Indian Indices Open Weak

Fri, 29 Apr 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in Hong Kong and Taiwan are trading lower by 1.5% and 1.3% respectively. Benchmark indices in Europe ended their previous session on a flattish note. However, stock market in the US ended their previous session on a disappointing note with Dow Jones Industrial Average down by 1.2%. The rupee is trading at 66.40 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 32 points (down 0.1%) and NSE Nifty is trading lower by 12 points (down 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% each. Barring stocks in <>pharmaceutical sector, major sectoral indices have opened the day on a negative note with stocks from telecommunication and banking sectors witnessing selling pressure.

Idea Cellular reported its results for the quarter ended March 2016. The consolidated net profits declined by 39% YoY to Rs 5.7 billion for the quarter ended March. The decline was on account of higher financing cost and spectrum fees of its 4G network.

However, total revenues grew by 12.6% YoY to Rs 94 billion during the quarter. Even while comparing on a sequential basis, total revenues grew by 5.3%. The revenues were higher on account of a rise in the voice and the data realisation. As reported in Mint, both data and voice realisations improved in the range of 2.9-4.4% over the December quarter.

However, the gains from rising realization were partly offset by the falling volumes. Compared with 17-18% growth in the previous four quarters, voice traffic on the Idea Cellular's network increased just 9% over the year-ago quarter. Growth in data volume slowed further to 51%, from 76% in Q3, 83% in Q2 and 93% in Q1.

On a sequential basis, the earnings before interest, tax, depreciation and amortization (EBIDTA) grew by 16.4% to Rs 3.3 billion. While the EBIDTA margins too improved by 3.4% to 35%. However, it would be interesting to see if the margins sustain at these levels as the competition heats up on account of Reliance Jio Infocomm entry later this year. The stock is trading down by 2.8%.

Ambuja Cements too reported its results for the quarter ended March 2016. The standalone net profits declined by 4.4% to Rs 3 billion for the quarter ended March 2016. The decline was mainly on account of lower price realization, additional provision towards contribution to the District Mineral Foundation and increased advertisement and promotional expense.

Further, net sales remained flat during the quarter. The net sales declined by 0.25% to Rs 24.1 billion. Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter too declined by 11.8% to Rs 4.5 billion.

However, other income grew by around 43% to Rs 1.3 billion. Reportedly, the higher other income was due to certain write-backs of provision for interest on income tax related to earlier years. The pick-up in the infrastructure and housing demand will be the key things to watch for going forward. The stock is trading up by 1.3%.

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