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Markets Tank after Surgical Strike on PoK
Thu, 29 Sep 01:30 pm

After trading on a positive note in the morning session, Indian equity markets plummeted 500 points in a knee jerk reaction after Indian army claimed that it has carried out surgical strikes along the Line of Control into Pakistan Occupied Kashmir. The operation is likely to affect the market in the near future. Defense stocks such as BEML, Bharat Forge & Bharat Electronics plunged the most.

Major sectoral indices are trading on negative note with stocks from healthcare & realty leading the losses.

The BSE Sensex is trading lower by 301 points (down 1.1%) while the NSE Nifty is trading lower by 111 points (down 1.3%). The BSE Mid Cap index is trading down by 2.7% and BSE Small Cap index is trading down by 3.3%. Gold prices, per 10 grams, are trading at Rs 31,071 levels. Silver price, per kilogram is trading at Rs 45,858 levels. Crude oil is trading at Rs 3,149 per barrel. The rupee is trading at 66.78 to the US$.

Auto stocks are trading on mixed note with Ashok Leyland and Escorts leading the losses. As per an article in Business Standard, Tata Motors has collaborated with Hindustan Petroleum Corporation Limited (HPCL) to launch the high performance range of HP Tata Motors Genuine Oil (HP TMGO). The lubricant will be used for Tata Motors passenger vehicles in the Indian market.

According to the company, HP TMGO range includes engine oils, gear oils, steering and transmission fluids, coolants, brake fluids and greases. These lubricants will be available all over the country, which will ensure splendid performance of the vehicles for a longer time.

The auto industry is one of the many indicators of the health of the Indian economy. The next best performer after commercial vehicles was passenger vehicles. The growth for this segment was largely attributed to new product launches by many players. Moreover, in its passenger vehicles space, new products and mid-cycle enhancements really drive its growth in the near will be the key thing to watch out for going forward.

Further, these oils have been developed as per regulations and specifications necessary for the international passenger vehicles market. Moreover, these lubricants will be made available through HPCL's retail and bazaar network and Tata Motors service stations across India.

Also, recently Tata Motors has taken an entry into Bolivia through a distribution agreement with local partner Bolivian Auto Motors in the Latin American country. It is a part of Salvatierra, a business conglomerate involved in distribution of motor vehicles and motor cycles.

With the help of this partnership, Tata Motors has launched three new commercial vehicles in the Bolivian market - Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck.

Moving on to the news from engineering sector. As per an article in a leading financial daily, Larsen & Tubro Ltd's (L&T) construction arm announced that it has won orders worth Rs 20.5 billion across its power, civil infrastructure and construction verticals.

Reportedly, its power transmission & distribution business has won engineering, procurement and construction orders worth Rs 8.3 billion. This includes construction of projects for rural electrification under the Integrated Power Development Scheme, extra high voltage substations and overhead transmission lines across various locations in India.

In Heavy Civil Infrastructure Business, it has secured an order worth Rs 6.75 billion in the metro sector. The scope of the work includes the construction of elevated viaducts and elevated stations.

Meanwhile, its Building & Factories Business has bagged a residential project worth Rs 4.3 billion and under Transportation Infrastructure Business, it has secured additional orders worth Rs 1.1 billion in its various ongoing projects.

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 provide a cushion to its profitability will be an interesting thing to watch out for going forward.

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May 14, 2021 02:58 PM