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India's Third Giant Leap

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Mid, small cap stocks lead gainers
Mon, 1 Jul Closing

Select auto, energy and banking stocks elicited investor interest and helped the key indices in Indian equity markets maintain the upward momentum till the end of the session. Buying interest also seems to be seen amongst Foreign Institutional Investors (FIIs) despite the risks to Indian economy and exchange rates. While the BSE Sensex closed higher by 182 points (up 1%), the NSE-Nifty closed higher by 57 points. The BSE Mid Cap index and the BSE Small Cap index gained about 2% each. We would recommend investors to be very cautious about selecting stocks, particularly in the midcap and small cap space, given the volatility in stock markets.

As regards global markets, while Asian stock markets closed a mixed bag today the European indices have opened higher. The rupee was trading at Rs 55.79 to the dollar at the time of writing.

As per a business daily, engineering major Siemens and parent Siemens AG have bagged an order worth Rs 2.5 bn from Delhi Metro Rail Corporation (DMRC) for the electrification of Phase III of the Delhi Mass Rapid Transit System (MRTS). Out of the total order value, the value for Siemens' order book is Rs 1.8 bn and for Siemens AG it is Rs 720 m. Siemens won the order through an international competitive bidding. Siemens had a disappointing year in FY13. While the company's topline growth was muted due to delays from the customer end, profits came under pressure as costs escalated because of the delays. Volatility in commodity and exchange rates further impacted profits. The total capital employed also increased as compared to the last quarter signifying that the working capital concerns still prevail.

Meanwhile, auto major Mahindra & Mahindra (M&M), has raised prices of some vehicles its portfolio by an average 0.5%, effective July 2013. The company's attempt to pass on increase in input costs to customers comes even as volume offtake took a hit in the month of June 2013.

The company's auto sales numbers for June 2013 slid by 7.82% at 38,092 units as against 41,322 units during June 2012. Passenger Vehicles segment (which includes the UVs and Verito) registered a drop of 12.9%, having sold 17,232 units in June 2013, as against 19,792 units during June 2012. M&M's domestic sales stood at 36,207 units during June 2013, as against 38,951 units during June 2012. The 4 wheeler commercial segment which includes the passenger and load vehicles registered a 5% YoY growth.

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