Indian Indices Open Weak

Fri, 6 May 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in China and Singapore are trading lower by 1.5% and 1.4% respectively. Benchmark indices in Europe and US ended their previous session on a disappointing note. The rupee is trading at 66.51 per US$.

Indian stock markets too have opened the day on a negative note. The Lok Sabha passed the much awaited bankruptcy bill yesterday. The bill will help in resolving the rising debt crisis. The bill will now be introduced in Rajya Sabha, for the final clearance. The BSE Sensex is trading lower by 200 points (down 0.8%) and NSE Nifty is trading lower by 33 points (up 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 0.3% each.

Barring stocks from telecom sector, major sectoral indices have opened the day in red with stocks from automobile and metal sectors witnessing selling pressure.

Hero MotoCorp Ltd reported its results for the quarter ended March 2016. The company's net profit grew by 71% YoY during the quarter to Rs 8.1 billion. The healthy growth was on account of higher sales of motorcycle coupled with several margin improvement measures taken during the period.

The company's total income witnessed a growth of 10.6% YoY to Rs 75.1 billion during the quarter. Further, the company witnessed the highest ever quarterly sales of 1,721,240 units. The operating margins too expanded by 3.3% YoY to 15.65% during the quarter.

The management stated that while there has been a slight improvement in sentiment in the past couple of months, demand in rural India has remained sluggish. While urban market witnessed a growth of 5-7%, the rural markets grew marginally at 1-2%. Reportedly, as much as 30% of total two-wheeler sales come from rural India.

A normal rainfall as predicted by the Indian Meteorological Department (IMD) could possibly increase the farm output and the disposable income in the hands of the farmers. This in-turn is expected to push the demand for the two-wheelers in the country. Going forward, a pick-up in the demand from the rural areas and increasing competition will be the key things to watch out for the company going forward. The stock of Hero MotoCorp is trading down by 1.1%.

In another news update, ITC has shut its cigarette factories again in order to comply with new norms of pictorial health warnings on the pack. Reportedly, this announcement came in the wake of the Supreme Court refusing to stay a government order mandating introduction of bigger pictorial warnings.

The pictorial warnings will now cover atleast 85% of the surface area of the packs, up from 40%. The larger pictorial warnings may lead to further contraction in sales which have been on a declining trend.

The management stated that production will remain suspended until the company is in a position to comply with the interim requirements. Reportedly, there is no clarity immediately on how long ITC's factories will remain shut and how it may impact supplies in the market.

However, with 70% of the cigarettes being sold in the loose form, the decision to increase the pictorial warning may not have a significant effect on the sales of the company. The stock of ITC is trading down by 2.3%.

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