Sensex Ends at Record Closing High; Realty and Telecom Stocks Witness Buying

Tue, 2 Apr Closing

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Indian share markets traded on a positive note most of the day and ended higher. Gains were seen in the realty sector, telecom sector and power sector, while healthcare stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 185 points (up 0.5%) and the NSE Nifty closed higher by 44 points (up 0.4%). The BSE Mid Cap index ended the day on a flat note and the BSE Small Cap index ended the day down by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.2% and the Shanghai Composite was up by 0.3%. The Nikkei 225 was down 0.1%.

The rupee was trading at 68.98 against the US$.

In the news from the automobiles space, Eicher motors share price was in focus today as its two-wheeler division - Royal Enfield has planned capital expenditure of Rs 7 billion for FY2019-20.

As per an article, the planned capital expenditure will include completion of the construction work of the technology Centre, Phase-2 of the Vallam Vadagal plant in Tamil Nadu and towards the development of new platforms and products. Also, for 2019-20, Royal Enfield plans a production of 950,000 motorcycles.

Shares of the company ended 2.8% higher on back of the above news.

Eicher Motors and Volvo Group's joint venture (JV) - VE Commercial Vehicles has reported sales of 8676 units in March 2019, as compared to 9411 units in March 2018, recording a decline of 7.8%. This includes 8545 units of Eicher brand and 131 units of Volvo brand.

In other news, Tata Motors share price witnessed buying interest today as its wholly owned subsidiary - Jaguar Land Rover (JLR) is planning to launch its electrified products in India.

In line with Jaguar Land Rover's global commitment to introduce electrified options on its entire product portfolio by 2020, Jaguar Land Rover India proposes to offer multiple products, ranging from Hybrid vehicles to Battery Electric Vehicles (BEV) over the next few years, starting from 2019.

Reports state that towards the end of 2019, Jaguar Land Rover will introduce its first Hybrid Vehicles from Land Rover. In second half of 2020, Jaguar Land Rover India plans to launch its first Battery Electric Vehicle, the Jaguar I-PACE.

Tata Motors also reported 1% decline in total sales at 68,709 units in March as compared to 69,409 units in the same month last year.

The company's passenger vehicle sales in the domestic market declined by 12% to 17,810 units last month, compared with 20,266 units in March 2018.

The company said its commercial vehicle (CV) sales in the domestic market stood at 50,917 units in March, up 4% from 49,174 units in the same month last year.

Total exports during the month stood at 5,952 units, a dip of 11% as compared with the same period of last year due to new regulations and political uncertainty in Sri Lanka and slump in the Middle East affecting the overall Industry volumes in these markets, the company stated.

For FY19, Tata Motors reported sales of 6,78,486 units, a growth of 16% over 5,86,507 units in FY18.

Tata Motors share price ended the day up by 8.7%.

Moving on, in the latest developments from the IPO space, the initial public offering of Rail Vikas Nigam which opened on Friday, was subscribed 31% as of 1 pm today. The state-owned company is offering 253.4 million shares at a price band of Rs 17 - Rs 19.

This will be the third rail PSU to be listed after Rites share price and Ircon International share price.

Incorporated in 2003 by the Ministry of Railways, Rail Vikas Nigam Ltd (RVNL) is a wholly-owned government company, founded as a project executing agency working for and on behalf of the Ministry of Railways.

The company is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings, etc.

It goes without saying that the company's key client is the Indian Railways. The other clients include various central and state government ministries, departments, and public-sector undertakings.

Ankit Shah has shared the detailed note of the IPO. You can read it here.

Speaking of PSU companies in general, it's election time and PSU stocks are back in vogue.

The last election saw a short-term outperformance of the PSU Index compared to the Sensex.

Will history repeat itself? Have a look at the chart below to see how PSUs have performed the overall markets in the long run:

PSU Stocks - Perpetual Value Traps?

Here's what Tanushree Banerjee, Co-head of research at Equitymaster, wrote about it in one of the recent edition of The 5 Minute WrapUp...

• What we have seen from history, is that PSUs have underperformed the overall markets in the long run.
  
  Non-performing assets (NPA) in the banking space and rising crude oil prices impacting oil marketing companies have all taken a toll in recent years.
  
  On top of that, when the government is in desperate need of money, they turn to PSUs. This usually leaves minority shareholders shortchanged.
  
  Not all companies in the sector can be ignored. But most of them turn out to be value traps.

She believes, a better alternative is to look at quality companies which are not restricted by regulatory hurdles.

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

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