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Thu, 21 Apr 11:30 am

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After opening the day on a strong note, the Indian indices have lost a part of their early gains. Sectoral indices are trading on a mixed note with stocks from the banking sector witnessing buying interest. However, software stocks are witnessing selling pressure.

The BSE Sensex is trading higher by 132 points (up 0.5%) and the NSE Nifty is trading higher by 28 points (up 0.4%). The BSE Mid Cap and BSE Small Cap have slipped in the negative territory after opening on a positive note. Both the indices are now trading lower by 0.3% and 0.1% respectively. The rupee is trading at 66.24 to the US$.

As per an article in Business Standard, tyre manufacturers are facing the brunt of cheap Chinese imports. There is an unexpected surge in the imports of truck and bus radials (TBR).

Radials are slowly and steadily replacing the Crossply tyres as these tyres helps the vehicle to give a better mileage. In addition to this, radials provide better steering control and road contact. Reportedly, 40% of the overall industry is radialised, while the balance is still cross-ply. However, this ratio is set to trend in favour of radials going forward.

The import of radials has shot up by around 64% in FY16. The majority of it has come from China. There are ample of unutilized capacities in China. In order to utilize those capacities, they are dumping products in India at the cheapest rates. Reportedly, these TBRs are around 30% cheaper than that available in India. Now, that's a considerable difference.

The government may have to step in to provide some relief to the domestic manufacturers from the increasing Chinese imports. Imposing an anti-dumping duty or minimum import price could provide some relief to the domestic players.

Until such measures are taken, the Rs 350 billion new investments made by the Indian tyre makers will possibly come under stress.

In another news update, Bharti Airtel has started the process to offload a 5% stake in its tower arm Bharti Infratel.

Currently, Airtel owns around 71.7% in Bharti Infratel. Reportedly, the 5% stake sale will fetch them around Rs 37 billion. The proceeds will be used to pare the debt on the books. However, no timeline has been set for the sale.

Earlier, in November 2014 and February 2015, Airtel had sold 4.5% and 2.91% stake respectively in Bharti Infratel for a cumulative value of Rs 40 billion. Recently, the company has made acquisitions with regards to 4G spectrum, which have led them to take significant debt on their balance sheets. The proceeds from the stake sale will help them to repay a part of this debt. The stock of Bharti Airtel is trading down by 1.3%.

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