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Share Markets in India Open Flat; M&M Tops the Gainers
Wed, 31 May 09:30 am

Asian equity markets are mixed today. The Nikkei 225 is down 0.13% while the Hang Seng is down 0.04%. The Shanghai Composite is trading up by 0.19%. The US & European stocks inched lower on Tuesday on concerns about the political outlook in Europe and US economic growth. Fall in oil prices also weighed on sentiments.

Meanwhile, share markets in India have opened the day on a flat note. The BSE Sensex is trading higher by 13 points while the NSE Nifty is trading higher by 10 points. The BSE Mid Cap and BSE Small Cap index have opened the day up by 0.5% & 0.2% respectively.

Barring information technology stocks and FMCG stocks, all sectoral indices have opened the day in green with oil & gas stocks and realty stocks leading the gainers. The rupee is trading at 64.63 to the US$.

Mahindra & Mahindra share price rose over 3.4% after it reported a robust 26.3% growth in profit at Rs 8.74 billion for January-March quarter year-on-year, saying its FY18 outlook is much more robust.

Revenue during the quarter increased 4.3% to Rs 106.12 billion compared with Rs 101.75 billion in same quarter last fiscal, impacted by slow volume growth of 2.5%.

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Hindalco share price opened the day on an optimistic note after it posted a 25% increase in standalone net profit at Rs 5.03 billion for the fourth quarter ended March, on the back of higher revenue from operations.

While revenues from the aluminium business grew by 9.5% at Rs 55.48 billion, revenues from the company's copper business for the quarter stood at Rs 62.02 billion, increasing by almost 48% since the same quarter last year. Lower employee benefit expenses, power & fuel cost and finance cost also boosted bottomline.

Further, Hindalco expects domestic aluminium demand to rise 7% in the current fiscal year, led by the government's infrastructure push and the likelihood of higher power sector orders.

Hindalco raised US$500 million through a qualified institutional placement (QIP) in March and prepaid about Rs 55.36 billion of debt from the proceeds. It also refinanced US$4.3 billion of long-term debt at its subsidiary Novelis Inc.

Notably, there are many ways to gauge investor sentiments. Valuations, the number & value of deals, and IPO activity are just some of the many ways to do so. Qualified Institutional Placement (QIP) activity is another way to gauge the same.

QIPs Are Making a Comeback

A QIP is an equity raising mechanism for companies. QIPs tend to be a faster way to raise capital as the dealing happens with a few investors - only institutions in this case.

The last three years have seen quite a surge in qualified institutional placements (QIPs). While 2016 started off on a poor note, the month of September alone has seen Rs 32 billion raised through 6 issues.

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We believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks irrespective of the macro environment.

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As per Kunal...

The guys will reveal these secrets soon. Stay tuned.

Moving on to the news from stocks in engineering sector. As per an article in a leading financial daily, Larsen & Tourbo's construction arm has won orders worth Rs 51.46 billion various business segments.

L&T's power transmission and distribution business bagged orders worth Rs 27.80 billion in the domestic and international market. Its smart world and communication business has secured an order worth Rs 2.21 billion from Rajasthan Rajya Vidyut Prasaran Nigam.

While its water and effluent treatment business has bagged a Rs 12.92 billion order. Further, L&T said its building and factories business has won Rs 5.34 billion, and metallurgical and material handling segment has won Rs 3.19 billion order.

Diversification continues to help L&T (Subscription Required) negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors. Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike.

Whether, further addition to these new projects provides a cushion to its profitability will be an interesting thing to watch out for going forward. Subscribers can access L&T's latest result analysis and L&T stock analysis on our website.

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