Realty & FMCG Lead the Gains

Fri, 17 Jun Closing

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Indian equity markets continued to witness buying activity in the afternoon session amid strong global markets and finished well above the dotted line. At the closing bell, the BSE Sensex closed higher by 100 points, the NSE Nifty finished higher by 30 points. The S&P BSE Midcap finished down by 0.1%, while the S&P BSE Small Cap gained 0.3%. Gains were largely seen in realty and FMCG stocks.

Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.07% while Hong Kong's Hang Seng is up 0.70% and China's Shanghai Composite is up 0.43%. European markets are sharply higher today with shares in London leading the region. The FTSE 100 is up 1.47% while France's CAC 40 is up 1.36% and Germany's DAX is up 1.33%.

The rupee was trading at 67.17 against the US$ in the afternoon session. Oil prices were trading at US$ 46.75 at the time of writing.

Shares of Siemens Ltd finished the trading day on an encouraging note (up 0.5%) after it was reported that the company has bagged an order worth euro 130 million to set up a high voltage direct current (HVDC) link to connect power supply networks of India and Bangladesh. The power link is scheduled to come on line in the second half of 2018. On a turnkey basis, the company will be responsible for engineering, installing and commissioning of the complete HVDC system. The customer is Power Grid Company of Bangladesh (PGCB).

Reportedly, Siemens had recently received another order from PGCB to design, procure, supply, install, test and commission 230/ 132kV gas insulated switchgear substation along with 225/300 MVA, 132/33 KV and 50/75 MVA transformers at Keraniganj near Dhaka.

In another development, Larsen & Toubro's (L&T) wholly owned subsidiary - L&T Hydrocarbon Engineering (LTHE), has won orders worth Rs 11.7 billion across its various business segments. Under Onshore Projects, the company has secured a lump-sum turnkey contract from Indian Oil Corporation, valued over Rs 3.55 billion for a Coke Drum System package.

Under construction services, the company is already rendering construction services for Reliance Industries' (RIL) refinery at Jamnagar, Gujarat for their petrochemical units for a value of Rs 5 billion. The company has also secured an order valued over Rs 2 billion from Hindustan Mittal Energy and an order over Rs 1.15 billion from a leading global EPC contractor for their ongoing project in Kuwait.

L&T recently reported 18.5% YoY growth in sales while net profits grew 18.6% YoY (Subscription Required) during the fourth quarter of FY16. The company plans to emphasize on operational efficiencies, faster execution of projects and lower working capital levels in the near future.

Engineering stocks finished the day on a mixed note. Alstom T&D and Bharat Bijlee led the pack of losers while, Welspun Corporation and Finolex Cables witnessed maximum buying activity.

Automobile sector finished on a positive note with Tata Motors and Tata motors DVR gaining the most. According to an article in Livemint, Maruti Suzuki India Ltd.'s June quarter earnings may take a hit by a stronger Japanese Yen. Yen rose to a 21 month high against the dollar which has made royalty payments and imports of automobile parts from Japan costlier for Maruti. Surge in the Japanese yen in the past three months is bound to hit Maruti's margins, given that about one-sixth of its cost (including royalty) is yen-denominated. The yen soared to its highest level against the dollar after Japan's central bank left its policy unchanged.

Maruti Suzuki finished the trading day up by 0.4% on the BSE.

Meanwhile, the turnover of the auto component industry stood at Rs 2.5 trillion (US$39 billion) for the period April 2015 to March 2016. The industry registered a growth (Subscription Required) of 8.8% compared to 2.3 trillion in the previous fiscal year. The industry recorded a CAGR of 6% over the last six years.

For the fiscal 2015-16 an estimated capital investment of Rs 27 - Rs 40 billion was witnessed in the auto component sector compared to Rs 20 - 28 billion earlier. The Automotive Component Manufactures Association of India expects to witness growth in double digits this year.

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