Dull Start to the Week; Titan Rallies 18% on Strong Q2 Result

Mon, 6 Nov Closing

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Indian share markets witnessed mild selling pressure in final hour of trade to finish marginally higher. At the closing bell, the BSE Sensex closed higher by 46 points and the NSE Nifty finished flat. The S&P BSE Mid Cap finished up by 0.5% while S&P BSE Small Cap finished up by 0.3%. Gains were largely seen in consumer durables stocks, auto stocks and software stocks. Power stocks, capital goods stocks and bank stocks finished in red.

Small caps have comfortably outperformed the Large caps and how. The BSE Small Cap Index has returned 21.7% in FY18 compared to 12.5% by BSE 100 and 11.7% by the Sensex.

Small Caps - Outperformers in Current Financial Year

Expectedly, valuations of certain Small cap companies have gone through the roof. It is important to understand the highly volatile nature of these stocks. In a downturn, these stocks tend to move in the opposite direction much faster as well.

While there, undoubtedly, lies hidden opportunities in the small cap space, it is important to focus on fundamentals of these stocks. Next, assess if they have the potential to move on to the 'Safe stock' category in the future.

Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.49% and the Nikkei 225 rose 0.04%. The Hang Seng lost 0.02%. European markets are lower today with shares in France off the most. The CAC 40 is down 0.36% while Germany's DAX is off 0.10% and London's FTSE 100 is lower by 0.09%.

Rupee was trading at Rs 64.72 against the US$ in the afternoon session. Oil prices were trading at US$ 55.86 at the time of writing.

Titan share price rallied 18.3% after the company reported better-than-expected earnings. Profit jumped 67.44% in its September quarter versus the same period a year ago on strong sales in its jewellery business. Consolidated net profit rose to Rs 2.77 billion in the three months to September from Rs 1.65 billion a year ago. Total revenue increased 29.56% to Rs 35.17 billion from Rs 27.14 billion a year ago.

Tata Global Beverages share price surged 4% in today's trade after the company completed the sale of two of its subsidiaries in Russia -- Sunty and Teatrade -- for 375 million roubles (about Rs 410 million). The company in August had announced sale of its business in Russia as part of restructuring operations in that country.

In news from power sector, Tata Power share price finished the trading day on an encouraging note (up 1.1%) after it was reported that the company's renewable portfolio in India has registered a healthy profit of Rs 1.73 billion in Q2 of FY18, a 101% increase from Q2FY17 led by profits from the renewable acquisition.

Additionally, the company also announced that its consolidated underlying EBITDA for the quarter is up by 16% due to strong operating performance of all its businesses. The non-fossil fuel portfolio stood at 3210 MW as of November 05, 2017, a healthy increase from the corresponding quarter last year.

In line with its commitment to grow its renewable energy portfolio, Tata Power recently added a 30 MW solar power plant in Palaswade, developed by its wholly owned subsidiary, Tata Power Renewable Energy (TPREL).

Tata Power added 31 new solar sites and 2 wind sites as part of acquisition of Welspun. With this, the company and its subsidiaries now operate in 13 states and 75 sites.

Tata Power will continue to work towards ensuring its renewable business maintains its position of being India's largest renewable energy company, while also working towards the company's aim to maintain 30% to 40% of its capacity by 2025 through clean energy sources.

In another development, Power Grid Corporation of India is planning to raise around Rs 30 billion through masala bonds. The company has already approached the Reserve Bank of India (RBI) for the same.

Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. The company has set a capex target of Rs 250 billion for this financial year.

Power Grid share price finished the day up by 0.1% on the BSE.

Moving on to news from automobile sector. Credit rating agency, ICRA in its latest report has said that Indian commercial vehicle (CV) sales are expected to register a growth of 6-7% in the financial year 2017-18, mainly driven by pent-up demand post Goods and Services Tax (GST) and replacement cycle in CVs driving the sales.

It also pointed out that the CV sales remained on the slow lane prior to July during the first quarter due to various reasons including pre-buying in fourth quarter of last fiscal and fleet operators deferring new vehicle purchases in view of incoming GST regulation from July 2017.

It said that the industry will find its momentum back aided by increased thrust on infrastructure and rural sectors in the recent budget, potential implementation of fleet modernisation and higher demand from consumption-driven sectors. It also noted that there has also been considerable improvement in cargo managed by Railways during the same period.

It also said that the segment would also benefit from stricter implementation of regulatory norms especially related to vehicle length (for certain applications) and overloading norms.

Automobile stocks finished the day on a strong note with Tata Motors share price and M&M share price leading the gains.

Oil & gas stocks finished the day on a mixed note with ONGC share price and Oil India Ltd share price among the top gainers. The surge comes amid reports that the oil ministry is considering handing over 15 functional oil and gas fields run by ONGC and Oil India Ltd (OIL) to private players.

According to media reports, the oil ministry is expected to approach the Union Cabinet to allow private companies take 60% stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate.

The oil ministry has identified as many as 15 fields - 11 of ONGC and four of Oil India - with cumulative in place reserve of 791.2 million tonnes of crude oil and 333.5 billion cubic metres of gas have been identified.

The fields would be auctioned and any firm committing the maximum capital investment within 10 years of the contract award and the largest share out of its net revenue to the government would be awarded the field.

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