Indian Indices Dip in the Red

Fri, 15 Jul 11:30 am

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After opening the day on a flat note, the Indian indices registered losses and went on to trade in the red. Sectoral indices are trading on a mixed note with stocks from the IT and power sectors leading the losses. Automobile and consumer durables stocks are trading in the green.

The BSE Sensex is trading down 145 points (down 0.5%) and the NSE Nifty is trading down 38 points (down 0.4%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 67.06 to the US$.

Stocks in the software space are trading on a negative note with Infosys and TCS witnessing maximum selling pressure.

India's second largest software firm Infosys has announced its first quarter results for FY17. The company has reported a 1.4% QoQ growth in sales and a 6.3% QoQ fall in the net profit for 1QFY17.

Consolidated sales, in rupee terms, increased by 1.4% QoQ during 1QFY17. In US dollar terms sales were up 2.2% QoQ and in constant currency terms, sales were up 1.7% QoQ. The consolidated net profit came in at Rs 34.57 billion, a decrease of 6.3% QoQ.

Operating profit (EBITDA) stood down 4.1 QoQ while the operating margin fell to 26.5%. Other income came in lower by 2.5% QoQ while the profit before tax (PBT) was down 3.8% QoQ. Tax expenses during the quarter were down by 2.3% QoQ.

Presently the stock of Infosys is trading down by 9.3%.

As per an article in the Economic Times, the government has allowed conversion of old vehicles into hybrid electric vehicles through retrofitting. The move is aimed towards curbing the rising vehicular pollution.

The road transport and highways ministry has issued a notification permitting retrofitting for the above development. Further, the ministry has asked global automotive technology companies Bosch and Cummins to provide the retrofitting technology. Retrofitting is the addition of new technology or features to older systems.

The transport ministry will form a vehicle retrofitting policy for old vehicles once the technology is made available in India. The conversion, which would be voluntary, is expected to cost around Rs 1 lakh.

The above development is preceded by the government's old-vehicle-scrapping-policy. One must note that the government earlier had proposed the old-vehicle-scrapping policy.

With the above measures in place, the owners of old vehicles will get a deal for themselves. Also, there will be new vehicles plying on Indian roads thus leading to lesser pollution. Further, the government will get more money from taxes on new vehicle purchases and retrofitting. The measures will also benefit interlinked sectors. For example, the steel industry will get good quality scrap, and hence will be less dependent on imports.

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