Sensex, Nifty Hit Record Highs; Infosys Jumps 5%

Mon, 13 Jan 12:30 pm

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Share markets in India are presently trading on a positive note. Benchmark indices rose in early trade today and climbed to fresh record high levels, tracking overseas trend, on account of strong global cues.

Buying interest was also seen as index of industrial production (IIP) recorded a growth of 1.8% in November, having contracted for three months in a row.

Barring automobile sector, all sectoral indices are trading on a positive note with stocks in the IT sector, realty sector and FMCG sector witnessing most of the buying interest.

The BSE Sensex is trading up by 276 points (up 0.7%), while the NSE Nifty is trading up by 71 points (up 0.6%). The BSE MidCap index is trading up by 0.7% and the BSE SmallCap index is trading up by 0.8%.

The rupee is trading at Rs 70.80 against the US$.

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In news from the IT sector, Infosys on Friday reported a 23.5% year-on-year rise in profit at Rs 44.6 billion compared with Rs 36.1 billion posted for the same quarter last year.

Revenue for the quarter rose 7.9% to Rs 230.9 billion compared with Rs 214 billion in the year-ago period.

In terms of quarter-on-quarter growth, the IT major reported a 10.6% rise in its net profit. It had posted a profit of Rs 40.4 billion in Q2FY20.

The IT major raised revenue growth forecast in constant currency terms to 10-10.5% for FY20 from 9-10% earlier.

Operating margins for the quarter came in at 21.9%, a fall of 60 basis points over 22.6% in the December quarter of 2018.

The company's chief operating officer, Pravin Rao said large deal wins continue to be robust with growth of 56% so far this year. The company bagged US$ 1.8 billion in large orders.

In a separate statement, Infosys said its board's audit committee has completed the independent probe into the anonymous whistleblower allegations and found no evidence of financial impropriety or executive misconduct.

Infosys share price is presently trading up by 4.8%.

To know more about the company, you can read Infosys' Q3FY20 result analysis on our website.

Moving on, while addressing the media on Sunday, Union Railway Minister Piyush Goyal stressed the need for support of the private sector to accelerate development of the railways.

He dismissed speculations of privatization of the railway network, but highlighted the need for a public-private partnership funding model for the sector.

While advocating for reforms in the railway sector, he said "we want to end the era of slow-moving trains by making way for the fast speed driven MEMU and electric trains, like the trains being run in suburban Mumbai."

He said the railways wants to attract an investment of Rs 50 lakh crore in next 12 years to expand the facilities in passenger and goods trains through modernization.

Goyal said that due to inadequate investments in railways in the past, the government machinery faced the burden. He also added that the demand of ticket-seekers in some trains was more than 150%.

The railways' experimentation with private participation in running of trains started last year when it allowed its subsidiary - the Indian Railway Catering and Tourism Corporation (IRCTC) to run the Tejas Express on the Lucknow-Delhi route.

According to the news reports, the train posted a profit of Rs 7 million in its first month of operation and had run with an average occupancy of 80-85% since it began operations on October 5.

We think the above development is a step in the right direction.

Here's what Tanushree Banerjee wrote about this in one of the recent editions of The 5 Minute WrapUp...

• Investment in Indian railways has always been lacking in the past. This has meant a stretched infrastructure with more than 60% of routes being over utilised.
  
  The poor image of Indian railways meant a price hike was never an option for the government.
  
  All this has changed in the recent years.
  
  Since 2014, investment in the Indian railways has increased at a rapid pace.

This is evident in the chart below...

Massive Reforms Underway in the Indian Railways

The government's aim to modernize more than 100 stations to world class standards and by provide amenities like wi-fi, quality food and beverage services will improve passenger experience.

Improved services will also help the government justify fare increases in the future.

Tanushree believes such reforms are the need of the hour for the Indian economy.

In one of her recent articles, she wrote about a safe stock for the next decade.

It's the StockSelect recommendation for this month and Tanushree believes it can be one of the best performers in the next decade.

If you've subscribed to StockSelect, here's the link to the report.

If you're aren't a member, sign up for StockSelect here.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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