Indian Indices Open Flat

Fri, 15 Jul 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock market in Japan is trading higher by 1.3%. Benchmark indices in Europe and US ended their previous session in green with stock markets in Germany ending the day higher by 1.4%. The rupee is trading at 66.91 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 19 points (up 0.1%) and the NSE Nifty is trading marginally higher by 1 point. While, BSE Mid Cap and BSE Small Cap are trading higher by 0.4% and 0.2% respectively.

Barring stock from power sector, major sectoral indices have opened the day on a positive note. Stocks from fast moving consumer goods (FMCG) and telecom sector are witnessing buying interest.

As per an article in Livemint, Tata Consultancy Services Ltd reported its results for the quarter ended June 2016. The company's sales grew by 3.7% QoQ to US$ 4.36 billion. Reportedly, the revenue grew at the fastest pace in the last six quarters. In rupee terms, the company's revenue grew by 3% to Rs 293 billion.

The sales grew on the back of good performance from United Kingdom (UK) and Europe geography. Reportedly, both these geographies grew by 3.8% QoQ and 4.6% QoQ respectively. Together, the two geographies account for 26.3% of the company's revenue. While, US which accounts for more than half of company's revenues grew by 2.5% QoQ.

Further, the operating margins declined by 0.98% QoQ to 25.1%. The decline was mainly on account of the wage hikes.

The net profits marginally inched up by 0.3% QoQ to US$ 940 million. In rupee terms, the company's net profits declined by 0.4% QoQ to Rs 63.1 billion.

Traction from the digital technology space and growth from other geographies such as Latin America, Japan will be the key things to watch out for going forward.

We will put up a detailed result update today after the conference call scheduled with the management.

In another news update, India's increasing thrust for solar power has unsettled the thermal sector.

In a recent development, only short to medium term Power Purchase Agreement (PPA) were awarded to the thermal sector. Now, this was not the scenario earlier, wherein thermal sector used to get long term agreements ranging for around 25 years. Many solar power firms have been awarded these long term contracts (subscription required).

Further, the reduction in rates in the merchant or short term markets by around 30% has induced the distribution companies to buy power from exchanges such as India Energy Exchange (IEX). The prices at the IEX for short term markets have fallen by 30% to Rs 2.5 as compared to the thermal PPAs which are being signed at about Rs 4 per unit.

Though thermal sector will continue to remain the key electricity source for India, the developments in this space will be the key things to watch out for going forward.

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