Indian shares climbed higher on the first day of the week, following a rebound in Asian equities, led by auto makers after reporting strong set of September sales.
ere are the stocks in focus for the day:
Auto Stocks: Gain on Salesares of auto gained after they clocked robust increase sales for the month of September.
Maruti Suzuki and Eicher motors zoomed ahead with 30 percent growth in sales. Tata Motors and Mahindra & Mahindra sold 8 percent more vehicles over the month. However, Ashok Leyland's sales, slipped 18.4 percent due to subdued demand for heavy duty vehicles.
- Maruti Suzuki (+4.4 percent to Rs 5,720)
- Eicher Motors (+4.3 percent to Rs 25,884)
- Tata Motors (+1.9 percent to Rs 545)
- Mahindra & Mahindra (+0.7 percent to Rs 1,415)
- Ashok Leyland (+2 percent to Rs 81)
Oil Stocks: Gain on Price Change
Shares of oil companies gained after Indian Oil hiked petrol prices and cut diesel prices for the second time in a row. Petrol prices were increased by 36 paise per litre whereas diesel prices were slashed by 7 paise per litre.
- Bharat Petroleum (+2.2 percent to Rs 626)
- Hindustan Petroleum (+2.3 percent to Rs 433)
- Indian Oil (+3.4 percent to Rs 602)
Telcos: Swing Between Gains and Losses
Shares of telecom companies reacted to the first day of the country's biggest ever spectrum auction. The government received bids worth Rs 53,531 crore after five rounds of bidding where companies showed interest in all frequencies except 700 Mhz and 900 Mhz bands.
The 1800 Mhz band, also known as the 2G band, was the most in demand according PTI which cited data from the Department of Telecom. Take a look at how the telecom majors are performing on the exchanges.
- Idea Cellular (+1.3 percent to Rs 80 as of 9:20 a.m.) (-0.1 percent to Rs 79 as of 9:30 a.m.)
- Reliance Industries (Reliance Jio) (+0.6 percent to Rs 1,090 as of 9:15 a.m.) (-0.7 percent to Rs 1,076 as of 9:30 a.m.)
- Bharti Airtel (+1.1 percent to Rs 317)
IRB Infra: Bags NHAI Project
Shares of the construction company rose 2 percent to Rs 250 after it bagged a Rs 2,400 crore project from the National Highway Authority of India.
The project involves six-laning of a 124.9 kilometer stretch on the Udaipur to Ahmedabad highway in the state of Rajasthan, according to an exchange filing. The company will also get tolling rights on the project from the appointed date.
Kotak Mahindra: Acquires BSS
Shares of the private lender rose 2.1 percent to Rs 793 after it acquired BSS Micro-Finance, a non-banking finance company, for Rs 139.2 crore. The NBFC has a networth of Rs 73 crore and micro-financed loans worth Rs 483 crore on its books.
The deal will give Kotak Mahindra, an access to BSS's established micro-finance customer base, as per the company's filing.
We will levarage BSS's deep presence in the (microfinance) segment and related experience to ensure that customers' needs are served best and consistent with the past culture.Narayan SA, President of Commercial Banking, Kotak Mahindra Bank
Titan: Releases Second Quarter Review
Shares of the Indian watchmaker gained 1.2 percent to Rs 399.
The company announced that consumer sentiment remained patchy and unpredictable, in its review for the second quarter of the financial year 2016-17.
Here are the key takeaways from the release:
- Sale of studded jewellery surpassed expectations.
- Sale of gold jewellery remained subdued, affecting revenue growth.
- Gross margin for the quarter remains healthy when it comes to its jewellery segment.
- Domestic sales of watches continued to do well but exports business and service business were under pressure due to the economic situation in Middle East Asia.
- Low industry growth for its Eye wear segment resulted in erosion of revenue.
- Precision Engineering showed good sales and decent growth during the quarter.
Fortis Healthcare: Term Loan Boost
Shares of the healthcare provider rose 1.2 percent to Rs 169 after Fortis Hospitals accepted a Rs 225 crore term loan from Yes Bank with its parent's guarantee.
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