Sensex Ends Day in Green; IT Stocks Top Gainers

Thu, 16 Nov Closing

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After opening the day in green, share markets in India witnessed buying activity throughout the day and ended the day on a strong note. Gains were seen across most sectors with stocks in the IT sector and stocks in the power sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 346 points (up 1.1%) and the NSE Nifty closed up by 97 points (up 1%). The BSE Mid Cap index ended the day up by 1%, while the BSE Small Cap index ended the day up by 1.1%.

Asian stock markets finished in green. As of the most recent closing prices, the Hang Seng was up by 0.6% and the Shanghai Composite was flat. The Nikkei 225 was up by 1.5%. European markets too were trading in green. The FTSE 100 was flat. The DAX was higher by 0.7% while the CAC 40 was up by 0.7%.

The rupee was trading at Rs 65.25 against the US$ in the afternoon session. Oil prices were trading at US$ 55.25 at the time of writing.

In the news from the auto sector. According a leading financial daily, state-owned Energy Efficiency Services Ltd (EESL) will float another tender for 10,000 e- cars in March-April next year in line with the government's vision of having all electric passenger cars by 2030.

This would indeed come as a boost to India's electric car program. EESL said that it will float another tender of around 10,000 electric vehicles during March-April, much before it expects to complete the current bidding process in June.

EESL gave out a similar contract in September to Tata Motors Ltd and Mahindra and Mahindra Ltd, kicking off India's electric vehicle procurement programme.

These vehicles will be used to replace petrol and diesel cars used by the government and its agencies, which have around half-a-million cars, of which about a third are leased.

Mahindra lost out to rival Tata Motors Ltd in a government contract for 500 electric vehicles but later said it would match the lowest bid of Rs 10.16 lakh per vehicle made by Tata Motors as it wanted to be part of the government's electric mobility mission.

Currently, electric vehicle sales are low in India, rising 37.5% to 22,000 units in the year ended 31 March 2016 from 16,000 in 2014-15. Only 2,000 of these were cars and other four-wheelers, according to automobile lobby group Society of Indian Automobile Manufacturers (Siam).

The government wants to see 6 million electric and hybrid vehicles on Indian roads by 2020 under the National Electric Mobility Mission Plan 2020.

Is India Prepared to Meet the Ambitious Battery Car Target?

The government is targeting to have all cars propelled by electric engine by 2030. The target is more daunting than in many advanced countries.

According to the industry, the 2030 target would require eight to ten times the global stock of such vehicles. India would need to sell more than 10 million electric cars in 2030, compared to 5,000 electric vehicles India had on the road in 2016.

As you can see from the chart below, India is barely visible compared to other developed countries when it comes to battery cars.

As an article in Business Standard suggests, such a big jump in scale for the auto industry in 13 years seems difficult. The basic infrastructure is missing. There are not enough charging stations. For this massive shift, the charging stations will need to be as ubiquitous as petrol pumps.

Another issue is the price of the lithium ion battery, which constitutes 30% to 40% of the cost of the car. For this plan to succeed, the price of the battery needs to come down.

The auto industry is already facing regulatory headwinds. The shift from BS-IV emission norms to BS-VI has been two years ahead of schedule without an intermediate stage. The government, if it is serious about such ambitious targets, should offer the necessary infrastructure support and do its bit for a smooth transition.

In other news, ratings agency Crisil Ltd's share price was in focus today after the company said that it will acquire data analytics firm Pragmatix Services Pvt. Ltd for Rs 560 million.

Pragmatix provides software products and services in business intelligence, analytics and consultancy services and was incorporated in 2010 by banking professionals. Pragmatix has successfully built and deployed solutions across the risk, sales, and finance domains in India, Middle East and North America. It has 110 employees as on date.

Both the parties expect to close the transaction during the first quarter of 2018.

CRISIL said Pragmatix had revenue of Rs 172 billion in FY17, up 20% from the previous financial year.

The acquisition will enable Crisil to leverage Pragmatix's technology platform and deep domain expertise to enhance its business intelligence, analytics and risk management offerings for financial sector clients in India and globally.

Pragmatix's banking expertise and proprietary platform will enable Crisil to offer big data analytics and broaden its solutions in the financial services space.

Crisil share price closed the day up by 1.1%.

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