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Auto, realty weighs on markets
Mon, 21 Feb 11:30 am

Indian indices are trading flat with a negative bias as investors traded cautiously over the last two hours of trade. Stocks from the consumer durables and oil & gas space are trading firm, while stocks from the auto and realty space are trading weak.

The BSE-Sensex is down by 25 points while NSE-Nifty is trading 10 points below the dotted line. BSE Midcap index is down by 0.5%, while BSE Small cap index is trading 0.4% below Friday’s closing. The rupee is trading at 45.13 to the US dollar.

Food stocks are trading mixed with Nestle India and Wadala Commodities trading firm, while United Spirits and Ruchi Soya are trading weak. Nestle India released its 4QFY10 results last week. The company’s top line grew by a strong 23.4% YoY. This performance comes on the back of strong domestic performance. While the domestic sales increased by 22.9% on the back of strong volume growth and increase in realization, exports grew by 7.6% YoY. Operating margins of the company increased by a spectacular 5.3% on the back of fall in all operating expenses as a percentage of sales. While raw material costs grew by 22% YoY, staff costs fell by 14.3% YoY. Other expenditure grew by 16.1% YoY. Net profit of Nestle increased by an impressive 80% YoY. This was faster than operating profit growth and was a result of higher other income. Net profit growth could have been higher but for increase in effective tax rate. Effective tax rate increased from 28.1% YoY in 4QCY09 to 29.7% YoY in 4QCY10.

Steel stocks are trading weak with Adhunik Metaliks and Sesa Goa leading the pack of losers. However, Jindal Steel & Power is trading strong. In a bid to expand its international operations, SAIL plans to set up three steel plants in Oman, Indonesia and Mongolia with assured raw material linkages. The three plants will produce 3 mt of steel each with total investment requirement of Rs 450 bn. It may be noted that a 1 mt capacity requires an investment of Rs 50 bn. While the Indonesian and Mongolian facilities will use coal as fuel, the plant at Oman will use gas.

It may be noted that energy accounts for one fifth of the total cost of producing steel. While the Indian government has allocated gas to priority sectors including steel, India is facing acute shortage as the demand in a growing economy exceeds supply. In such a scenario, steel companies are evaluating opportunities to set up plants abroad which have assured coal/gas supply and also offer labor-cost arbitrage.

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Stock Market Updates

Sensex Trades Marginally Lower, Dow Futures Up by 174 Points (Today's Market)

May 14, 2021 12:30 pm

BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

Sensex Opens Flat; Asian Paints Rallies 7% Post Q4 Results (Today's Market)

May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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