Sensex Trades Marginally Higher; M&M and Hero MotoCorp Top Gainers

Thu, 19 Dec 12:30 pm

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Share markets in India have erased early losses and are presently trading on a positive note.

Sectoral indices are trading mixed with stocks in the telecom sector and power sector> witnessing selling pressure, while automobile stocks and FMCG stocks are witnessing buying interest.

The BSE Sensex is trading up by 77 points while the NSE Nifty is trading up by 19 points. The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.2%.

The rupee is trading at 71.08 against the US$.

Speaking of Indian share markets, in the video below, Rahul Shah talks about the one important chart all investors should see before making a big investment in 2020.

Tune in to find out more...

In news from the automobile sector, Tata Motors' wholly owned subsidiary - Jaguar Land Rover (JLR) has acquired Bowler, a UK-based manufacturer of all-terrain performance cars, parts and rally raid vehicles. The entity would now be a part of JLR's special vehicle operations business.

The Bowler business, which is now fully owned by JLR, would continue to operate from its premises in Belper for the foreseeable future.

Tata Motors share price is presently trading up by 1.6%.

In other news Hero MotoCorp share price is witnessing buying interest today.

As per an article in a leading financial daily, the company has emerged as the largest R&D spender among Indian two-wheeler makers, having invested Rs 35 billion on it over the last five years.

In comparison, Bajaj Auto spent Rs 18.9 billion, TVS Motors Rs 12.4 billion, and Eicher Motors Rs 8.5 billion during the period.

In the previous financial year, Hero MotoCorp invested Rs 5.5 billion in R&D, an increase of 11.4%.

Note that Hero MotoCorp is currently working on transitioning 80% of its portfolio to meet BS VI emission norms by February, ahead of the deadline set by the government.

The company is also developing electric two-wheelers, which will be seeded in the market in some time.

India's automobile industry is bracing itself for a unique challenge in the first quarter of 2020 when the transition of BS-IV to BS-VI emission norms has to be made at the stroke of midnight on 31 March 2020.

No BS-IV vehicle could be sold from 1 April 2020, which means automakers would have to reduce their inventory on BS-IV models to zero by then.

The exercise is likely to see companies show extra caution in dispatching cars to dealers in the next few months, which may cause a continuation of the decline in wholesale numbers.

However, despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Sale of Electric Vehicles in India Projected to Go Up 10x in the Next Two Decades

Electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

The recently announced government incentives will give a further boost to EV sales.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

Moving on to news from the banking sector, ICICI Bank share price is in focus today.

Shares of the company fell over 1% in early trade today after the Reserve Bank of India (RBI) defended its nod for Chanda Kochhar's sacking from the bank.

On December 18, RBI told the Bombay High Court that its decision to grant approval to ICICI Bank for termination of the appointment of Chanda Kochhar as MD and CEO was fair and not arbitrary.

Last month, Kochhar had filed a petition challenging her ouster as the chief executive and managing director of ICICI Bank, months after she voluntarily left the private sector lender.

The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018.

The RBI in its affidavit said there was no violation of Kochhar's fundamental rights, and its decision to approve the termination of her services was devoid of any "malafides or arbitrariness".

We will keep you updated on all the latest developments from this space. Stay tuned.

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

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

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Indian Share Market Update: Top Gainers and Losers