Telecom Stocks Lead the Losses

Wed, 11 May 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the telecom, realty and power sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 237 (down 0.9%) and the NSE Nifty is trading down by 60 points (down 0.8%). The BSE Mid Cap index is trading marginally lower while the BSE Small Cap index is trading down by 0.3%. Gold prices, per 10 grams, are trading at Rs 29,970 levels. Silver price, per kilogram, is trading at Rs 41,306 levels. Crude oil is trading at Rs 2,948 per barrel.

The rupee has trimmed initial losses and was trading marginally higher at 66.71 to the US$ at the time of writing. The rupee witnessed losses during early trades today on the back of dollar demand from banks and importers. To keep a regular tab on the movements in USD/INR, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

Stocks in the steel space are trading on a mixed note with Maharashtra Seamless and Jindal Saw leading the losses. As per a leading financial daily, Tata Steel has received status of a Special Economic Zone (SEZ) for its Gopalpur project in south Odisha. The SEZ notification promises to draw firm investments to the Gopalpur project where the steel company is the anchor tenant.

The SEZ notification is for 500 hectares (1,235 acres). The Gopalpur multi-product SEZ has the potential to attract investments of the order of Rs 150 billion.

Tata Steel is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer. Reportedly, the company recently stated that it has received seven expressions of interest (EoI) to acquire the firm's loss-making UK business. The company stated that all of these seven EoI have been immediately taken forward to the next stage of the sales process, which involves inputs from the UK government.

It shall be noted that On 29 March, Tata Steel decided to sell its UK operations, called Tata Steel Europe Ltd. This came as the company failed to turn around the business it bought as part of the takeover of Corus at the height of the commodity boom in 2007 for US$12.1 billion. The business suffered almost a decade of losses amid poor demand and cheap Chinese imports.

Radhika Pandit, Managing Editor, ValuePro had written an interesting piece on this matter in one of the editions of The 5 Minute WrapUp titled 'The Perils of Big Acquisitions Spare No One...Not Even the Tatas'.

Presently the stock of Tata Steel is trading down by 0.4%.

As per a leading economic daily, China is about to triple the annual production of robots in manufacturing to 1,00,000 in five years. Further, the dragon nation is going to sell over US$4.6 billion worth of service robots by 2020, backed by the surging demand in healthcare, education and entertainment.

The emerging robotics industry is booming in China. The move is aligned with the government's plan - Made in China 2025 - to upgrade China's manufacturing base. The article states that the development plan for the industry, issued in April, seeks to accelerate Chinese robotics with breakthrough products in 2016-20.

Nitin Gregory recently offered some of his views on the robotic revolution in China.

While the robotic trend will lead to more cost efficiency for many companies, it will also pose a threat to millions of jobs in the future. Further, China exporting these robots will also have an adverse impact on other emerging economies such as India.

As Devanshu Sampat, Research Analyst, states in one of the editions of The 5 Minute WrapUp titled This Threat Will Smack Your Company in the Face: "The automation and robotics trend is very real. And it is perhaps the biggest threat to India."

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