Sensex Opens Firm; Realty & Metal Stocks Rally

Mon, 15 May 09:30 am

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Asian equity markets are mostly higher in morning trade as markets continued to shrug off cyber-attacks and another set of disappointing US economic figures. The Nikkei 225 is down 0.21% while the Hang Seng is up 0.53%. The Shanghai Composite is trading up by 0.28%. Stock markets in US closed their previous session on a negative note.

Meanwhile, Indian share markets have opened the day on a firm note. BSE Sensex is trading higher by 125 points and NSE Nifty is trading higher by 35 points. Meanwhile, S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.5% and 0.4% respectively. Gains are largely seen in realty stocks, metal stocks and bank stocks.

The rupee is trading at 64.30 against the US$.

Bashed by a severe tariff war, telecom operator Idea Cellular today reported a consolidated loss of Rs 3.25 billion in the three-month period ended March 31, 2017. The company had posted a profit of Rs 4.49 billion in the same period a year ago. Total revenues of the company declined by 13.7% at Rs 81.94 billion from Rs 95 billion it registered a year ago in the corresponding quarter.

For Idea, this is the second consecutive consolidated loss in two back-to-back quarters as the company viewed the October-April period as particularly harsh and a 'period of telecom discontinuity'.

Idea also witnessed a sequential quarterly decline of 6.4 million mobile data customers on the back of 5.5 million loss in October-December 2017 versus second quarter of FY 2017.

Idea share price began the trading day down by 1.8% on the BSE.

In news from steel sector. India Ratings in a report recently stated that the outlook for steel sector is likely to remain negative in next fiscal due to continued operational and financial challenges and lower demand from the realty sector.

The report noted that the muted demand growth of 4-5% and overcapacity leading to low capacity utilization which limits companies' ability to fully pass on volatility in input prices, are likely to keep cash flows and profitability under pressure. The low capacity utilization is likely to limit the ability of producers to pass on the input cost increases and profit margin during FY18.

The report further noted that the demand growth is likely to be driven by demand growth from key end-user industries such as construction, capital goods and consumer durables. An increased government spending due to budget push on infrastructure and housing may support demand.

Steel stocks opened firm with Tata Steel and Jindal Steel leading much of the gains.

Moving on to news from automobile sector. As per an article in The Economic Times, India can conservatively save up to 64% of anticipated passenger mobilitity-related energy demand and 37% of carbon emission by 2030.

The report noted that accelerated adoption of electric and shared vehicles could save US$60 billion in diesel and petrol costs. At current oil prices, this would imply a net usual fuel cost saving of approximately 3.9 trillion by 2030.

This comes at a time when Supreme Court recently banned the sale of vehicles which are not compliant with Bharat Stage (BS) IV emission standards. The decision banned the sale of vehicles which are not compliant with Bharat Stage (BS) IV emission standards.

This is the second major blow for the automobile industry from the SC in the past 15 months. In December 2015, the SC had imposed a ban on sales of diesel vehicles with an engine of 2,000 cc and above in the National Capital Region.

Two-wheelers feel the biggest BS-III ban pinch

As per Society of Indian Automobile Manufacturers' (SIAM) estimates, the inventory of BS-III compliant vehicles stand at 8,23,000 of which a lion's share of 81% belongs to two-wheelers. The earnings of two-wheeler manufacturers are likely to be affected by the large discounts on units sold as well as losses arising from the stock that remains unsold.

Automobile stocks began the day on a strong note with TVS Motors share price and Force motors share price leading the gains.

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