Telecom Stocks Lead the Losses

Wed, 13 Jan 01:30 pm

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The Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the capital goods and telecom sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 142 (down 0.6%) and the NSE Nifty is trading down by 42 points (down 0.6%). The BSE Mid Cap index is trading lower by 1.5% while the BSE Small Cap index is trading down by 3.5%. Gold prices, per 10 grams, are trading at Rs 25,564 levels. Silver price, per kilogram, is trading at Rs 33,360 levels. Crude oil is trading at Rs 2,066 per barrel. The rupee is trading at 66.88 to the US$.

Stocks in the telecom space are trading in the red with Himachal Futuristic and MTNL leading the losses. India's biggest telecom operator Bharti Airtel has announced that it is going to sell stakes in two African operations to French telecom major Orange. The company's overseas subsidiary Bharti Airtel International (Netherlands) has signed an agreement with Orange to sell 100% equity stake in Burkina Faso and Sierra Leone.

Under this transaction, Orange will pay 7.9 times Airtel's operating profit from the two African operations for the year ended March 31, 2016. The consolidated revenues of the two companies is around 275 million euros. The acquisition is said to be implemented in partnership with Orange's subsidiaries in West Africa.

The development comes as Airtel's efforts to sell its loss-making African assets to cut down its debt, which stood to the tune of Rs 660 billion as of March 31, 2015.

Bharti Airtel Ltd is one of the world's leading providers of telecommunication services. In the second quarter of FY16, the company rolled out 4G services in 334 towns. The company also rolled out 3G services in the 2,100 MHz band that it won in the auctions in March 2015. The company now has a pan-India 3G footprint (excluding Kerala). Along with this, there were many developments that the company carried out including its divestment process and capex plans. You can read them all in detail in our result analysis of the company (subscription required). Scrip of Bharti Airtel is trading down by 3.3%.

Power stocks are trading on a sombre note with RattanIndia Power and Satluj Jal Vidyut bearing most of the brunt. As per a business daily, Tata Power Company has raised Rs 5 billion by issuing unsecured redeemable, taxable non-convertible debentures (NCDs) on private placement basis. The debentures are of the face value of Rs 10 lakh each. These NCDs carry a floating interest rate linked to Base Rate of State Bank of India and have been rated 'AA' by credit rating agency, CARE.

One of our premium editions from The 5 Minute WrapUp shares some views and points out some checklists that needs to be kept in mind before investing in NCDs. You can read it here (subscription required).

Tata Power is India's largest integrated power company. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 8,669 MW (megawatt) and a presence in all the segments of the power sector. Presently the stock of the company is trading down by 3.8%.

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