Indian Indices Open Flat

Tue, 2 Aug 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in Singapore and Japan are trading lower by 1% and 0.9% respectively. Benchmark indices in Europe ended their previous session in red with the stock market in France ending the day lower by 0.7%. The rupee is trading at 66.74 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 31 points (up 0.1%) and the NSE Nifty is trading marginally higher by 5 points (up 0.06%). While both, BSE Mid Cap and BSE Small Cap have opened on a positive note and are trading higher by 0.3% each.

Major sectoral indices have opened the day in green with stocks from Fast moving consumer goods (FMCG) and capital goods sector are witnessing maximum buying interest.

As per an article in Livemint, Tech Mahindra reported its results for the quarter ended June 2016. The company's revenues in terms of dollar grew marginally by 0.9% to US$ 1.03 billion QoQ during the quarter. Whereas, the net profits declined by 12.8% QoQ to US$ 0.1 billion during the quarter.

Reportedly, the profitability tanked on the back of a 2.5% sequential rise in the expenses. Owing to this, operating margins fell by 1.8% sequentially to 14.9% during the quarter.

Geography wise, US that accounts for 49% of the company's revenues grew by 5.2% sequentially. While, business from Europe accounting for 28.3% of the revenues did not report any growth. And rest of the world accounting for the balance revenues witnessed a decline of 7.2% on a sequential basis.

However, one of the key features in this quarter is that the company has reported higher business from its largest clients after five quarters. Reportedly, its share of business from its top 20 clients now account for 52.6% of its revenue, as against 51.9% at the end of March quarter.

Despite a decent topline performance in FY16, driven by acquisitions, the company is facing serious margin pressure. Also, the company's organic growth prospects are weaker than its competitors.

While deal momentum remains good, Tech Mahindra is not well placed on either the pricing front or in client mining.

Sales of medium and heavy-duty trucks (M&HC) are moderating owing to slowdown in the demand. The growth in the commercial vehicles has fallen from a high of 21.5% in the month of April to 4% in the June month. Further, the sales have declined by 5% in the July month as compared to a year ago.

However, executive at truck firms believe that the sales will pick up in the month of September as the festive season nears coupled with the change in emission norms from April 2017.

Reportedly, an implementation of the stricter Bharat Stage IV norms of emission from April 2017 is set make trucks costlier by Rs 1.5-2 lakh. Hence, in order to beat this price rise, the truck operators would advance their purchases.

Freight rentals as demanded by truck operators has remained stagnant or even reduced in certain key freight corridors. Reportedly, freight rates on busy routes such as Delhi-Mumbai-Delhi fell by 1.5% on 1 July 2016. This is in-spite of two rounds of hikes in diesel prices.

Weak rentals could possibly fade truck operator's enthusiasm to purchase new trucks. Post monsoon trends in sales coupled with freight rates will be the key things to watch out for going forward.

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