HCL Tech's Multi-Year Agreement, Amara Raja Batteries' Quarterly Review, and Buzzing Stocks Today

Tue, 17 Aug Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices surged to fresh record high levels, defying global market mood, amid gains in index heavyweights Reliance Industries, Tata Steel and financial stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 145 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 34 points (up 0.2%).

Tata Steel and Bajaj Finance were among the top gainers.

Maruti Suzuki and Shree Cement, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.2% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector, energy sector and oil & gas sector witnessing most of the buying interest.

Telecom and auto stocks, on the other hand, witnessed selling pressure.

Shares of Apollo Hospitals and Tech Mahindra hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 46,920 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about the best stocks to buy, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Eicher Motors.

Royal Enfield wouldn't be entering the electric vehicles (EV) anytime in the near future, said Siddhartha Lal, managing director at the Bullet motorcycle maker's parent Eicher Motors.

This is because Lal does not see any customer economics at all for that in the premium end of the two-wheeler market.

On Royal Enfield's approach to EVs, Lal said the company is playing a very long-term game on EVs.

There are people getting in, it is certainly a less than one percent game, Lal said during Eicher Motors' earnings call last week.

Note that his comments come at a time when the rush for the electric two-wheelers is gathering momentum.

Royal Enfield too has formed a team consisting of Allabaksh Nekodi and Satheesh Rajagopal as key executives to define its EV approach, reporting to executive director Govind Rajan.

Also, R&D work has begun at its technical centers both in India as well as the UK. But it may take more than four to five years for a Royal Enfield EV to hit the road, as per the current plans.

Already mainstream two-wheeler makers in India have started work on a range of EV products.

Royal Enfield's global rivals Norton, Triumph, BSA and Harley-Davidson have all given strong indications on their intention of participating in the EV market.

Banking stocks will also be in focus today.

Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on 25 August to review financial performance of the lenders and progress made by them to support the economy battered by Covid-19 pandemic.

This would be the first physical review meeting since the outbreak of the pandemic in March last year.

Given the importance of the banking sector in generating demand and boosting consumption, this meeting with the MD and CEOs of PSBs will be of huge importance.

Recently, the finance minister said the government is ready to do everything required to revive and support economic growth hit by the pandemic.

The meeting is expected to take stock of the banking sector, progress on restructuring 2.0 scheme announced by Reserve Bank of India (RBI), as per sources.

They added that banks may be nudged to push loan growth in productive sectors.

The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai.

Besides, the finance minister will also discuss the bad loan or non-performing asset (NPA) situation, and discuss various recovery measures by banks.

As a result of government's strategy of recognition, resolution, recapitalisation and reforms, NPAs have declined to Rs 7,395.4 bn as on March 2019, Rs 6,783.2 bn on March 2020, and further to Rs 6,166.2 bn as on March 2021.

Notwithstanding the economic disruptions caused by the pandemic, PSBs have managed to raise a record Rs 587 bn from markets in 2020-21 through a mix of debt and equity to enhance capital base.

Amara Raja Batteries Quarterly Net Profit Doubles to Rs 1.2 bn

Amara Raja Batteries' (ARBL) revenue increased to Rs 18.9 bn for the June 2021 quarter from Rs 11.5 bn in the same period last year as aftermarket demand across product segments in both automotive and industrial segments remained strong.

The company said the automotive business revenue grew on the back of strong growth in exports and OEMs (original equipment manufacturers).

In the industrial business, both telecom and UPS applications registered strong year on year (YoY) growth.

As a result, the company reported a net profit of Rs 1.2 bn for the quarter, nearly double from Rs 625 m in the June 2020 quarter.

With respect to the outlook, the company's vice chairman, managing director and CEO, Jayadev Galla said,

• While the uncertainties due to the second wave of Covid-19 and the resultant lockdowns are creating unpredictability in the product off take, we are focused on ensuring the product availability across all market segments by calibrating manufacturing operations and supply chain dynamically.
  
  Even as we prepare ourselves for the future opportunities in both energy storage and e-mobility applications, we remain focused on maximising the value of the lead acid business by selective investments in expanding product portfolio and the geographies we serve.

ARBL is an energy and mobility enterprise. It is one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry.

HCL Technologies Selected by Rogers to Support Operational Stability

HCL Technologies announced that Rogers Communications has selected the company to expand support of operational stability excellence in business and operational support systems and corporate IT systems.

Rogers Communications is a leading Canadian telecom service provider and media company.

This new multi-year agreement strengthens HCL's managed services partnership with Rogers that began in 2016.

HCL will help scale Rogers' IT infrastructure and workloads migrating to the current private and public cloud infrastructure, support the enterprise's operations, and serve as the ongoing managed services provider.

The expanded contract will allow HCL to invest in the next generation of Artificial intelligence (AI) and machine learning to enable best practices, accelerate efficiencies, and provide Rogers Communications with the needed flexibility to harness the new era of 5G and digital technologies.

Joelien Jose, executive vice president and country head, Canada, HCL Technologies said the Rogers partnership with HCL further validates its substantial investment in Canada, the most recent being the 350-seat digital acceleration center in Mississauga.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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