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Tata Steel may retain up to 30% stake in South East Asian units

In a possible tweak to its strategy, Tata Steel may retain up to 30 percent of its shareholding in its South East Asian units, which had been put on the block.

Sources told Moneycontrol that the slight tweak means that Tata Steel is now looking for a partner and not a downright buyer.

The units include the Singapore-based NatSteel Holdings and Tata Steel (Thailand).

Earlier this week, media reports said the steel major was in talks with China's Hesteel Group. The Chinese company is the second largest steelmaker in the country.

In response to a query on the development, Tata Steel said: “In pursuit of its long-term strategy to create sustainable value for its shareholders, Tata Steel periodically undertakes strategic assessment and review of its portfolio including overseas business.

"Tata Steel will continue to consider all strategic decisions including portfolio restructuring options in a responsible manner taking into account the interests of stakeholders including employees. However, as there is no firm proposal for consideration currently, the company has no further comment to make in this matter.”

The stake sale is part of Tata Steel's strategy under CEO and Managing Director TV Narendran to refocus its energy and resources into India. Even as it looks to dilute stake in its South East Asian units, Tata Steel has forged a joint venture with thyssenkrupp for its European operations.

Now it wants to possibly follow the JV model in South East Asia too.

Source:https://www.moneycontrol.com/news/business/change-in-plans-tata-steel-may-retain-up-to-30-stake-in-south-east-asian-units-3373131.html

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Sensex continues to trade flat, Nifty around 10,850; IndusInd Bank down 2%

Market opens It is a mildly lower start on the benchmarks on Thursday morning, with the Nifty above 10,800-mark.  

The Sensex is down 49.87 points or 0.14% at 36163.04, and the Nifty down 20.30 points or 0.19% at 10834.90. The market breadth is negative as 312 shares advanced, against a decline of 376 shares, while 37 shares were unchanged.

Consumption and metal names are trading higher, while pain is visible among banks and pharmaceuticals, among others. The Nifty Midcap index is trading flat. 

Tata Motors and NTPC are top gainers, while IndusInd Bank, Axis Bank, Bharti Infratel and HPCL lost the most.  

Rupee opens The Indian rupee has opened flat at 70.46 per US dollar. 

RUPEE OUTLOOK

“The rupee is expected to come under pressure as crude oil prices are rising once again in the international market. Further, now focus would shift to India's macroeconomic data. CPI is expected to remain benign. Hence, there is a chance of interest rate cut by the RBI. But political risk is rising for the market. The Budget is expected to be populist after the BJP's debacle in state elections last month. This might put pressure on the fiscal arithmetic. Globally tension has eased somewhat between US and China...but it is early to say anything. There is a sell-off in the global market which may have impact on the Indian market as well. So, overall the rupee is expected to be driven by global factors and the upcoming political factors in the domestic market. In the near term, the rupee is expected to trade in 69.50 to 72 band,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement. 

Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-continues-to-trade-flat-nifty-around-10850-indusind-bank-down-2-3372541.html

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2019 is the year for accumulation, probability of big fall low: Narnolia

There are not much of leveraged positions by traders in the market. So probability for any big correction in 2019 appears low. 2019 is more of an accumulation phase for harvesting thereafter, Shailendra Kumar, Chief Investment Officer, Narnolia Financial Advisors said in an interview to Moneycontrol's Sunil Shankar Matkar.

Edited excerpts:

Q. Auto stocks corrected significantly in 2018 and now Maruti Suzuki, Eicher Motors, Tata Motors December sales numbers added to investors disappointment. What is your expectation from the space in 2019?

A. December is cyclically a weak month for auto sales. This time it got even worse as dealers were carrying large stocks after poor festival season sales. Rural demand had been a strong driver for auto volume post GST related trade channel disruption but there are concerns building up there.

At the same time, high competition in the marketplace negates the possibility of price rise barring some on account of new emission norms. Going forward auto volume growth will remain in single digits only and pricing growth too will be absent. The saving grace for the sector would be margin revival if commodity prices remain benign.

Q. Do you foresee any big correction in 2019 after a positive close in 2018? What risks should investors stay wary of in 2019?

A. There are steady domestic inflows through mutual fund routes and that gives stability to this market. This fresh buying by retail investors is large enough to negate any sells that may be triggered by foreign investors on account of global concern in 2019.

Also, there are not much of leveraged positions by traders in the market. So probability for any big correction in 2019 appears low. Our base hypothesis for 2019 is that the volatility will fall in the second half of the calendar year and return would be benign but positive. Our near-term target for Nifty is 11,800. 2019 is more of an accumulation phase for harvesting thereafter.

Q. Analysts suggest public capex could continue next year due to general elections but private capex pickup will take time. What is your take on capex?

A. We are not seeing any such incrementally large move this time. The government would be tilting more towards some direct transfer scheme to appease voters than improving sentiments using infra capex.

Private capex is surely in a take-off mode as capacity utilisation has improved and post demonetisation and GST implementation related initial weakness, demand outlook is again improving.

Q. Which among largecap, midcap and smallcap will do good in 2019?

A. 2019 will prove to be a very neutral year in terms of various sub-segments of the market. Earnings growth of various cap, sector or themes will be very similar in 2019. Valuation differential, too, has narrowed for various sub-segments of the market.

And these two factors that mean that portfolio return this year would be more a function of stock selection skill than the exposure to a particular segment.

Source: https://www.moneycontrol.com/news/business/markets/probability-for-big-fall-in-2019-appears-low-bet-on-3-largecaps-2-midcaps-for-15-28-short-term-return-3368111.html

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