Positive Start to the Day

Thu, 28 Jul 09:30 am

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Major Asian stock markets have opened the day on a negative note with the stock market in Japan and China are trading lower by 1.2% and 0.6% respectively. Benchmark indices in Europe and US ended their previous session in green with the stock market in France ending the day higher by 1.2%. The rupee is trading at 67.23 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 100 points (up 0.4%) and the NSE Nifty is trading higher by 30 points (up 0.3%). While, BSE Mid Cap and BSE Small Cap are trading higher by 0.1% and 0.5% respectively.

Major sectoral indices have opened the day on a positive note. Stocks from telecom and realty sector are witnessing buying interest.

As per an article in Livemint, Bajaj Auto declared its result for the quarter ended June 2016. The net profits grew by 2.1% YoY to Rs 9.7 billion during the quarter. Further, net revenues grew by 3.5% YoY to Rs 60.8 billion during the quarter.

The sales growth remained subdued on the back of weak exports. Overseas shipment of motorcycle and three-wheelers declined by 22% during the quarter. The decline was mainly on account of shortage of foreign currency and depreciation of the local currency in its key export markets like Nigeria and Egypt.

However, the domestic demand was quite encouraging. Domestic sales of motorcycle and three-wheelers grew by 13% and 48% respectively during the quarter. The domestic sales of motorcycles grew on the back of new launches such as the new Avenger series and Bajaj V.

Going forward traction from Avenger and Pulsar in the premium category, KTM in the super sports segment, CT and Platina in the 'price' segment and 'V' in the value segment will be the key things to watch out for as far as motorcycles are concerned. As far as exports are concerned, the company will be looking at Brazil and South East Asia for its next stage of growth. The stock is trading up by 0.3%.

In another news update, Bharti Airtel too reported its results for the quarter ended June 2016. The company's net profits declined by 31% YoY to Rs 14.6 billion during the quarter. The decline was mainly on the back of devaluation of Nigerian currency and higher spectrum costs.

Nigerian currency has depreciated by 42% leading to a net forex loss of Rs 7.4 billion for the company. Further, a spectrum auction later this year too can dampen the financials of the company as it would require further investments.

Too add to this, the company's interest cost has surged by 45% YoY to Rs 16.3 billion during the quarter.

The company's consolidated revenues grew by 8.4% YoY to Rs 255.4 billion, while the domestic revenues grew by 10.3% YoY to Rs 191.5 billion. Reportedly, mobile data traffic grew by 62.5% and data revenue increased by 34% YoY to Rs.46 billion from a year earlier.

The entry of Reliance Jio Infocomm Ltd later this year is expected to erupt a tariff war among the telecom operators. This could also possibly dampen the financials of the company. The stock is trading up by 0.8%.

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