Indian Indices Open Strong

Thu, 21 Apr 09:30 am

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Major Asian stock markets have opened the day on a positive note. The stock markets in Hong Kong and Japan are trading higher by 1.8% and 2.7%, respectively. Major indices in Europe ended their session on a positive note. US markets also ended their previous session in the green. The rupee is trading at 66.22 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex?is trading up by 222 points (up 0.9%) and NSE Nifty?is trading up by 53 points (up 0.7%). The BSE Mid Cap?and the BSE Small Cap indices are trading in the green, up by 0.5% and 0.7%, respectively. Sectoral indices have opened the day on a positive note with stocks from consumer durables and banking sector leading the gains.

Stocks in the IT space have opened the day on a mixed note with Moser-Baer India and HCL Technologies leading the gains. India's third-largest software services exporter Wipro Ltd has announced its results for the fourth quarter and the full fiscal year 2015-16. The actual numbers for the company came in below expectations with the topline of its IT services business growing by 3.7% YoY to US$ 7.35 billion. This was marked as the company's slowest pace of growth since 2009-10.

Revenue of the company grew 9% YoY in FY16 while net income grew 3% YoY. Further, IT Services Revenue grew by 11% on a YoY basis and EBIT grew 2% YoY. For the FY16, the IT services segment revenue grew by 11% on a YoY basis while EBIT in this space grew 2% YoY. For the quarter ended March 2016, revenue of the company grew 12% YoY.

Further, the company said it would buy back up to 40 million shares at Rs 625 a piece, spending up to Rs 25 billion. The company's board also recommended a final dividend of Rs 1 per share, taking the total dividend to Rs 6.

The company's management has set a revenue goal of US$ 15 billion by 2020. To achieve this the company will anchor its efforts on six broad themes. The key themes, as the management stated, include focusing on digital technologies, improving its ability to generate more business from existing clients, hiring more local talent in geographies it operates and hyper-automation. The company will also focus on using its own platforms such as Holmes to boost employee productivity and partner more with start-ups.

Wipro also projected that he first three months of 2016-17 will not be much better. This comes at a time when its rival, Vishal Sikka-led Infosys projected an at-best revenue growth of 13.8% in dollar terms for this year.

Despite the below-expected performance, Wipro's fundamentals remain as strong as before. The company has picked up a minority stake in US-based Emailage Corporation. The company stated that it has made a strategic investment in and signed a partnership with Emailage Corporation, a risk assessment and fraud prevention company. Also, the company has entered into a five-year partnership with Jubilant FoodWorks, the country's top food service company. These developments augurs well for the company. As we had stated in our result analysis report of the company (subscription required) ... "The company's focus on these new areas as well as on productivity enhancing measures like automation will hold it in good stead."

Stock of the company has opened the day on a negative note, down by around 6%.

As per an article in Economic Times, Reserve Bank of India (RBI) has eased the pressure on banks by pruning the list of companies whose loans need to be provided for against the risk of default. This comes as a breather for banks, especially PSUs, that have heavy exposure to highly indebted corporate firms.

This decision is as against the Asset Quality Review (AQR) ordered by the RBI in the December quarter. The central bank had ordered that lenders have to set aside funds against loans given to the corporate firms. On the back of this, many leading state-owned banks reported their highest ever quarterly losses totaling over Rs 120 billion on the back of mounting bad loans during the quarter ended December last year. However, the above development has provided some relief and can aid the results of banks in the March quarter.

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