Power & Capital Goods Lead Gains

Wed, 15 Jun 01:30 pm

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After opening on a positive note, Indian indices continue to trade in the green during the post noon trading session. Sectoral indices are trading on a positive note with stocks from the power and capital goods sectors witnessing maximum buying interest.

The BSE Sensex is trading up by 148 points (up 0.6%) and the NSE Nifty is trading up by 42 points (up 0.5%). The BSE Mid cap index is trading up by 0.5%, while the BSE Small cap index is up by 0.9%. Gold prices, per 10 grams, are trading at Rs 30,360 levels. Silver price, per kilogram, is trading at Rs 41,338 levels. Crude oil is trading at Rs 3,230 per barrel. The rupee is trading at 67.08 to the US$.

As per a leading financial daily, the road traffic growth witnessed an increase of 8-9% during the fourth quarter of FY16. This was mainly on account of a pick-up in the economic activities as Gross Domestic Product (GDP) as reported in the fourth quarter grew by 7.9%.

In the three months to March 2016, collections for clutch of 19 toll roads increased by a hefty 16% YoY to Rs 8.6 billion. Moreover, with the bans lifted in the mining belts, activity has increased contributing to an improvement in traffic to some extent. Reportedly, most roads have witnessed a good uptick in traffic in the last 15 to 18 months.

Further, the deal momentum could pick up in this space during the next 6-9 months. This can be said as the NHAI's new exit policy will increase the pool of road assets that can be sold coupled with a pick-up in the economy.

Stocks in the automobile sector are trading on a mixed note with Bosch and Hero MotoCorp leading the gains. As per an economic daily, Mahindra and Mahindra (M&M) is expecting sales of its commercial vehicles to grow by 50% this financial year (subscription required).

The auto major is planning to introduce 11 new models in the 8-15 tonne capacity. As new emission norms for commercial vehicles will increase the prices, transporters are preponing the purchase of vehicles. To add to this, projected cash for clunkers scheme will also spurt the demand for commercial vehicles. Moreover, a pickup in mining and construction activity will also boost demand.

M&M is one of the leading auto companies of India. One shall note that the company has completed nine product launches in FY16. This along with the above developments could aid the performance of the company going forward.

M&M is currently trading down by 0.1%.

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