Auto Stocks Lead the Gains

Fri, 2 Sep 01:30 pm

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Indian equity markets are trading marginally higher in the noon session amid mixed international markets. Sectoral indices are trading on a mixed note with stocks from the capital goods and metal sectors leading the losses. Auto and realty stocks are leading the gains.

The BSE Sensex is trading higher by 25 points and the NSE Nifty is trading higher by 3 point. The BSE Small Cap index & the BSE Mid Cap index are trading higher by 0.3% each. The rupee is trading at 66.96 to the US$.

Shares of Tata Motors is trading up by 1.4% after the company's luxury car unit Jaguar Land Rover (JLR), reported strong sales for the month of August in the US. JLR contributes nearly 90% to Tata Motor's operating profit. Jaguar Land Rover reported 46% jump in its sales at 9,329 units in August, against 6,368 units in the corresponding month of last year.

Meanwhile, Tata Motors reported 6% jump in its domestic sales for the month of August at 43,061 units. The company's domestic sales were led by passenger vehicles sales, which were up 16% at 13,002 units. However, sales of its medium and heavy commercial vehicles declined 17% at 9,969 units.

Tata Motors is reportedly lining up new offerings across various segments and is also looking at phasing out some of the non-performing models. The company aims to become one of the top three passenger vehicle brands in the country by FY19.

Automobile stocks are trading on an optimistic note with Maruti Suzuki and Tata Motors DVR leading the gains.

Moving on to news from mining sector. Coal India registered a near zero sales growth during the first five months of the current fiscal. Production grew 1.3% during the same period. The company produced 32.43 million tonnes of coal in August, missing its target for the month.

Lack of demand growth from consuming industries, mainly power sector, led to the near zero growth. This comes on the back of around 28 million tonnes of coal stock lying at power plants. As a result, Coal India is now saddled with some 45 million tonnes of coal at pit heads.

Three out of eight Coal India subsidiaries witnessed falling production in comparison to the previous corresponding period while four subsidiaries saw negative production growth in comparison to the previous corresponding period.

According to an article in The Economic Times, the government's plan to push Coal India to produce one billion tonnes of coal by 2020 has taken a back seat as officials think that the Indian economy is not yet equipped to consume the quantity. The company has now been asked to produce as much as the market can consume.

As per the reports, Coal India been asked to devise ways so that more coal is sold, including import substitution as well as devise new types of e-auction that can lead to more coal sales (Subscription Required). Coal India is presently trading down by 1.8% on the BSE.

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