IT and Auto Stocks Lead the Gains

Thu, 19 Nov 01:30 pm

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   09:30 am   

   11:30 am   

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After opening firm, the Indian Indices continued to move northwards and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks from the IT, auto and banking sectors leading the gains.

The BSE-Sensex is trading up 354 points (up 1.4%) and the NSE-Nifty is trading up 103 points (up 1.3%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the green, both up by 1.1%. Gold prices, per 10 grams, are trading at Rs 25,204 levels. Silver price, per kilogram is trading at Rs 33,695 levels. Crude Oil is trading at Rs 2,812 levels per barrel. The rupee is trading at 66.18 to the US$.

In a move to boost overseas shipments after a persistent decline in exports, the government has announced 3% interest subsidy scheme for exporters. The decision was confirmed after the government gave its approval for Interest Equalisation Scheme (earlier called Interest Subvention Scheme) on Pre and Post Shipment Rupee Export Credit with effect from 1st April, 2015 for five years.

The scheme would be available to all exports of Micro, Small and Medium Enterprises (MSME) and 416 tariff lines. However, the same would not be available to merchant exporters. The rate of interest equalisation is kept at 3% and it will be evaluated after three years.

Under the scheme, exporters can avail loans at affordable rates which in turn help them ship more goods to foreign markets. The financial implication of the proposed scheme is estimated to be in the range of Rs 25 billion to Rs 27 billion. However, the actual implication would depend on the level of exports and the claims filed by the exporters with the banks.

India's exports have remained in the negative territory for the 11th month in a row in October, registering a dip of 17.53% to US$21.35 billion due to a demand slowdown. With this move initiated by the government, one can hope for some relief in India’s exports levels. The scheme can help the identified export sectors to be internationally competitive and achieve higher level of export performance.

Stocks in the automobile space are trading on a positive note with Hero MotoCorp and Bajaj Auto leading the gainers. As per a leading financial daily, Hero MotoCorp has clocked over 10 lakh units in retail sales during the festive season this year. The company reported that this landmark was achieved during the 35-day festive period starting with the Navratras. This records an 11% increase in retail sales for the company over the corresponding period last year.

As reported, the company's two new scooters, Maestro Edge and Duet, have been blockbusters. Further, there has also been a phenomenal demand for the new Splendor PRO. The company stated that these, along with the sales of Passion PRO and Glamour bikes, and the continuing popularity of Pleasure and Maestro scooters have resulted in this double digit growth.

Hero MotoCorp is the world's single largest two-wheeler motorcycle company. The company had recently announced its second quarter results of the financial year 2015-16 (2QFY16). It posted a 1.1% YoY fall in sales, while net profits rose by 1.1% YoY. Here is our detailed analysis of the results.

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