Auto Stocks Lead the Gains

Fri, 3 Jun 01:30 pm

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The Indian markets shed their morning gains to hover around the dotted line during the post noon trading session. Sectoral indices are trading mixed with stocks from the auto and banking spaces leading the gains. Telecom and consumer durables stocks are trading in the red.

The BSE Sensex is trading up by 22 points (0.1%) and the NSE Nifty is trading up by 11 points (0.1%). The BSE Mid Cap index is trading up by 0.2% while the BSE Small Cap is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 28,850 levels. Silver price, per kilogram, is trading at Rs 38,663 levels. Crude oil is trading at Rs 3,312 per barrel. The rupee is trading at 67.22 to the US$.

Automobile stocks are trading on a positive note with Bajaj Auto and Hero Moto Corp leading the gains. As per a leading financial daily, Bosch is aiming to get around one-third of its two-wheeler and power sports businesses to come from India in the next four years.

This growth is expected to be driven by the new safety norms such as Antilock braking systems (ABS) which will come to effect as on April 2018. This, along with the new engine management system for two-wheelers, are expected to drive the company's growth.

For the German MNC, India is a key market for two-wheelers and developments taking place here would have the potential to influence other markets. Prices of motorcycle technology have risen to about 20% as compared to the growth of less than 5% in the previous year; thus keeping the development costs low as one of the key challenges going forward.

Bosch is currently trading up by 1.29%.

Stocks in the <>telecom space are witnessing selling pressure with Idea Cellular and Bharti Airtel leading the losses. Shares of India's third largest telecom operator Idea Cellular slumped to almost 10.6% today; seemingly because of sale of shares by Providence Equity.

According to a leading daily, Providence Equity Partners has decided to sell almost half of its stake in Idea Cellular in a block trade today. Morgan Stanley is supposedly handling the sale of shares for providence Equity. Shares were likely to be sold in block trades in a price band of Rs 110.50-112.50. The fund had bought a 15% stake in 2006.

In its results for the quarter ended March 2016, Idea Cellular posted a net profit after tax of Rs 5,756 million as compared to Rs 9,417 million during the corresponding quarter last year. Total Income increased from Rs 86,089 million during the quarter ended March 31, 2015 to Rs 95,240 million for the quarter ended March 31, 2016.

Idea Cellular is currently trading down by 10.10%.

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