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Sensex Opens Strong; Consumer Durables & Capital Goods' Stocks Lead

Fri, 28 Dec 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.5% while the Hang Seng is up 0.1%. The Shanghai Composite is trading up by 0.3%. Meanwhile, US stocks roared back to end in positive territory on Thursday following steep losses for much of the session, as equities rebounded for a second day.

Back home, India share markets opened on a strong note. The BSE Sensex is trading up by 257 points while the NSE Nifty is trading up by 67 points. Both, the BSE Mid Cap index opened up by 0.4% while BSE Small Cap index opened up by 0.5%.

All sectoral indices have opened the day in green with consumer durables stocks and capital goods stocks witnessing maximum buying interest.

The rupee is currently trading at Rs 70.11 against the US$.

In the news from the economy. In the latest development, the fiscal deficit of India stood at Rs 7.2 trillion (US$101.9 billion) by the end of November 2018.

India's financials seem to be steeping deeper in trouble as the fiscal deficit went on to race past the designated target despite government assurances.

Now, this amounts to 114.8% of the budgeted target for the current fiscal year. The fiscal deficit for the corresponding period last financial year stood at 112%. Government had already breached the fiscal deficit target of 3.3% of the GDP back in October.

Net tax receipts in the first eight months of the fiscal year that ends in March 2019 were Rs 7.3 trillion.

Further, revenue receipts ended at Rs 8.7 trillion by end of November this year. This is a touch ahead of half of the Budget Estimates for this financial year.

Revenue expenditure climbed to Rs 14.2 trillion or over two-thirds of the Budget Estimates. During the April-November period, the loans disbursed crossed Rs 144 billion, which is 66.2% of budgetary estimates.

Significant rise was recorded in subsidies given for petroleum products and urea, with each reaching 93% and 74% respectively of their Budget Estimates. The same for the corresponding period last fiscal was at 86% and 64% respectively.

The overall expenses on major subsidies came up to Rs 2.2 trillion by April-November period, which is 83% of the budgetary estimates.

The government is widely expected to miss its fiscal deficit target in the current fiscal year or announce spending cuts in the last quarter.

Note that, it has already cut its fiscal deficit target to 3.3% of the GDP from 3.5% last year.

Steady Decline in Fiscal Deficit Over the Years

In the past, the government has relied on reducing expenditure to keep the fiscal deficit in check.

This year, the government is banking on earning much more than it has in the past. It expects a major portion of the revenue to be collected through GST tax collections. Also, the recent rise in crude oil prices has cast a doubt over how much the government will be to curb its spending.

The dual pressure of increasing expenditure and lower inflows makes this FY19 deficit target an uphill challenge.

Moving on to the news from engineering sector. As per an article in a leading financial daily, Larsen & Toubro (L&T)'s construction arm has won orders worth Rs 23.6 billion in the domestic market.

L&T's water and effluent treatment and transportation infrastructure business has secured order worth Rs 12.8 billion from Andhra Pradesh Capital Region Development Authority (APCRDA).

The order is for activities including investigation, design and construction of roads, bridges, storm water drains, culverts, water supply systems, sewerage systems for the villages of Kurugalla, Nidamarru in Zone 12A area at Amravati Capital City, Andhra Pradesh.

The company said its water and effluent treatment business has also secured orders worth Rs 10.8 billion from the Madhya Pradesh Jal Nigam Maryadit (MPJNM).

Notably, diversification continues to help L&T 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 provides a cushion to its profitability will be an interesting thing to watch out for going forward.

To know more about the company, you can access to L&T's Q2FY19 result analysis and L&T's 2017-18 Annual Report Analysis on our website.

L&T share price opened the day up by 1%.

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

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