Indian Stock Markets Open Firm

Fri, 22 Jan 09:30 am

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Barring China, major Asian stock markets have opened the day on a positive note with stock markets in Japan and Korea trading up by 3% and 1.2% respectively. Major indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 68.06 per US$.

Indian stock markets too have opened the day on a firm note. The BSE Sensex is trading higher by 206 points (up 0.8%) and NSE Nifty is trading higher by 71 points (up 1%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.9% and 1% respectively. Barring <>telecommunication, major sectoral indices have opened the day in green with stocks from metal, automobile and banking sectors witnessing maximum buying interest.

Idea Cellular Ltd reported its results for the quarter ended December 2015. The overall revenues grew by 3.7% YoY during the quarter. The data revenues were up by 45% YoY, however this is much lower as compared to a growth of over 80% just two quarters ago. Subdued volume growth coupled with lower price realizations contributed to the fall in data revenue. The price realization in the data segment fell by 17% YoY.

Further, company has added 1.6 million 3G subscribers this quarter, much lower than 2.9 million subscribers added in the preceding quarter.

Increased depreciation coupled with interest charges dragged the profits lower. Reportedly, impact of company's large spectrum payouts is beginning to be felt in the financials. The net profits fell 4% to Rs 7.6 billion. The stock is trading down by 4.6%.

<>Exide Industries Ltd too reported its results for the quarter ended December 2015. The sales growth for the quarter increased marginally by 2% YoY. The management stated that the there was no significant improvement in demand for the automotive original equipment and industry battery. Further, demand for inverter as well as power, telecom and solar batteries remained subdued growth.

However, operating margins improved by 380 basis points to 15.4%. This improvement was on account of lower raw material costs which declined by 20% YoY. Lower lead prices helped in the cost reduction.

The net profits rose by 38% YoY to Rs 1.3 billion. Reportedly, lower costs and higher profitability pushed up profits both at the operating and net levels.

The stock is trading up by 0.7%.

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