Indian Markets Continue the Rally

Tue, 29 Dec 11:30 am

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After opening the day on a positive note, the Indian Markets continued to trade in the green. Sectoral indices are trading on a positive note with stocks from the healthcare and auto sectors leading the gains.

The BSE Sensex is trading up 71 points (up 0.3%) and the NSE Nifty is trading up 12 points (up 0.2%). The BSE Mid Cap index is trading up by 0.6% while the BSE Small Cap index is trading up 0.3%. The rupee is trading at 66.36 to the US$.

Finance stocks are trading mixed with Prime Securities and SREI Infra Finance leading the gainers. As per a leading financial daily, Housing Development Finance Corporation (HDFC) has sold its 2.12% stake in healthcare firm Indraprastha Medical Corporation. The company held 9.81% stake in the healthcare firm and has now sold 2.12% of its stake through an open market sale. As stated by the company, the sale of shares was carried on during December 4-24. HDFC Ltd now has 7.69% stake in Indraprastha Medical Corporation.

HDFC Ltd is India's leading housing finance company. The company's main business is to provide loans for the purchase or construction of residential houses. During the second quarter (2QFY16), the company has reported 6% YoY growth in its net interest income. Net profit grew by 18% YoY during the quarter. There were many factors which aided in this performance during the quarter. Our latest report on the company (subscription required) states them all and also gives an outlook of what one can expect further. If you are interested in the stock, then this is a must read! The stock of HDFC Ltd is trading up by 0.7%.

Majority of fertilizer stocks are trading on a positive note with National Fertilisers and Godavari Fertilisers leading the gains. As per an article in Economic Times, fertilizer sector is expecting the output to rise by over 2 MT (million tonnes) in 2016. This is good news, as the same will reduce the dependence on imports and also lower the subsidies by up to Rs 100 billion. On the contrary, huge subsidy arrears which may touch Rs 450 billion by March, 2016, remain a big concern. In case of urea, the subsidy constitutes more than 75% of the cost of production.

As one can remember, major initiatives in fertilizer space in 2015 included mandatory neem-coating of urea and revival of closed plants. These measures were undertaken to make the country self-sufficient in urea production. The government has also announced the new urea policy and gas pooling this year. The same are initiated to make the sector energy-efficient and to smoothen the process of gas availability and supply.

India produces about 22 MT of urea annually. However, it has to import 7 to 8 MT a year to meet the domestic demand. The government has fixed the maximum retail price (MRP) of urea at Rs 5,360 per tonne. The difference between the cost of production and the MRP is reimbursed to the manufacturers.

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

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