Volatile Trades for Indian Indices

Thu, 2 Jun 01:30 pm

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After opening the day on a flattish note, the Indian indices witnessed choppy trades and continued to trade near the dotted line in the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the consumer durables, pharma and FMCG sectors bearing the maximum brunt. Metal and telecom stocks are trading in the green.

The BSE Sensex is trading lower by 32 (down 0.1%) and the NSE Nifty is trading down by 13 points (down 0.2%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading flat. Gold prices, per 10 grams, are trading at Rs 28,700 levels. Silver price, per kilogram, is trading at Rs 38,487 levels. Crude oil is trading at Rs 3,318 per barrel. The rupee is trading at 67.23 to the US$.

Automobile stocks are trading on a mixed note with Bajaj Auto and Force Motors leading the losses. As per an article in leading financial daily, overall sales volume at Tata Motors grew marginally by 1% YoY during the month of May. Overall sales include sales from passenger vehicles, commercial vehicles and exports.

However, when comparing the data for just passenger vehicles, the sales volumes have declined by around 23% YoY during the month. Volumes dropped despite a good response for its Tiago hatchback car. Whereas, sales volume from commercial vehicle segment grew by 14% YoY during the month. A pick-up in the sales of commercial vehicle indicates an improvement in the overall scenario in the economy.

A few days back, the company reported its results for the quarter ended March 2016. The consolidated revenues grew by 18.8% YoY to Rs 799.2 billion during the quarter. The healthy growth was on the back of the strong performance of its Jaguar Land Rover (JLR) unit. The consolidated net profits of the company grew by 201% to Rs 51.7 billion during the quarter.

Moreover, the Indian operations too reported a profit of Rs 4.6 billion as compared to a net loss of Rs 11.6 billion a year ago. The Indian operations improved on the back of strong performance from the medium and heavy duty trucks.

Going forward, the traction from the newly launched model in passenger vehicle space and a pick -up in the economic activity boosting demand for commercial vehicles will be the key things to watch out for pertaining to Indian operations. As far as the JLR unit is concerned, the demand from key geographies such as China and Europe will need to be closely tracked to assess its impact on its financial performance going forward.

Stocks in the mining space are trading on a positive note with Coal India and Gujarat NRE Coke leading the gains. Coal India has missed its target to achieve the desired production levels in the month of May. The target was missed by around 4.6%. The company reported a production of 42.58 million tonnes in May, lower than the target of 44.64 million tonnes (MT) for the month. This was on account of declining demand from the power plants.

In another news pertaining to the company, the government has formed an inter-ministerial group to discuss over the shares buyback of CIL. It was noted that the government wants to buy back 25% of its stake which will add about Rs 60 billion to the government's kitty.

Coal India which accounts for over 80% of the domestic coal production has a target of achieving 1 billion tonnes by 2020. Presently its stock is trading up by 3.3%.

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