Sensex Opens in Green; SBI Up 1%

Tue, 17 Jan 09:30 am

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Asian markets are mixed today. The Nikkei 225 is down 0.78% while the Hang Seng is up 0.38%. The Shanghai Composite is trading down by 0.54%. Stock markets in Europe ended their previous session on a weak note.

Meanwhile, Indian share markets have opened the trading day marginally higher. The BSE Sensex is trading higher by 80 points while the NSE Nifty is trading higher by 25 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.5%. The rupee is trading at 68.16 to the US$. All sectoral indices have opened the day in green with PSU, power and FMCG stocks witnessing maximum buying interest.

Steel stocks have opened the day on a mixed note with Jindal Saw and Maharashtra Seamless trading in the red. According to an article in a leading financial daily, India has imposed anti-dumping duty on certain variety of steel products imported from China and European Union to protect the domestic players from cheap inbound shipments.

The product covered under the anti-dumping include pre-painted, colour coated flat steels in coils or not in coils, excluding plates of 6mm thickness or more. The effective duty rate would be the price difference between the official rate fixed at US$849 per tonne and the landed value of the product, provided the landed value is lower than US$849 per tonne.

Finance Minister Arun Jaitley had recently raised concerns about India's steel manufacturers suffering heavily due to dumping of cheap steel from China and some other countries and had assured government's help to them.

One must note that, to protect domestic industries from cheap imports, the government had also extended the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier.

According to Indian Steel Association, the industry has been able to marginally improve viability after a long period of subdued prices and eroded profit margins post the imposition of MIP in February. However, the most prominent question is if the market supply is higher than demand, whether the extension of MIP significantly help the steel industry? (Subscription Required). Sarvajeet Bodas, our research analyst is of the opinion that if demand doesn't grow in the coming months, we may not see a significant improvement in steel realizations despite the protection measures.

In another development, it was reported that, State Bank of India (SBI) has seen a significant rise in new card issuances post demonetization. In the month of the December alone SBI added 0.12 million new credit card users and its total card issuance tally has now reached 4.75 million.

On the other hand, the total spends on its cards have increased by 25-30%, despite fall in certain segments like fuel, Jewellery and other discretionary spending.

Notably, pre-demonetisation SBI Cards were getting 65% of transactions on cards and after demonetisation it has been 85%. In November, spends had declined but the number of transactions went up. But it picked up again in December as there was a 35-50% increase in the number of transactions during the month. With a little over 15% market share, SBI Card is the second largest player in the 27.3 million credit cards market.

According to RBI data till October, HDFC Bank had issued 8.3 million credit cards, while SBI Card had issued 4.1 million credit cards. Likewise, ICICI Bank which is the third largest player in the credit card market had issued 4.06 million credit cards; Axis Bank had issued 2.89 million credit cards.

Demonetisation Unravels Huge Opportunity for Point of Sale Systems

Demonetisation is war. Sectors like microfinance and real-estate are leading the fight. And they will bleed in the short term. The biggest opportunity, however, is for players who will make India a cashless economy. One such opportunity in the point of sale systems. As per an SBI report, India needs at least twenty lakh point of sale systems for this transition to happen.

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