Auto Sales Pick Up in June, Q4 Results, and Buzzing Stocks in Focus Today

Fri, 3 Jul Pre-Open

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Indian share markets extended gains for the second consecutive day yesterday and ended on a strong note.

Banking and finance stocks rallied yesterday as the special liquidity scheme (SLS) trust to rescue NBFCs, announced under the Atmanirbhar Bharat Abhiyan relief package came into effect on 1 July.

Sentiment also got a boost after it was reported that India's unemployment rate fell to 11% in June from 23.5% in May, as economic activities resumed after government eased lockdown curbs.

At the closing bell yesterday, the BSE Sensex stood higher by 429 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 121 points (up 1.2%).

The BSE Mid Cap index ended up by 1%, while the BSE Small Cap index ended up by 0.9%.

On the sectoral front, gains were largely seen in the auto sector and IT sector.

The rupee yesterday advanced 59 paise, its biggest single-day gain since April 23, to close at 75.01 against the US dollar, boosted by gains in the domestic equity market amid weakness in the greenback.

Speaking of the current stock market scenario, the last few months have witnessed the kind of shifts that most investors would recall as once in a lifetime.

The Sensex is up 34% from the lows in March 2020. At that time, it had declined by over 20%. That seemed to suggest the start of a bear market.

What's Driving the Markets?

So, what's driving the markets?

As per Richa Agarwal, editor of Hidden Treasure, an important driver of this rally is the inflow from global funds, now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

In such times, co-head of research, Rahul Shah has been talking about penny stock investing strategy that aims to maximise profits and at the same time, keep losses to a bare minimum.

In the video below, he tells us about a proven blueprint that you can use again and again to zero in on multi-bagger penny stocks on a consistent basis.

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Top Stocks in Focus Today

Coal India will be among the top buzzing stocks today.

Coal India reported a 12.8% fall in production in June, reflecting the third straight month of decline in output as national coronavirus lockdowns cut demand for the fuel.

Coal output fell to 39.2 million tonnes in June, compared with 45 million tonnes in the same period the previous year. Offtake by customers, such as power generators, fell to 41.6 million tonnes in June.

The company saw its annual production fall during the year ended March 2020, marking the first such decline in over two decades.

ABB share price will also be in focus today as Hitachi and ABB India have launched a US$11 billion joint venture company Hitachi ABB Power Grids Ltd.

ABB's alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centers, besides providing financial muscle to support ambitious projects and enabling access to Japan, the third largest economy in the world.

Auto Companies See Sharp Sales Increase in June

As per an article in The Economic Times, auto and two-wheeler companies clocked sharp month-on-month sales increase in June as pent-up demand and revival in economic activity drove purchases of sedans, SUVs and motorbikes across the country.

Here's an excerpt from the article:

• Industry estimates that as many as 116,449 passenger vehicles were sold in the local market last month compared with 36,697 units in May 2020. With this, passenger vehicle wholesale sales recovered to nearly half the volumes of 239,137 units recorded in June last year.

Hero MotoCorp, Mahindra & Mahindra, and TVS Motor came close to achieving 100% of the pre-Covid-19 sales numbers set in February.

Hero MotoCorp saw sales grow four-fold to 450,744 units over May. The numbers were 27% down year-on-year.

Timely monsoon arrival coupled with record rabi harvest helped grow tractor sales. Mahindra sold 35,844 tractors last month, an increase of 12% over 31,879 units sold in the year-ago period.

Year-on-year (YoY) sales showed a sharp fall but industry executives said they were optimistic about steady demand in the coming months after the June performance.

Maruti Suzuki posted a nearly four-fold month-on-month increase in June numbers with YoY sales falling 53%. The country's biggest car maker sold 51,274 units in June compared with 13,865 units in May and 111,014 units in June 2019.

How these sales numbers show up in the coming months remains to be seen. We will keep you updated on all the news from this space.

Eveready Industries Reports Three-Fold Jump in FY20 Net Profits

Eveready Industries share price hit fresh 52-week high yesterday after the firm reported a three-fold rise in net profit for FY20.

The company reported over three-fold jump in its net profit at Rs 1,795.7 million for the financial year 2019-20, compared to Rs 472.6 million in the last fiscal.

In Q4FY20, the net profit rose multi fold to Rs 637.3 million against Rs 40.4 million in Q4FY19.

The profitability was aided by rise in gross margin in the core segments of batteries and flashlights and improvement in operating margin due to additional cost savings measures.

The company further said that the discontinuance of the packaged tea business further helped the company in improving margins and releasing working capital.

It added that the turnover for the quarter and the year was lower than that in the previous year as the segments of lighting and appliances were adversely impacted. Furthermore, discontinuance of the packet tea segment decreased turnover by Rs 404 million during the year (Rs 187 million during the quarter).

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

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

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