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Mid - Session Commentary
Metal, auto stocks gain
12-Feb-18   12:20 Hrs IST

Key benchmark indices continued to trade firm in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex rose 218.54 points or 0.63% at 34,220.43. The Nifty 50 index gained 59.70 points or 0.57% at 10,514.65. Firmness in Asian stocks supported gains on the bourses. Trading in US index futures indicating Dow could jump at the open today also boosted sentiment.

The market opened higher on firm global cues. Key indices held steady in morning trade after paring initial gains. Stocks held firm later during the session.

Among secondary indices, the S&P BSE Mid-Cap index rose 1.45%. The S&P BSE Small-Cap index gained 1.72%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was quite strong. There were more than three gainers for every loser. On the BSE, 2,041 shares rose and 584 shares dropped. A total of 122 shares were unchanged.

Auto stocks gained. Mahindra & Mahindra (M&M) rose 0.29%, Maruti Suzuki India 1.29%, Eicher Motors 0.46%, Bajaj Auto 0.66%, Hero MotoCorp 1.4%, and TVS Motor Company advanced 0.25%. Ashok Leyland dropped 0.6%.

Tata Motors gained 1.57% after the Tata Motors Group global wholesales in January 2018, including Jaguar Land Rover (JLR), were at 114,797 units, higher by 20%, over January 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in January 2018 were at 44,828 units, higher by 32%, over January 2017. Global wholesales of all passenger vehicles in January 2018 were at 69,969 units, higher by 13%, compared to January 2017. The announcement was made after market hours on Friday, 9 February 2018.

Metal & mining stocks also rose. JSW Steel added 1.25%, Hindustan Copper 2.08%, Vedanta 0.32%, Hindalco Industries 0.29%, Hindustan Zinc 0.01%, Jindal Steel & Power 1.01%, Steel Authority of India (Sail) 2.66%, National Aluminum Company 3.6% and NMDC gained 1.99%. Bhushan Steel lost 1.89%.

Tata Steel rose 4.02% after consolidated net profit surged 389.83% to Rs 1135.92 crore on 20.05% rise in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

Consolidated pre-exceptional profit before tax (PBT) from continuing operations rose 221% to Rs 3210 crore in Q3 December 2017 over Q3 December 2016. However, exceptional charges of Rs 1116 crore arising mainly from certain demands and claims from regulatory authorities relating to mining operations, dented profits.

State Bank of India (SBI) fell 1.82% after the bank announced weak Q3 results after market hours on Friday, 9 February 2018. State Bank of India (SBI) reported net loss of Rs 2416.37 crore in Q3 December 2017 as against net profit of Rs 2610 crore in Q3 December 2016. Total income rose 17.4% to Rs 62887.06 crore in Q3 December 2017 over Q3 December 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 199141.34 crore as on 31 December 2017 as against Rs 186114.60 crore as on 30 September 2017 and Rs 108172.32 crore as on 31 December 2016. The ratio of gross NPAs to gross advances stood at 10.35% as on 31 December 2017 as against 9.83% as on 30 September 2017 and 7.23% as on 31 December 2016.

The ratio of net NPAs to net advances stood at 5.61% as on 31 December 2017 as against 5.43% as on 30 September 2017 and 4.24% as on 31 December 2016. The bank's provisions and contingencies rose 111.08% to Rs 18876.21 crore in Q3 December 2017 over Q3 December 2016. Of this, provisions for NPAs rose 145.15% to Rs 17759.72 crore in Q3 December 2017 over Q3 December 2016.

In a separate announcement after market hours on Friday, 9 February 2018, SBI said that its Central board approved issuing equity shares of face value of Re 1 each, ranking pari-passu with the existing equity shares of the bank in all respect including payment of dividend, by way of preferential issue to the Government of India (GoI), not exceeding Rs 8800 crore.

Steel Strips Wheels gained 4.06% after the company said that it has bagged an export order for supply of steel wheels for European Union Caravan market. The announcement was made during market hours today, 12 February 2018. The company said that the order comprises of 19,500 steel wheels to be shipped from the company's Chennai plant in March 2018.

On the macroeconomic data front, the government will announce inflation data based on consumer price index (CPI) for January 2018 after market hours today, 12 February 2018. Consumer prices rose 5.21% in December 2017 over December 2016.

The government will also announce industrial production data for December 2017 after market hours today, 12 February 2018. India's industrial production rose sharply by 8.4% in November 2017 over November 2016.

Meanwhile, the provisional figures of direct tax collections up to January 2018 showed that net collections are at Rs 6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. The net direct tax collections represent 69.2% of the revised estimates of direct taxes for FY 2018 (Rs 10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.3% to Rs 8.21 lakh crore during April 2017 to January 2018. Refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018.

Overseas, Asian stocks gained after a late-day rally on Wall Street on Friday, 9 February 2018, as investors fretted about the risks from looming US inflation data. Japanese markets are closed today in observance of a public holiday.

Trading in US index futures indicated that the Dow could jump 175 points at the open today, 12 February 2018.

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