rs 8 billion during the quarter. The main concern for the company is on the exports front. The exports declined by 3% YoY during the quarter. The fall is attributed on account of adverse macro factors in the key geographies wherein the company exports i.e Nigeria and Egypt.

As exports contribute to around 40% of the overall sales, a slowdown in this segment could possibly drag the overall performance of the company. The traction from its new launches in the domestic market coupled with a pickup in the export sales will be the key things to watch out for going forward.

In another news update, state run <>National Aluminum Co Ltd (NALCO) has decided to buy back 644.3 million shares or 25% of the paid up capital from the public shareholders. The share buy-back will help the government raise funds and reduce the fiscal deficit for 2016-17.

Further, the company has fixed the buy-back price at Rs.44 per share. The buy-back will unlock a minimum value of Rs 22.9 billion for the government. The stock has touched a high of Rs 49.60 and low of Rs 28 in the past 52 weeks.

The Government has set an ambitious disinvestment target of Rs 565 billion for 2016-2017. The government had missed its target for disinvestment by a huge margin in the fiscal year 2016. Let's hope the government achieves the target this time to keep the fiscal deficit in check.

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