Indian Indices Open Flat

Fri, 5 Feb 09:30 am

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Barring Japan, major Asian stock markets have opened the day on a positive note with stock markets in Indonesia and Singapore trading up by 2% and 1.7% respectively. Major indices in Europe and US ended their previous session in green. The rupee is trading at 67.80 per US$.

Indian stock markets too have opened the day on a flattish note. The BSE Sensex is trading higher by 40 points (up 0.2%) and NSE Nifty is trading higher by 9 points (up 0.1%). Both, BSE Midcap and BSE SmallCap are trading higher by 0.3% and 0.2% respectively. Major sectoral indices have opened the day on a mixed note with stocks from automobile and telecommunication sectors witnessing maximum buying interest. However, stock from information technology and metal sector are facing selling pressure.

Tata Steel reported its results for the quarter ended December 2015. The consolidated revenues fell by 16% to Rs 280.4 billion. The net revenues fell on the back of cheaper imports from China. Steel exports from China are flooding the Indian as well as European market, dragging down the steel prices.

Further, the company posted a net loss on a consolidated basis of Rs 21.3 billion as compared to net profit of Rs 1.6 billion a year ago. The loss was mainly on account of a one-time charge in relation to restructuring and other provisions on account of its European assets. Reportedly, this one-time item was pegged at Rs 7.2 billion.

Steel demand in India is on an uptrend; however majority of the incremental demand is met with cheaper imports from China. The same situation is being faced in Europe. It's high time the government brings in some anti-dumping duty measures to protect the domestic players in the steel industry. Implementing anti-dumping duty measures will not only safeguard the steel industry but it will also help the banking sector which have a considerable exposure to the steel sector. The stock is trading down by 3.3%.

Bajaj Auto reported its results for the quarter ended December 2015. The company's net revenues declined by 1.5% to Rs 55.7 billion on the back of lower volumes. The lower volumes was on account of sharp fall in the exports which declined by 16% YoY. Exports were subdued because of sharp fall in the oil prices, leading to lower demand from countries such as Nigeria and Egypt which are oil producing nations.

However, demand on the domestic front was strong. The domestic volumes saw an increase of 10% YoY on the back of new product launches. The management stated that its strategy to expand the price segment and to reinforce its leadership in the premium and luxury segments has paid rich dividends

Despite fall in revenues, net profits grew by 4.7% to Rs 9 billion. The net profits witnessed a growth on the back of lower tax rates and higher other income. The stock is trading up by 0.2%.

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