Consumer Durables in favour today

Thu, 19 Nov Closing

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Extending the strong rally in afternoon trade, the Indian benchmark indices closed the day on a strong note amid strong global cues. Except healthcare, all the other sectoral indices closed on a firm note with stocks from the consumer durables and IT spaces closing the day on a firm note. Both the BSE Mid Cap and the BSE Small Cap indices gathered steam and were up by 1.2% and 1.3% respectively. The BSE Sensex closed higher by 359 points while the NSE-Nifty ended up by 111 points.

Asian markets closed on a positive note today with shares in Hong Kong leading the region. The Hang Seng is up 1.41% while China's Shanghai Composite is up 1.36%. Japan's Nikkei 225 is up 1.07%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.28% while London's FTSE 100 is up 1.05% and France's CAC 40 is up 0.92%. The rupee was trading at 66.11 against the US$ in the afternoon session.

According to a leading financial daily, Tata Steel is planning to create one of the world's largest solar energy project of its kind in the Netherlands. Tata Steel will mount 80,000 solar panels on the factory roofs at its IJmuiden steelworks - an area equivalent to 40 football pitches while working with Pure Energie. The solar project will have a 22MW capacity which will be able to generate enough energy to power about 7,000 homes.

Reportedly, Tata Power Solar is in discussions to supply the solar panels in what would be its biggest international project. Pure Energie will fund the development. The energy generated will be used in steel manufacturing processes. The two-year installation of the panels will start in the spring of 2016 and cover a total of 25 hectares.

The scrip of Tata Steel ended higher by 1.1% on the BSE. The company announced its numbers for the second quarter of financial year 2015-2016. Here is our analysis of the results.

Shares of Britannia Industries surged and closed on an optimistic note (up 3%) after it was reported that the company is planning to expand its dairy products' business with aim to increase its topline by fivefold. The company intends to set up a standalone division for its fledgling milk product business. The new division will be in addition to the existing dairy unit, which accounts for less than 5% of Britannia's sales.

The company also wants to fix its other weak link, the value biscuit segment, where it has a share of 8-9%. Britannia is planning to re-launch the Tiger brand portfolio, including glucose, cookies and creams. The value segment accounts for about 46% of the total biscuit market.

Britannia's net profit fell 19% to Rs 2.18 bn in the July-September quarter from a year earlier after phasing out excise benefits. Net sales increased 12% to Rs 21.91 bn.

The growth rates for FMCG majors has been on a downward spiral in recent quarters and especially for those companies that particularly focus on domestic market. At the same time, companies have been doing well at the operating level, given the deflationary environment. In our recent edition of '5 Minute Wrap Up', we highlight the performance of major FMCG companies in past one year and what is expected of the sector in the near future.

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