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Firm Finish to the Week
Fri, 2 Sep Closing

The Indian markets gained momentum in the afternoon session and finished on a firm note amid strong European markets. At the closing bell, the BSE Sensex stood higher by 109 points, while the NSE Nifty finished up by 35 points. The S&P BSE Mid Cap & the S&P BSE Small Cap also finished up by 0.5% and 0.4% respectively. Gains were largely seen in realty, pharma & auto stocks.

Asian markets finished mixed as of their recent closing prices. The Hang Seng gained 0.45% while the Shanghai Composite was higher by 0.13%. The Nikkei 225 was even. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.81% while London's FTSE 100 is up 0.78% and Germany's DAX is up 0.14%.

The rupee was trading at 66.84 against the US$ in the afternoon session. Oil prices were trading at US$ 43.55 at the time of writing.

Shares of Bharat Heavy Electricals (BHEL) finished on an encouraging note (up 0.7%) after it was reported that the company successfully commissioned the fourth and last unit of 4 x 40 MW Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. A run-of-the-river green field project located in Darjeeling district of West Bengal, Teesta HEP has been set up by NHPC, on the River Teesta.

Power generation from the Teesta project will result in reduction of green-house gas emissions and will help in achieving a low carbon development path for the state as well as the nation.

Other projects of NHPC currently under execution by BHEL are the 4x200 MW Parbati HEP Stage - II and 3x110 MW Kishanganga HEP. In West Bengal, the company is also executing the 3x40 MW Rammam Stage-III hydro-electric project of NTPC.

In another development, the construction subsidiary of L&T has bagged orders worth Rs 14.58 billion across its various business segments. Company's power transmission and distribution business has bagged engineering, procurement and construction orders worth Rs 6.54 billion in the international and domestic markets.

In the international market, it has got a contract from the National Grid Saudi Arabia (a subsidiary of Saudi Electricity Company) for the construction of a 132 kV double circuit transmission line and 132 kV cabling in the Rafah, Arar, and Sakaka areas of Saudi Arabia.

It has also received order worth Rs 2 billion from Bihar State Electronics Development Corporation for the implementation of a Wi-Fi Project in the campuses of government universities and constituent colleges.

2016 so far has been a mixed year for stocks from the engineering sector. In our recent editions of The 5 Minute Wrap Up Premiums, we have explained why L&T have managed to outperform the Sensex while BHEL has been the worst performer (Subscription Required).

Moving on to news from auto sector. Shares of Mahindra & Mahindra (M&M) finished up by 1.2% on the BSE after the company reported its auto sales numbers for the month of August 2016. The company's total sales stood at 40,591 units as against 35,634 units during August 2015, representing a growth of 14%. The company's domestic sales stood at 36,944 units during August 2016 that showed a growth of 15%, as against 32,122 units during August 2015.

The good monsoons and an increase in salaries due to implementation of the Seventh Pay Commission recommendations finally seem to be having an effect on the passenger vehicle industry.

Meanwhile, Bajaj Auto registered fall of 5% in total sales to 325,347 units in August 2016 against 341,965 units in August 2015. The sales of the motorcycles decreased by 4% and stood at 279,911 units in the month under review against 290,436 units in August 2015.

The company has reported 12% drop in Commercial Vehicles sales, which stood at 45436 units as compared to 51529 units in month of August 2015. Meanwhile, the company's total exports out of the above stood at 125,033 units as compared to 181,658 units sold in the corresponding month last year.

Bajaj Auto posted a 3.5% YoY and 2.2% YoY growth in revenues and net profits (Subscription Required) respectively during the first quarter of the financial year 2016-2017. Bajaj Auto finished up by 0.1% on the BSE.

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Mar 20, 2018 11:13 AM