Sensex Trades Flat; ONGC and SBI Top Losers

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Share markets in India are presently trading on a flat note. The BSE Sensex is trading down by 37 points, while the NSE Nifty is trading down by 16 points.

The BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading down by 0.6%.

Sectoral indices are trading mixed with stocks in the power sector and realty sector witnessing selling pressure, while consumer durable stocks and IT stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.42 against the US$.

In news from the telecom sector, Bharti Airtel has paid Rs 100 billion to the Department of Telecommunications (DoT) as a part of its adjusted gross revenue (AGR) dues.

In a statement, the company said that it has paid a total amount of Rs 100 billion on behalf of Bharti Airtel, Bharti Hexacom, and Telenor.

The company added that it will make payment of the balance amount after self-assessment exercise.

Bharti Airtel's total AGR dues as assessed by DoT amounts to Rs 355.9 billion, including licence fee and spectrum usage charge.

Last week on Friday, the telecom department issued fifth and final notice to telecom operators for making payment immediately.

DoT's move comes after the Supreme Court pulled up Bharti Airtel and Vodafone Idea for not paying their AGR dues to the government by 23 January.

The apex court had ended a 14-year legal battle between telecom companies and the DoT over what constituted AGR.

While the Supreme Court verdict has hit telcos, note that it has also made non-telecom firms holding licences for internal communications and signaling to pay licence fees on their entire revenue, even if they did not offer telecom services.

DoT has sought Rs 1.72 trillion from GAIL (India), Rs 480 billion from Oil India, and Rs 221.7 billion from Power Grid Corporation of India.

Bharti Airtel share price is presently trading down by 0.1%.

Moving on to news from the mutual funds space, investors poured nearly Rs 120 billion into equity oriented mutual funds in the three months ended December 2019, a sharp slump of 50% from the preceding quarter.

All categories of equity funds, including large-cap, mid-cap, small-cap and dividend yield funds saw a drop in flows compared to the preceding quarter.

Total flows in equity mutual funds stood at Rs 118.4 billion for the December quarter as against Rs 238.7 billion in the September quarter.

During the April-June quarter, inflows in such schemes stood at Rs 175 billion.

Meanwhile, the asset base of equity funds rose 6% to Rs 7.7 lakh crore for the quarter ended December.

Reportedly, over 30% of the net equity flows have been directed toward the large-cap category, as this segment has been the most resilient over the past year and delivered good returns.

However, inflows in large-cap funds plunged by 42% to Rs 35 billion for the quarter under review, from Rs 60 billion seen in July-September.

Mid-cap funds saw infusion of Rs 26.9 billion in the quarter under review, from Rs 37.4 billion in the preceding three months.

The flows in the small-cap category halved to Rs 13.6 billion, from Rs 30.4 billion in the September quarter.

Speaking of the mutual fund industry, note that the Indian mutual fund industry is a high growth sector.

In fact, the growth rate over the last five years has been even higher. The chart below shows the trend in mutual fund AUMs since FY14.

Mutual Fund AUM Tripled in Just 5 years

Over the last five years, mutual fund AUMs have nearly tripled, growing at 23.5% CAGR.

Recently, NSE-backed Computer Age Management Services (CAMS) filed a draft red herring prospectus with the market regulator. CAMS is the largest registrar and transfer agent (RTA) for mutual funds in India.

Being the largest registrar and transfer agent for mutual funds, CAMS is a direct beneficiary of the twin megatrends of financialisation and digitalisation.

Ankit is closely tracking this IPO and will be sharing his views at his premium newsletter Equitymaster Insider (requires subscription).

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