Indian Indices Open Weak

Fri, 19 Feb 09:30 am

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Major Asian stock markets have opened the day on an negative note with stock markets in Japan and Indonesia trading lower by 2% and 1.5% respectively. Major indices in Europe and US ended their previous session in red. The rupee is trading at 68.49 per US$.

Indian stock markets too have opened the day on a disappointing note. The BSE Sensex is trading lower by 82 points (down 0.4%) and NSE Nifty is trading lower by 44 points (down 0.6%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 0.6% and 0.2% respectively. Sectoral indices have opened in red with stocks from FMCG and metal sectors are witnessing maximum selling pressure.

As reported in a leading financial daily, Britannia Industries Ltd is in advanced talks to buy a land parcel in the state of Gujarat to set up a factory. The proposed factory will cater only to the demand from the international geography. Further, company targets to increase its revenues from exports to atleast a fifth of its overall revenues in the next five years which currently stands at around 6%.

Reportedly, the company depends on nine plants in India for supply to international markets. Currently it also has two manufacturing facility in Oman and Dubai which caters to the international demand. However, for the upcoming period Britannia is looking forward to reduce its dependence on existing plants and supply more from the upcoming unit in Gujarat.

In another news update, royalty payments by Indian subsidiaries of 32 multinational companies grew by 10% YoY to Rs 63 billion in financial year 2015. Reportedly, aggregate royalty and related payments have increased at a compounded annual growth rate (CAGR) of 20% during the preceding five years. Whereas, the pre-royalty profits of these companies have just grown at a pace of 7%.

This growing divergence between profits and royalties is at the expense of minority shareholders. The minority shareholders are left with lower profits on account of such huge payment of royalty. This ultimately leads to lower dividends in the hands of the minority shareholders.

Reportedly, firms such as Maruti Suzuki, Hindustan Unilever Ltd (HUL), Nestle India and Bosch Ltd paid out the maximum amounts as royalty in the past three years. There seems to be a huge hypocrisy here with parent stakeholders being treated as more equal than others. It's time minority shareholders take offence and be more vocal about being unfairly treated.

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