India's Manufacturing Activity, November Automobile Sales, and Top Stocks in Action Today

Tue, 3 Dec Pre-Open

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On Monday, Indian share markets traded on a volatile note throughout the day and ended flat.

The BSE Sensex closed higher by 8 points to end the day at 40,802. Bharti Airtel and Reliance Industries were among the top gainers.

While the broader NSE Nifty ended down by 8 points to end at 12,048.

Among BSE sectoral indices, automobile stocks fell the most, followed by IT stocks and healthcare stocks.

Top Stocks in Action Today

Coal India share price will be in focus today as the company has reported fall in its production by 3.9% to 50.02 million tonnes in November. Coal offtake during November too contracted by 7.6% to 47.4 million tonnes as compared with 51.3 million tonnes in the year-ago month.

Alembic Pharma share price will also be in focus today as the company's joint venture (JV) - Aleor Dermaceuticals (Aleor) has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Diclofenac Sodium Topical Solution USP, 2% w/w.

Market participants will also track VA Tech Wabag share price. Reportedly, the company has signed a contract worth Rs 14.8 billion with the Uttar Pradesh (UP) government for taking up operation and maintenance of sewage treatment plants in Agra and Ghaziabad.

November Auto Sales

Eicher Motors' motorcycle division has reported 8% decline in sales at 60,411 units in November 2019 as compared to 65,744 motorcycles sold in November 2018. During November 2019, export of number of motorcycles increased to 2,119 units from 718 units in November 2018.

Meanwhile, VE Commercial Vehicles, a joint venture (JV) between Eicher Motors and Volvo Group, has reported sales of 3,594 units in November 2019 as compared to 4,720 units in November 2018, registering a fall of 23.9%.

Bajaj Auto has registered a fall of 1% in total sales to 403,223 units in November 2019 against 406,930 units in November 2018.

Tata Motors has reported domestic sales of 38,057 units for November 2019, as compared to 50,470 units for November 2018, posting a decline of 25%.

Ashok Leyland has reported a fall of 22% in November 2019 sales (Domestic + Exports) to 10,175 units, as against 13,119 units sold in the same month of last year.

The company reported a 32% decline in its medium and heavy commercial vehicle (M&HCV) products segment to 5,966 units in November 2019, as compared to 8,716 units sold in November 2018.

TVS Motor has registered sales of 266,582 units in November 2019 as against sales 319,965 units in the month of November 2018.

Atul Auto has reported sale of 4,297 units, with a rise of 7.3% for the month of November 2019 as compared to 4,003 units sold in November 2018. Total sales from April to November (2019-20) stood at 32,241 units as against 33,435 units sold during the same period of 2018-19.

Maruti Suzuki India, which had posted a 2.3% increase in sales in October breaking a series of seven straight months of decline, fell again in November posting a 3.3% drop in its passenger vehicle sales over the last year.

The company dispatched 139,133 units to its dealerships across the country last month against 143,890 units in October last year. In absolute terms this was Maruti's highest sales in any month this fiscal.

From the Macroeconomic Space...

Business conditions in India's manufacturing sector improved in November. However, firms shed jobs for the first time in 20 months.

The IHS Markit India Manufacturing PMI rose to 51.2 in November from 50.6 in October when it had fallen to a two-year low. It remained above the 50-mark threshold that separates contraction from expansion.

As per the survey, subdued sales prevented hiring in November, with payroll numbers declining for the first time in 20 months. A number of companies indicated that workloads had been managed by existing staff, while others cited the non-replacement of retirees and non-renewal of temporary contracts.

The decline in growth was led by manufacturing, which saw a 1% contraction in gross value added against a 6.9% rise in the corresponding quarter last year.

Consumer goods provided the main impetus to overall growth, while the intermediate goods category returned to expansion territory. Conversely, there was a solid deterioration in operating conditions at capital goods makers.

These job cuts have come amid India's economy growing 4.5% in the July-September quarter - the slowest pace of expansion in over six years.

How this trend pans out in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

From the IPO Space...

The initial public offering (IPO) of Ujjivan Small Finance Bank (USFB) got fully subscribed on the first day of the bidding process. The interest was seen on the back of strong retail interest.

On the BSE, the issue was subscribed 76%, with retail individual investor (RII) quota subscribing by 4.34 times. On the NSE, the issue got 30% subscription, with RII quota subscribing by 1.75 times.

The company is looking to raise up to Rs 7.5 billion through this IPO.

The price band has been set at Rs 36 to Rs 37 per equity share, and the offer will close for subscription on December 4.

Earlier this month, USFB raised Rs 2.5 billion in a pre-IPO round.

The bank's parent microfinance lender Ujjivan Financial Services went public in 2016 after receiving an in-principle license from the Reserve Bank of India (RBI) to start a small finance bank.

We will keep you updated on more developments for this IPO in the coming days. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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