Indian Markets Gain Momentum

Tue, 1 Mar 11:30 am

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After opening the day on a positive note, the Indian Markets have added to the early gains. Sectoral indices are trading on a positive note with stocks from the banking, IT, auto and FMCG sectors leading the gains.

The BSE Sensex is trading up 521 points (up 2.3%) and the NSE Nifty is trading up 163 points (up 2.3%). The BSE Mid Cap index is trading up by 1.7% while the BSE Small Cap index is trading up 1.9%. The rupee is trading at 68.25 to the US$.

The Union Budget announced yesterday has disappointed the rubber and tyre sector. Both - the growers and the consumers - were expecting some sops from the budget. As an article in Economic Times states, the growers were expecting more funds from the Centre to aid the state government price support scheme of the small growers. One must note that the sector has been suffering on account of crash in the rubber prices, which are now at a 9 year low.

The budget that announced the interest subvention to the extent of Rs 150 billion on agriculture credit may not have immediate positive impact on the rubber sector as only a small percentage will be going for replantation.

The infra tax on vehicles is also said to affect the tyre industry. At present, the passenger car segment is doing well. Both - the OEMs (original equipment manufacturers) and the replacement sector - are providing some relief to the tyre industry. However, the infra tax could curb the sales of cars to a certain extent which will have a negative impact on the tyre industry.

Its shall be noted that the Finance Minister Mr. Arun Jaitley in the Union Budget 2016 announced a 1% additional tax on cars costing above Rs 10 lakhs. Further, in a move aimed at checking pollution and encouraging use of hybrid cars, FM Jaitley also announced that a 1% infra cess will be levied on small petrol cars, and 2.5% infra cess will be imposed on diesel cars. Also, a 4% additional levy will be imposed on high-capacity passenger vehicles and SUVs.

We have discussed our views on the budget in yesterday's edition of The 5 Minute WrapUp. Be sure you don't miss it!. In addition to this, we have also discussed the key takeaways from the Union Budget 2016-17. Click here to read this interesting piece.

Engineering stocks are trading on a positive note with Elecon Engineering and Praj Industries witnessing maximum buying interest. As per a leading financial daily, Larsen & Toubro's (L&T) construction arm - L&T Constructions has won orders worth Rs 22 billion across various businesses.

Under Transportation Infrastructure Business, the company has bagged new orders worth Rs 10.7 billion from the National Highways Authority of India (NHAI).

Under Power Transmission & Distribution Business, the company has secured orders worth Rs 10 billion across domestic and international markets. In the international market, the company has won a prestigious and strategic EPC (engineering, procurement and construction) order from Sarawak Energy in East Malaysia. Moreover, a major order has been bagged by Larsen & Toubro (Oman) LLC, a subsidiary of the company, from Oman Electricity Transmission Company.

On the domestic front, an order from Power Grid Corporation of India has been secured under EPC basis.

Under Buildings & Factories Business, the company has received an EPC order worth Rs 1 billion from the Andhra Pradesh Capital Region Development Authority for the construction of interim government complex buildings.

We believe that the engineering and construction business is L&T's forte. As we have stated in one of the issues of ValuePro Contenders... "The engineering and construction business has built a formidable reputation as the business encompasses a significant chunk of the Indian capital goods sector. Moreover, what also makes this business strong is the focus on diverse projects enabling the company to enjoy better margins." To know more, click here... (subscription required)

Presently the stock of L&T is trading up by 2.9%.

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