Sensex Finishes on a Strong Note; Banks Rally

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Indian share markets rebounded in today's trade mirroring gains in Asia and on Wall Street overnight, as markets reassessed the economic implications of Republican Donald Trump's shock U.S. presidential election victory. At the closing bell, the BSE Sensex stood higher by 265 points, while the NSE Nifty finished up by 94 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1.7% and 1.8% respectively. Gains were largely seen in metal, PSU and banking stocks.

Banking sector rallied 3.7% as banks are expected to see improved liquidity when people start tendering cash after the government decided to withdraw 500 and 1,000 rupee notes.

Asian markets soared today with shares in Japan leading the region. The Nikkei 225 is up 6.73% while Hong Kong's Hang Seng is up 1.89% and China's Shanghai Composite is up 1.37%. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.03% while Germany's DAX is up 0.87% and London's FTSE 100 is up 0.69%.

The rupee was trading at 66.43 against the US$ in the afternoon session. Oil prices were trading at US$ 44.95 at the time of writing.

According to an article in The Economic Times, Coal India Ltd (CIL) has allocated 24.9 million tonnes (MT) of coal under spot e-auction in the first six months of the current fiscal, down 7.7% from the year ago period. The decline comes amid government's goal to secure availability of coal to meet the demand of various sectors of the economy including power.

As per the reports, Coal India had allocated 27 MT of the fuel in the April-September period of last fiscal. The company allocated 4.068 MT of fossil fuel under spot e-auction of coal in September, against 4.282 MT in the same month last fiscal. Under e-auction, coal is sold at spot market price.

CIL had introduced a Spot e-Auction Scheme 2007 for facilitating the country wide access to book coal online for all sections of coal buyers enabling them to buy coal through a simple, transparent and consumer-friendly system of marketing and distribution of coal.

CIL accounts for over 80% of the domestic coal production and is eyeing 1 billion tonne production by 2020. The PSU is eyeing an output of 598 MT in 2016-17.

In another development, as many as 15 power plants did not lift any coal from Coal India in September, foregoing the 2.6 million tonnes of stock. This resulted in thermal plants across the country receiving delivery of only 80% of the coal allotted to them during the month.

As per the reports, plants in Gujarat, Rajasthan, Madhya Pradesh, Haryana and Punjab have not been lifting their full quota for several months in a row although their stocks have dwindled to five days in some cases.

Coal India stated that power producers, both near and away from coal mines, are not lifting their full quota of coal each month because they are now assured of railway rakes and coal availability whenever required, unlike in the past when availability of both were uncertain for major part of the year.

Coal India's share price finished the day up by 4.1% on the BSE.

Moving on to news from stocks in the tyre sector. According to a leading financial daily, Apollo Tyres is planning to set-up a new manufacturing facility in Andhra Pradesh to manufacture tyres for two-wheeler and pick-up vehicles. The company is likely to invest around Rs 5 billion in the new facility.

The company plans to sell 250,000 two wheeler tyres by the end of this fiscal from current 200,000 tyres.

Also, the company's US$475-million Hungary greenfield facility will become operational by early 2017, which would serve the whole of Europe. The existing plant at the Netherlands is running in full capacity and makes seven million tyres.

Meanwhile, the company has launched its Global R&D centre, Asia just outside the southern Indian city of Chennai. This is company's second Global R&D centre, after the Global R&D centre, Europe in the Netherlands, which is operational since 2013.

The company reported a marginal drop in its net profit for the quarter ended September to Rs 2.05 billion, compared with 2.15 million in the same quarter last financial year. The revenue too fell sharply to Rs 23.03 million during the period, against Rs 25.21 million in the year-ago period, due to steep drop in sales in the commercial vehicles segment.

Share price of Apollo Tyres finished the day up by 0.4% on the BSE.

2016 so far has been a mixed year for stocks from the tyre sector. While two stocks have managed to outperform the Sensex, the other two have not. In our recent editions of The 5 Minute Wrap Up Premium, we have tried to explain why Apollo Tyres has outperformed and Ceat underperformed (Subscription Required).

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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