Indian Markets Trade in the Red

Tue, 12 Jan 11:30 am

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After opening flat, the Indian indices booked some losses and went on to trade in the red. Sectoral indices are trading on a mixed note with stocks from the IT, banking and telecom sector witnessing maximum selling pressure.

The BSE Sensex is trading down 110 points (down 0.4%) and the NSE Nifty is trading down 37 points (down 0.5%). The BSE Mid Cap index is trading down by 0.2% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 66.88 to the US$.

Stocks in the automobile space are trading mixed with TVS Motors and Force Motors leading the gains. As per a leading financial daily, Tata Motors has reported 7% increase in its global sales during the month of December 2015 on a year on year (YoY) basis. During the month, sales came in at 91,762 units and include sales from Jaguar Land Rover.

In the passenger vehicles category, global sales stood at 59,287 units in December as against 55,145 units in the corresponding period a year ago. Sales of the company's luxury brand Jaguar Land Rover rose 18.6% YoY to 50,972 units during the concerned period. The company's sales of commercial vehicles in December were recorded up by 6% on a YoY basis at 32,475 units.

Tata Motors is India's leading automobile company. The company has operations in the UK, South Korea, Thailand, South Africa and Indonesia. While net sales of the company during the second quarter grew 1% YoY, there was seen a net loss of Rs 4.4 billion. Most of this brunt came in due to a port explosion at Tianjin which destroyed around 5,800 vehicles stored there. However, the future prospects of the company seem bright with new product launches among other things. As Radhika Pandit, Managing Editor, ValuePro states in the result analysis report for the company (subscription required), "Near term pressures persist in the form of pressure on margins on account of launch costs of new products and the mixed economic conditions in China. However, from a longer term perspective, the company intends to pursue its growth strategy and investing more in new products, power trains and technologies." Presently the stock of Tata Motors is trading down by 1.2% on the BSE.

Banking stocks are trading in the red with Axis Bank and Yes Bank bearing most of the brunt. As per an article in Economic Times, IDFC Bank has bought a 10% stake in ASA International (ASAI) India Microfinance for about Rs 85 million. This is recorded as the first investment by a lender in a microfinance institution.

Through this, IDFC Bank will get a board seat in ASAI India and access to unbanked areas through its branches in the east and northeast. Furthermore, ASAI India will also give the bank access to its customers and in turn aid IDFC in expanding its lending operations.

One must note that ASAI India has 104 branches covering 22 districts in West Bengal, Assam, Tripura, Bihar and Uttar Pradesh. It had over 1.3 lakh borrowers at the end of December and a total loan portfolio of over Rs 600 million.

IDFC, the newly launched private sector bank, started its operations on October 1, 2015 with shareholders' funds of Rs 133 billion. Regarding its expansion plans, the management of the company stated that the bank intends to grow inorganically and will continue to look at further investments.

The bank has been in news of late for the government's privatization plans. One of our articles shared some views on this topic and pointed why the privatization can be a test for the Modi government. The same can be accessed here.

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