Positive Start to the Week

Mon, 4 Jul Closing

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Indian equity markets began the week on a firm note as indices continued to trade higher in the late afternoon session amid strong Asian markets. At the closing bell, the BSE Sensex closed higher by 134 points, the NSE Nifty finished higher by 42 points. The S&P BSE Midcap & the S&P BSE Small Cap also finished up by 0.6% and 1% respectively. Gains were largely seen in realty and PSU stocks.

Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.91% while Hong Kong's Hang Seng is up 1.27% and Japan's Nikkei 225 is up 0.60%. Meanwhile, European markets are lower today with shares in France off the most. The CAC 40 is down 0.35% while Germany's DAX is off 0.25% and London's FTSE 100 is lower by 0.07%.

The rupee was trading at 67.18 against the US$ in the afternoon session. Oil prices were trading at US$ 49.19 at the time of writing.

Shares of Indian Oil Corporation (IOC) finished the trading day on an optimistic note (up 0.7%) after it was reported that company will invest Rs 400 billion to expand its refining capacity to over 100 million tonnes by 2022. IOC will expand its refining capacity to 104.55 million tonnes (mt) by 2022 from the current 80.7 mt per annum.

International Energy Agency's World Energy Outlook projects 4% CAGR growth in India's fuel demand to 348 mt by 2030, from 184 mt in 2015-16. India has a refining capacity of 232.06 mt. As per the reports, the company is looking to scale up its Koyali refinery in Gujarat to 18 mt from 13.7 mt while capacity of the Panipat refinery in Haryana will be raised by a quarter to 20.2 mt from the current 15 mt. Other state refiners too have planned capacity addition to meet rising demand.

Bharat Petroleum Corp (BPCL) is looking to ramp up capacity to 53 mt, from 30.5 mt currently, by adding 1.6 mt to its Mumbai refinery and another 6 mt to the Kochi unit. Hindustan Petroleum Corp Ltd (HPCL) also plans to expand its Mumbai refinery to 8.2 mt from 6.5 mt and that of Vizag unit to 15 mt from 8.3 mt.

In another development, IOC, BPCL, HPCL and Engineers India Limited plan to set up India's biggest oil refinery on the west coast at an estimated cost of Rs 2 trillion. The 60 million tonnes a year refinery and a mega petrochemical complex will be set up in two phases. Phase-1 will be 40 million tonnes together with an aromatic complex, naphtha cracker and polymer complex. Phase-1 will cost Rs 1.2-1.5 trillion and will come up in five-six years from the date of land acquisition. The second phase will cost Rs 500-600 billion.

Moving on to news from auto sector. Shares of Bajaj Auto finished the day down by 0.9% after the company registered fall of 4% in total sales. The total sales stood at 316,969 units in June 2016 as against 331,317 units in June 2015. The sales of the motorcycles decreased by 5% and stood at 273,298 units in the month under review against 287,582 units in June 2015.

The company has reported 0.15% drop in Commercial Vehicles sales, which stood at 43,671 units as compared to 43,735 units in month of June 2015. Meanwhile, the company's total exports out of the above stood at 123,252 units as compared to 156,074 units sold in the corresponding month last year.

The company posted a healthy fourth quarter (Subscription Required) for the financial year 2015-16. The company posted a 14% YoY and 29% YoY growth in revenues and net profits respectively.

Automobile stocks finished the day on a positive note with Tata Motors DVR and Mahindra Scooters leading the charts.

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