IT Stocks Lead the Losses

Wed, 2 Dec 11:30 am

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After opening the day on a flattish note, the Indian Indices further slipped into the red and are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks from the IT and banking sector witnessing maximum selling pressure.

The BSE-Sensex is trading down 97 points (down 0.4%) and the NSE-Nifty is trading down 33 points (down 0.4%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the red, both down by 0.2%. The rupee is trading at 66.63 to the US$.

Mining stocks are trading mixed with Ashapura Minechem and MOIL Ltd leading the gains. State-owned Coal India's has missed its production target for the month of November. The company's production during November stood at 47.47million tonnes (MT), lower by 4.42% from the targeted output level for the month. This, to be noted, is subsequent to the production target missed by the company for 2014-15. The company, accounting for more than 80% of the domestic coal production, had missed its production target by 3% for 2014-15. Furthermore, the company reported that total coal production stood at 321.38 MT during the April-November period of this fiscal.

It is imperial to note that the government has set one billion tonne production goal for Coal India by 2020. The corresponding figure for the current fiscal is set at 550 MT.

Moreover, on a separate note, the government is looking to raise about Rs 200 billion by selling 10% of the company. The move is initiated as the government is banking on assets sales to shrink Asia's widest budget shortfall to an eight-year low. The sale could earn government a third for its asset sale aim and help reach its budget deficit target. One must remember, the government had sold a 10% stake in Coal India during January this year.

Coal India is the largest coal producing company in the world based on their raw coal production. Also, it is the largest coal reserve holder in the world based on its reserve base. The company in its second quarter results of financial year 2015-16 (2QFY16) had reported a 16% YoY growth in its net profit. If you are interested in the stock, here is our detailed analysis of the results (subscription required).

Stocks in the automobile space are trading on a mixed note with TVS Motors and Escorts bearing the maximum brunt. As per a leading financial daily, Tata Motors has reported 6.7% YoY decline in its sales for the month of November.

Domestic sales of commercial and passenger vehicles stood 6% lower during the month on a YoY basis. Sales of passenger vehicles in the domestic market stood at 10,517 units, down by 13% YoY. As for passenger cars, the sales were 13% lower at 9,172 units in November, as compared to 10,286 units in same period of last year.

Sales of utility vehicle declined by 22% YoY to 1,345 units. In the commercial vehicles segment, the company's domestic sales stood at 24,828 units, down by 2% over November 2014. Exports were down by 17% YoY at 3,573 units.

Presently the stock of Tata Motors is trading down by 0.8% on the BSE.

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