Indian Indices Trade Lower; Bharti Airtel & Yes Bank Slip 5%

Tue, 13 Aug 12:30 pm

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Share markets in India are presently trading on a negative note. Barring energy sector and oil & gas sector, all sectoral indices are trading in red with stocks in the telecom sector, automobile sector and capital goods sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 155 points (down 0.4%), while the NSE Nifty is trading down by 39 points (down 0.3%). The BSE Mid Cap index is trading down by 1.2%, while the BSE Small Cap index is trading down by 0.4%.

The rupee is currently trading at Rs 71.23 against the US$.

Market participants are tracking Bajaj Steel share price, Coal India share price, and Sun Pharma share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can read our recently released Q1FY20 results: Tata Steel, Cummins India, Sonata Software, HCL Technologies, Siemens, Ultratech Cement, HPCL, Cipla, Page Industries.

In news from the pharma sector, shares of Divi's Laboratories slipped 9% in early trade today after the company reported 1% year-on-year (YoY) growth in consolidated net profit at Rs 2,720 million in the June quarter. The pharmaceutical company had a profit of Rs 2,680 million during the same quarter last fiscal.

Reportedly, the subdued results were due to lower growth in revenue and higher raw material cost.

Operational revenue during the quarter grew 17% YoY at Rs 11.6 billion against Rs 9.9 billion in the corresponding quarter of previous year.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margins were at 33.3% in Q1FY20 as against 35.4% in Q1FY19 on account of higher material cost of 39%. Higher raw material cost has in turn been due to higher contribution of Generics.

To know more, you can read the company's latest result analysis on our website.

Meanwhile, Alembic Pharma has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Dorzolamide Hydrochloride Ophthalmic Solution USP, 2%.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Trusopt Ophthalmic Solution, 2%, of Merck Sharp & Dohme corporation.

Dorzolamide Hydrochloride Ophthalmic Solution is a carbonic anhydrase inhibitor indicated in the treatment of elevated intraocular pressure in patients with ocular hypertension or open-angle glaucoma.

The drug has an estimated market size of US$ 35 million for twelve months ending December 2018.

Divi's Laboratories share price and Alembic Pharma share price are presently trading down by 6.4% and 1.5%, respectively.

Moving on to news from the auto-ancillaries sector, Motherson Sumi share price is witnessing selling pressure today. The auto component major reported 42% decline in consolidated net profit at Rs 3,606.4 million for Q1FY20.

The company had reported a profit of Rs 6,183.5 million during the same period of previous fiscal.

Revenues from operations during the period went up 14% to Rs 167.9 billion. Total expenses rose 17% to Rs 163.3 billion.

Reports state that, company's profitability was impacted by adverse ramp-up costs at Samvardhana Motherson Peguform (SMP) greenfield projects and tough market conditions.

The company's chairman said, "the greenfield plants of SMP are showing slow continuous improvement and we expect the trend to continue provided there is no further global slowdown. The company continues to focus on managing cash flows and debt, and in improving operational efficiency."

Speaking of the automobile sector, note that automobile sales have fallen every month for almost a year now, except for October when the numbers were flat. In June, nine out of India's 11 main passenger vehicle makers reported a double-digit decline in sales.

Reports state that many dealers who have recently entered the auto industry are finding it difficult to manage their repayment obligations. Banking industry experts estimate the total outstanding loans to automobile dealers to be in the range of Rs 700-800 billion.

However, it is interesting to note that despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Have a look at the chart below:

Electric Vehicle Sales on a High Growth Trajectory!

Electric-2 wheelers sales volume registered 130% YoY growth in FY19. 4-wheeler EVs grew by 200% YoY.

Similarly, electric three-wheelers reported the highest sales volume of 630,000 units. It is important to note that the electric three-wheeler industry has been growing without government support.

The base is quite low compared to the internal combustion engine (ICE) vehicle sales. However, you cannot ignore the growing momentum in EV sales.

The recently announced government incentives will give a further boost to EV sales. The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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